```

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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 811-08786

                    Pioneer Variable Contracts Trust
               (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:  December 31

Date of reporting period:  March 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 Real Estate Shares VCT Portfolio                                                                                                                                                                                                                                                                                           |   |       |   |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|--------|--------|--------|
|                                                                                                                                                                                                    |   |   |   | Schedule of Investments 3/28/13 (unaudited)                                                                                                                                                                                                                                                                                        |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
|                                                                                                                                                                                                    | Shares |   |   |                                                                                                                                                                                                                                                                                                                               |   | Value      |   |   |   |
|                                                                                                                                                                                                    |   |   |   | COMMON STOCKS - 98.4%                                                                                                                                                                                                                                                                                                              |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Consumer Services - 1.3%                                                                                                                                                                                                                                                                                                           |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Hotels, Resorts & Cruise Lines - 1.3%                                                                                                                                                                                                                                                                                          |   |       |   |   |   |
|                                                                                                                                                                                                    | 9,800  |   |   | Starwood Hotels & Resorts Worldwide, Inc.                                                                                                                                                                                                                                                                                      | $      | 624,554    |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Total Consumer Services                                                                                                                                                                                                                                                                                                            | $      | 624,554    |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Real Estate - 97.1%                                                                                                                                                                                                                                                                                                                |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Diversified REIT's - 8.5%                                                                                                                                                                                                                                                                                                          |   |       |   |   |   |
|                                                                                                                                                                                                    | 19,054 |   |   | American Assets Trust, Inc.                                                                                                                                                                                                                                                                                                        | $      | 609,919    |   |   |   |
|                                                                                                                                                                                                    | 27,300 |   |   | First Potomac Realty Trust                                                                                                                                                                                                                                                                                                         |   | 404,859    |   |   |   |
|                                                                                                                                                                                                    | 24,000 |   |   | Liberty Property Trust                                                                                                                                                                                                                                                                                                             |   | 954,000    |   |   |   |
|                                                                                                                                                                                                    | 34,200 |   |   | Retail Opportunity Investments Corp.                                                                                                                                                                                                                                                                                               |   | 479,142    |   |   |   |
|                                                                                                                                                                                                    | 20,000 |   |   | Vornado Realty Trust                                                                                                                                                                                                                                                                                                               |   | 1,672,800  |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               | $      | 4,120,720  |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Industrial REIT's - 4.8%                                                                                                                                                                                                                                                                                                           |   |       |   |   |   |
|                                                                                                                                                                                                    | 58,600 |   |   | Prologis, Inc.                                                                                                                                                                                                                                                                                                                     | $      | 2,342,828  |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Office REIT's - 13.5%                                                                                                                                                                                                                                                                                                              |   |       |   |   |   |
|                                                                                                                                                                                                    | 11,900 |   |   | Alexandria Real Estate Equities, Inc.                                                                                                                                                                                                                                                                                              | $      | 844,662    |   |   |   |
|                                                                                                                                                                                                    | 40,500 |   |   | BioMed Realty Trust, Inc.                                                                                                                                                                                                                                                                                                          |   | 874,800    |   |   |   |
|                                                                                                                                                                                                    | 20,100 |   |   | Boston Properties, Inc.                                                                                                                                                                                                                                                                                                            |   | 2,031,306  |   |   |   |
|                                                                                                                                                                                                    | 8,000  |   |   | Douglas Emmett, Inc.                                                                                                                                                                                                                                                                                                               |   | 199,440    |   |   |   |
|                                                                                                                                                                                                    | 31,100 |   |   | DuPont Fabros Technology, Inc.                                                                                                                                                                                                                                                                                                     |   | 754,797    |   |   |   |
|                                                                                                                                                                                                    | 28,000 |   |   | Kilroy Realty Corp.                                                                                                                                                                                                                                                                                                                |   | 1,467,200  |   |   |   |
|                                                                                                                                                                                                    | 16,700 |   |   | Piedmont Office Realty Trust, Inc. (144A)                                                                                                                                                                                                                                                                                          |   | 327,153    |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               | $      | 6,499,358  |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Residential REIT's - 16.7%                                                                                                                                                                                                                                                                                                         |   |       |   |   |   |
|                                                                                                                                                                                                    | 14,500 |   |   | American Campus Communities, Inc.                                                                                                                                                                                                                                                                                                  | $      | 657,430    |   |   |   |
|                                                                                                                                                                                                    | 15,300 |   |   | AvalonBay Communities, Inc.                                                                                                                                                                                                                                                                                                        |   | 1,938,051  |   |   |   |
|                                                                                                                                                                                                    | 13,800 |   |   | BRE Properties, Inc. (144A)                                                                                                                                                                                                                                                                                                        |   | 671,784    |   |   |   |
|                                                                                                                                                                                                    | 16,800 |   |   | Camden Property Trust                                                                                                                                                                                                                                                                                                              |   | 1,153,824  |   |   |   |
|                                                                                                                                                                                                    | 10,000 |   |   | Equity Lifestyle Properties, Inc.                                                                                                                                                                                                                                                                                                  |   | 768,000    |   |   |   |
|                                                                                                                                                                                                    | 52,000 |   |   | Equity Residential                                                                                                                                                                                                                                                                                                                 |   | 2,863,120  |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               | $      | 8,052,209  |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Retail REIT's - 23.7%                                                                                                                                                                                                                                                                                                              |   |       |   |   |   |
|                                                                                                                                                                                                    | 54,500 |   |   | DDR Corp.                                                                                                                                                                                                                                                                                                                          | $      | 949,390    |   |   |   |
|                                                                                                                                                                                                    | 11,000 |   |   | Federal Realty Investment Trust                                                                                                                                                                                                                                                                                                    |   | 1,188,440  |   |   |   |
|                                                                                                                                                                                                    | 15,300 |   |   | National Retail Properties, Inc.                                                                                                                                                                                                                                                                                                   |   | 553,401    |   |   |   |
|                                                                                                                                                                                                    | 22,100 |   |   | Ramco-Gershenson Properties Trust                                                                                                                                                                                                                                                                                                  |   | 371,280    |   |   |   |
|                                                                                                                                                                                                    | 20,000 |   |   | Regency Centers Corp.                                                                                                                                                                                                                                                                                                              |   | 1,058,200  |   |   |   |
|                                                                                                                                                                                                    | 18,500 |   |   | Retail Properties of America, Inc. (144A)                                                                                                                                                                                                                                                                                          |   | 273,800    |   |   |   |
|                                                                                                                                                                                                    | 29,000 |   |   | Simon Property Group, Inc.                                                                                                                                                                                                                                                                                                         |   | 4,598,240  |   |   |   |
|                                                                                                                                                                                                    | 4,100  |   |   | Taubman Centers, Inc.                                                                                                                                                                                                                                                                                                              |   | 318,406    |   |   |   |
|                                                                                                                                                                                                    | 33,500 |   |   | The Macerich Co.                                                                                                                                                                                                                                                                                                                   |   | 2,156,730  |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               | $      | 11,467,887 |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Specialized REIT's - 28.0%                                                                                                                                                                                                                                                                                                         |   |       |   |   |   |
|                                                                                                                                                                                                    | 3,000  |   |   | Aviv Real Estate Investment Trust, Inc. (144A) *                                                                                                                                                                                                                                                                                   | $      | 72,180     |   |   |   |
|                                                                                                                                                                                                    | 24,800 |   |   | CubeSmart                                                                                                                                                                                                                                                                                                                          |   | 391,840    |   |   |   |
|                                                                                                                                                                                                    | 21,000 |   |   | EPR Properties (144A)                                                                                                                                                                                                                                                                                                              |   | 1,093,050  |   |   |   |
|                                                                                                                                                                                                    | 26,000 |   |   | Extra Space Storage, Inc.                                                                                                                                                                                                                                                                                                          |   | 1,021,020  |   |   |   |
|                                                                                                                                                                                                    | 45,500 |   |   | HCP, Inc.                                                                                                                                                                                                                                                                                                                          |   | 2,268,630  |   |   |   |
|                                                                                                                                                                                                    | 17,900 |   |   | Health Care Real Estate Investment Trust, Inc.                                                                                                                                                                                                                                                                                     |   | 1,215,589  |   |   |   |
|                                                                                                                                                                                                    | 90,000 |   |   | Host Hotels & Resorts, Inc.                                                                                                                                                                                                                                                                                                    |   | 1,574,100  |   |   |   |
|                                                                                                                                                                                                    | 8,000  |   |   | Omega Healthcare Investors, Inc.                                                                                                                                                                                                                                                                                                   |   | 242,880    |   |   |   |
|                                                                                                                                                                                                    | 7,900  |   |   | Pebblebrook Hotel Trust                                                                                                                                                                                                                                                                                                            |   | 203,741    |   |   |   |
|                                                                                                                                                                                                    | 16,300 |   |   | Public Storage                                                                                                                                                                                                                                                                                                                     |   | 2,482,816  |   |   |   |
|                                                                                                                                                                                                    | 28,200 |   |   | RLJ Lodging Trust (144A)                                                                                                                                                                                                                                                                                                           |   | 641,832    |   |   |   |
|                                                                                                                                                                                                    | 31,600 |   |   | Ventas, Inc.                                                                                                                                                                                                                                                                                                                       |   | 2,313,120  |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               | $      | 13,520,798 |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Real Estate Operating Companies - 1.9%                                                                                                                                                                                                                                                                                             |   |       |   |   |   |
|                                                                                                                                                                                                    | 15,500 |   |   | Brookfield Office Properties, Inc.                                                                                                                                                                                                                                                                                                 | $      | 266,135    |   |   |   |
|                                                                                                                                                                                                    | 37,600 |   |   | Forest City Enterprises, Inc. *                                                                                                                                                                                                                                                                                                    |   | 668,152    |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               | $      | 934,287    |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Total Real Estate                                                                                                                                                                                                                                                                                                                  | $      | 46,938,087 |   |   |   |
|                                                                                                                                                                                                    |   |   |   | TOTAL COMMON STOCKS                                                                                                                                                                                                                                                                                                                |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   | (Cost $20,660,913)                                                                                                                                                                                                                                                                                                                 | $      | 47,562,641 |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   | TOTAL INVESTMENT IN SECURITIES - 98.4%                                                                                                                                                                                                                                                                                             |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   | (Cost $20,660,913) (a)                                                                                                                                                                                                                                                                                                             | $      | 47,562,641 |   |   |   |
|                                                                                                                                                                                                    |   |   |   | OTHER ASSETS & LIABILITIES - 1.6%                                                                                                                                                                                                                                                                                              | $      | 762,853    |   |   |   |
|                                                                                                                                                                                                    |   |   |   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                          | $      | 48,325,494 |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
|                                                                                                                                                                                                    | *      |   |   | Non-income producing security.                                                                                                                                                                                                                                                                                                     |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
|                                                                                                                                                                                                    | (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 March 28, 2013, the value of these securities amounted to $3,079,799 or 6.4% of total net assets. |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   | At March 28, 2013, the net unrealized gain on investments based on                                                                                                                                                                                                                                                                 |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   | cost for federal income tax purposes of $21,428,739 was as follows:                                                                                                                                                                                                                                                                |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Aggregate gross unrealized gain for all investments in which                                                                                                                                                                                                                                                                       |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                          | $      | 26,272,447 |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Aggregate gross unrealized loss for all investments in which                                                                                                                                                                                                                                                                       |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                          |   | (138,545)  |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
|                                                                                                                                                                                                    |   |   |   | Net unrealized gain                                                                                                                                                                                                                                                                                                                | $      | 26,133,902 |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
| Various inputs are used in determining the value of the Portfolio'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.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                       |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
| 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.  See Notes to Financial Statements - Note 1A.                                               |   |   |   |
|                                                                                                                                                                                                    |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |       |   |   |   |
| The following is a summary of the inputs used as of March 28, 2013, in valuing the Portfolio's investments:                                                                                             |   |   |   |                                                                                                                                                                                                                                                                                                                               |   |

|          |   | Level 1 |       |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|---------------|--------|---------|------------|--------|---------|--------|--------|---------|--------|--------|-------|--------|
| Common Stocks |   | $       | 47,562,641 |   |    | $      | -      |    |   | $      | -     |   |   | $ | 47,562,641 |   |
| Total         |   | $       | 47,562,641 |   |    | $      | -      |    |   | $      | -     |   |   | $ | 47,562,641 |   |

|                                                                                                                                                                                                    |                 |             |   | Pioneer Strategic Income VCT Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|------------|--------|
|                                                                                                                                                                                                    |                 |             |   | Schedule of Investments 3/31/13 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | Principal Amount ($) | FloatingRate (b) |   | Value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |
|                                                                                                                                                                                                    |                 |             |   | CONVERTIBLE CORPORATE BONDS - 4.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Energy - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Exploration & Production - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 95,000               |             |   | Cobalt International Energy, Inc., 2.625%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 106,103    |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Storage & Transportation - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Golar LNG, Ltd., 3.75%, 3/7/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 100,960    |   |
|                                                                                                                                                                                                    |                 |             |   | Coal & Consumable Fuels - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 62,000               |             |   | James River Coal Co., 3.125%, 3/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 12,400     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 219,463    |   |
|                                                                                                                                                                                                    |                 |             |   | Materials - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Metals & Mining - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Vedanta Resources Jersey, Ltd., 5.5%, 7/13/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 101,600    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 101,600    |   |
|                                                                                                                                                                                                    |                 |             |   | Capital Goods - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Electrical Components & Equipment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 74,000               |             |   | General Cable Corp., 4.5%, 11/15/29 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 92,315     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 92,315     |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Durables & Apparel - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Homebuilding - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    | 60,000               |             |   | KB Home, 1.375%, 2/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 65,962     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 65,962     |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment & Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 103,000              |             |   | NuVasive, Inc., 2.75%, 7/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 100,168    |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 34,000               |             |   | Omnicare, Inc., 3.25%, 12/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 33,958     |   |
|                                                                                                                                                                                                    |                 |             |   | Managed Health Care - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    | 150,000              |             |   | WellPoint, Inc., 2.75%, 10/15/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 163,875    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 298,001    |   |
|                                                                                                                                                                                                    |                 |             |   | Pharmaceuticals, Biotechnology & Life Sciences - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Biotechnology - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | PDL BioPharma, Inc., 3.75%, 5/1/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 59,875     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 59,875     |   |
|                                                                                                                                                                                                    |                 |             |   | Insurance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Property & Casualty Insurance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Fidelity National Financial, Inc., 4.25%, 8/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 33,719     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 33,719     |   |
|                                                                                                                                                                                                    |                 |             |   | Software & Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Internet Software & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | WebMD Health Corp., 2.25%, 3/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 49,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Application Software - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Mentor Graphics Corp., 4.0%, 4/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 58,719     |   |
|                                                                                                                                                                                                    | 55,000               |             |   | Nuance Communications, Inc., 2.75%, 11/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 56,822     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 115,541    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 164,541    |   |
|                                                                                                                                                                                                    |                 |             |   | Technology Hardware & Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Computer Storage & Peripherals - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 115,000              |             |   | SanDisk Corp., 1.5%, 8/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 148,206    |   |
|                                                                                                                                                                                                    |                 |             |   | Electronic Components - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 95,000               |             |   | Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 87,162     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 235,368    |   |
|                                                                                                                                                                                                    |                 |             |   | Semiconductors & Semiconductor Equipment - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Semiconductor Equipment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Lam Research Corp., 1.25%, 5/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 53,344     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Novellus Systems, Inc., 2.625%, 5/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 136,062    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 189,406    |   |
|                                                                                                                                                                                                    |                 |             |   | Semiconductors - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Intel Corp., 2.95%, 12/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 159,188    |   |
|                                                                                                                                                                                                    | 30,000               |             |   | Intel Corp., 3.25%, 8/1/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 36,112     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | JA Solar Holdings Co., Ltd., 4.5%, 5/15/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 48,125     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Xilinx, Inc., 3.125%, 3/15/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 67,031     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 310,456    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 499,862    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL CONVERTIBLE CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $1,641,743)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 1,770,706  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | PREFERRED STOCKS - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Energy - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Storage & Transportation - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 2,300                | 7.62             |   | NuStar Logistics LP, Floating Rate Note, 1/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 61,899     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 61,899     |   |
|                                                                                                                                                                                                    |                 |             |   | Banks - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 4,000                | 6.00             |   | US Bancorp, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 111,360    |   |
|                                                                                                                                                                                                    |                 |             |   | Regional Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 1,000                | 6.25             |   | CoBank ACB, Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 106,781    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 218,141    |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Other Diversified Financial Services - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 5,800                | 7.88             |   | Citigroup Capital XIII, Floating Rate Note, 10/30/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 165,822    |   |
|                                                                                                                                                                                                    | 1,950                | 8.12             |   | GMAC Capital Trust I, Floating Rate Note, 2/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 53,040     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 218,862    |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Finance - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    | 30                   |             |   | Ally Financial, Inc., 7.0%, 12/31/99 (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 29,670     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 248,532    |   |
|                                                                                                                                                                                                    |                 |             |   | Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Property & Casualty Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 3,325                | 5.10             |   | The Allstate Corp., Floating Rate Note, 1/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 87,048     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 87,048     |   |
|                                                                                                                                                                                                    |                 |             |   | Telecommunication Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Integrated Telecommunication Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 4,000                |             |   | Qwest Corp., 7.375%, 6/1/51                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 106,240    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 106,240    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $670,085)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 721,860    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | CONVERTIBLE PREFERRED STOCKS - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Automobiles & Components - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Tires & Rubber - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 1,885                |             |   | The Goodyear Tire & Rubber Co., 5.875%, 4/1/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 82,016     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 82,016     |   |
|                                                                                                                                                                                                    |                 |             |   | Banks - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Banks - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 155                  |             |   | Wells Fargo & Co., 7.5%, 12/31/99 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 199,756    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 199,756    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL CONVERTIBLE PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $238,501)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 281,772    |   |
|                                                                                                                                                                                                    | Shares               |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | COMMON STOCKS - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Materials - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Forest Products - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    | 3,450                |             |   | Ainsworth Lumber Co, Ltd. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 13,813     |   |
|                                                                                                                                                                                                    | 60,000               |             |   | Sino-Forest Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 300        |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 14,113     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 14,113     |   |
|                                                                                                                                                                                                    |                 |             |   | Transportation - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Airlines - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 1,246                |             |   | Delta Air Lines, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 20,571     |   |
|                                                                                                                                                                                                    |                 |             |   | Marine - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 12,750               |             |   | Horizon Lines, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 17,850     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 38,421     |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Durables & Apparel - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Leisure Products - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    | 9,170                |             |   | Emerald Plantation Holdings, Ltd. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 4,814      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 4,814      |   |
|                                                                                                                                                                                                    |                 |             |   | Real Estate - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Real Estate Development - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    | 53,392               |             |   | Newhall Land Development LLC *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 82,758     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 82,758     |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL COMMON STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $123,168)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 140,106    |   |
|                                                                                                                                                                                                    | Principal Amount ($) |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |
|                                                                                                                                                                                                    |                 |             |   | ASSET BACKED SECURITIES - 3.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Materials - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Precious Metals & Minerals - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 15,077               | 0.29             |   | Credit-Based Asset Servicing and Securitization LLC, Floating Rate Note, 4/25/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 10,832     |   |
|                                                                                                                                                                                                    |                 |             |   | Steel - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 30,000               | 1.25             |   | Bear Stearns Asset Backed Securities I Trust 2004-BO1, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 28,402     |   |
|                                                                                                                                                                                                    | 92,158               | 0.33             |   | Bear Stearns Asset Backed Securities Trust 2006-4, Floating Rate Note, 10/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 90,555     |   |
|                                                                                                                                                                                                    | 8,643                | 1.55             |   | CDC Mortgage Capital Trust 2003-HE1, Floating Rate Note, 8/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 8,155      |   |
|                                                                                                                                                                                                    | 42,820               | 0.45             |   | GSAA Home Equity Trust 2005-11, Floating Rate Note, 10/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 41,949     |   |
|                                                                                                                                                                                                    | 22,453               | 0.86             |   | Home Equity Asset Trust 2005-3, Floating Rate Note, 8/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 21,870     |   |
|                                                                                                                                                                                                    | 5,966                | 0.48             |   | Home Equity Asset Trust 2005-6, Floating Rate Note, 12/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 5,921      |   |
|                                                                                                                                                                                                    | 17,169               | 0.39             |   | HSBC Home Equity Loan Trust USA 2007-2, Floating Rate Note, 7/20/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 16,798     |   |
|                                                                                                                                                                                                    | 60,934               | 1.40             |   | HSBC Home Equity Loan Trust USA 2007-3, Floating Rate Note, 11/20/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 61,007     |   |
|                                                                                                                                                                                                    | 20,461               | 0.90             |   | Irwin Whole Loan Home Equity Trust 2005-C, Floating Rate Note, 3/25/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 17,668     |   |
|                                                                                                                                                                                                    | 50,000               | 0.57             |   | NovaStar Mortgage Funding Trust Series 2005-3, Floating Rate Note, 1/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 47,846     |   |
|                                                                                                                                                                                                    | 1,491                | 0.32             |   | Option One Mortgage Loan Trust 2007-HL1, Floating Rate Note, 2/25/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 1,486      |   |
|                                                                                                                                                                                                    | 22,373               | 0.67             |   | RAMP Series 2005-EFC2 Trust, Floating Rate Note, 7/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 21,941     |   |
|                                                                                                                                                                                                    | 20,431               | 0.64             |   | RASC Series 2005-KS7 Trust, Floating Rate Note, 8/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 19,910     |   |
|                                                                                                                                                                                                    | 178                  | 0.55             |   | Wells Fargo Home Equity Asset-Backed Securities 2005-2 Trust, Floating Rate Note, 11/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 177     |       |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 383,685    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 394,517    |   |
|                                                                                                                                                                                                    |                 |             |   | Automobiles & Components - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Automobile Manufacturers - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 25,000               |             |   | AmeriCredit Automobile Receivables Trust 2013-1, 1.57%, 1/8/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 25,060     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Santander Drive Auto Receivables Trust 2012-1, 3.78%, 11/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 52,320     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Santander Drive Auto Receivables Trust 2012-5, 2.7%, 8/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 26,092     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 103,472    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 103,472    |   |
|                                                                                                                                                                                                    |                 |             |   | Food & Staples Retailing - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Food Retail - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | CKE Restaurant Holdings, Inc., 4.474%, 3/20/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 50,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 50,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Banks - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Banks - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 57,847               | 0.58             |   | Wells Fargo Home Equity Asset-Backed Securities 2005-3 Trust, Floating Rate Note, 12/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 56,926     |   |
|                                                                                                                                                                                                    |                 |             |   | Thrifts & Mortgage Finance - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 33,591               | 0.35             |   | Accredited Mortgage Loan Trust, Floating Rate Note, 9/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 32,831     |   |
|                                                                                                                                                                                                    | 95,308               |             |   | Beacon Container Finance LLC, 3.72%, 9/20/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 99,338     |   |
|                                                                                                                                                                                                    | 9,576                | 0.94             |   | Carrington Mortgage Loan Trust Series 2005-NC1, Floating Rate Note, 2/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 9,391      |   |
|                                                                                                                                                                                                    | 1,431                | 0.32             |   | Carrington Mortgage Loan Trust Series 2007-FRE1, Floating Rate Note, 2/25/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 1,419      |   |
|                                                                                                                                                                                                    | 69,859               |             |   | Citicorp Residential Mortgage Trust Series 2006-1, 5.836%, 7/25/36 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 69,609     |   |
|                                                                                                                                                                                                    | 64,563               |             |   | Citicorp Residential Mortgage Trust Series 2006-3, 5.703%, 11/25/36 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 64,412     |   |
|                                                                                                                                                                                                    | 1,418                | 6.24             |   | Conseco Financial Corp., Floating Rate Note, 12/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 1,472      |   |
|                                                                                                                                                                                                    | 20,554               | 4.46             |   | Countrywide Asset-Backed Certificates, Floating Rate Note, 10/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 20,635     |   |
|                                                                                                                                                                                                    | 10,068               | 5.63             |   | Countrywide Asset-Backed Certificates, Floating Rate Note, 10/25/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 10,034     |   |
|                                                                                                                                                                                                    | 43,971               | 5.07             |   | Countrywide Asset-Backed Certificates, Floating Rate Note, 2/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 44,542     |   |
|                                                                                                                                                                                                    | 17,311               | 0.45             |   | Countrywide Asset-Backed Certificates, Floating Rate Note, 4/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 16,819     |   |
|                                                                                                                                                                                                    | 12,898               | 0.31             |   | Countrywide Asset-Backed Certificates, Floating Rate Note, 5/25/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 12,861     |   |
|                                                                                                                                                                                                    | 32,599               | 0.38             |   | Countrywide Asset-Backed Certificates, Floating Rate Note, 6/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 32,375     |   |
|                                                                                                                                                                                                    | 5,461                | 1.00             |   | Ellington Loan Acquisition Trust 2007-1, Floating Rate Note, 5/27/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 5,402      |   |
|                                                                                                                                                                                                    | 8,541                | 0.65             |   | First Frankin Mortgage Loan Trust 2005-FF5, Floating Rate Note, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 8,504      |   |
|                                                                                                                                                                                                    | 21,141               | 0.71             |   | First Frankin Mortgage Loan Trust 2005-FFH3, Floating Rate Note, 9/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 20,759     |   |
|                                                                                                                                                                                                    | 1,069                | 0.74             |   | First Franklin Mortgage Loan Trust 2004-FF10, Floating Rate Note, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 1,064      |   |
|                                                                                                                                                                                                    | 31,931               |             |   | First Investors Auto Owner Trust 2012-2, 1.47%, 5/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 31,974     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | First Investors Auto Owner Trust 2013-1, 2.53%, 1/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 24,963     |   |
|                                                                                                                                                                                                    | 9,218                | 0.30             |   | GSAMP Trust 2006-HE5, Floating Rate Note, 8/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 9,135      |   |
|                                                                                                                                                                                                    | 25,000               | 0.33             |   | Structured Asset Securities Corp Mortgage Loan Trust 2007-BC2, Floating Rate Note, 3/25/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 22,660  |       |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 540,199    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 597,125    |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Other Diversified Financial Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 20,000               |             |   | Capital Auto Receivables Asset Trust 2013-1, 2.19%, 9/20/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 19,974     |   |
|                                                                                                                                                                                                    | 15,617               | 0.37             |   | Home Equity Asset Trust 2006-4, Floating Rate Note, 8/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 15,309     |   |
|                                                                                                                                                                                                    | 4,292                | 0.44             |   | JP Morgan Mortgage Acquisition Corp 2005-OPT2, Floating Rate Note, 12/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 4,278      |   |
|                                                                                                                                                                                                    | 67,590               |             |   | Sierra Timeshare 2012-2 Receivables Funding LLC, 2.38%, 3/20/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 68,510     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 108,071    |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Finance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    | 9,000                |             |   | American Credit Acceptance Receivables Trust 2012-2, 4.05%, 2/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 9,010      |   |
|                                                                                                                                                                                                    | 42,507               |             |   | American Credit Acceptance Receivables Trust, 1.64%, 11/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 42,504     |   |
|                                                                                                                                                                                                    | 50,000               | 0.26             |   | MBNA Credit Card Master Note Trust, Floating Rate Note, 10/15/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 49,995     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 101,509    |   |
|                                                                                                                                                                                                    |                 |             |   | Asset Management & Custody Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 114,583              |             |   | Triton Container Finance LLC, 4.21%, 5/14/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 118,129    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 327,709    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $1,400,872)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 1,472,823  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | COLLATERALIZED MORTGAGE OBLIGATIONS - 11.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Banks - 7.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Thrifts & Mortgage Finance - 7.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 9,705                | 3.27             |   | Adjustable Rate Mortgage Trust 2004-5, Floating Rate Note, 4/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 9,363      |   |
|                                                                                                                                                                                                    | 58,282               |             |   | Alternative Loan Trust 2003-16T1, 5.25%, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 60,531     |   |
|                                                                                                                                                                                                    | 16,156               |             |   | Alternative Loan Trust 2003-23T2, 4.25%, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 16,313     |   |
|                                                                                                                                                                                                    | 42,282               |             |   | Alternative Loan Trust 2004-14T2, 5.5%, 8/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 41,836     |   |
|                                                                                                                                                                                                    | 57,921               | 0.65             |   | Alternative Loan Trust 2004-18CB, Floating Rate Note, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 57,454     |   |
|                                                                                                                                                                                                    | 8,885                |             |   | Alternative Loan Trust 2004-28CB, 5.5%, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 9,044      |   |
|                                                                                                                                                                                                    | 10,253               | 0.60             |   | Alternative Loan Trust 2004-2CB, Floating Rate Note, 3/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 10,007     |   |
|                                                                                                                                                                                                    | 25,390               |             |   | Alternative Loan Trust 2005-1CB, 5.5%, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 20,729     |   |
|                                                                                                                                                                                                    | 33,171               |             |   | Banc of America Alternative Loan Trust 2003-2, 5.75%, 4/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 35,994     |   |
|                                                                                                                                                                                                    | 26,914               |             |   | Banc of America Alternative Loan Trust 2004-10, 5.5%, 11/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 27,263     |   |
|                                                                                                                                                                                                    | 10,893               |             |   | Banc of America Alternative Loan Trust 2004-10, 6.0%, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 10,663     |   |
|                                                                                                                                                                                                    | 13,795               |             |   | Banc of America Alternative Loan Trust 2004-2, 6.0%, 3/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 14,230     |   |
|                                                                                                                                                                                                    | 29,581               |             |   | Banc of America Alternative Loan Trust 2004-3, 6.0%, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 29,247     |   |
|                                                                                                                                                                                                    | 28,865               |             |   | Banc of America Alternative Loan Trust 2004-4, 5.25%, 5/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 29,347     |   |
|                                                                                                                                                                                                    | 4,892                |             |   | Banc of America Funding 2005-6 Trust, 5.75%, 10/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 4,914      |   |
|                                                                                                                                                                                                    | 7,524                | 0.30             |   | Banc of America Funding 2010-R4 Trust, Floating Rate Note, 9/26/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 7,462      |   |
|                                                                                                                                                                                                    | 77,781               | 0.95             |   | Banc of America Large Loan Trust 2007-BMB1, Floating Rate Note, 8/15/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 76,623  |       |
|                                                                                                                                                                                                    | 22,225               | 3.13             |   | Banc of America Mortgage 2003-H Trust, Floating Rate Note, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 22,380     |   |
|                                                                                                                                                                                                    | 218,438              |             |   | Bayview Commercial Asset Trust, 3.89%, 9/25/37 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 20,206     |   |
|                                                                                                                                                                                                    | 49,557               | 2.34             |   | Bear Stearns ARM Trust 2003-5, Floating Rate Note, 8/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 49,244     |   |
|                                                                                                                                                                                                    | 20,236               | 4.96             |   | Bear Stearns ARM Trust 2004-12, Floating Rate Note, 2/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 20,481     |   |
|                                                                                                                                                                                                    | 25,121               |             |   | Charlie Mac Trust 2004-2, 5.0%, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 25,754     |   |
|                                                                                                                                                                                                    | 633                  | 3.15             |   | CHL Mortgage Pass-Through Trust 2003-42, Floating Rate Note, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 599        |   |
|                                                                                                                                                                                                    | 13,692               |             |   | CHL Mortgage Pass-Through Trust 2004-J2, 5.5%, 3/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 14,055     |   |
|                                                                                                                                                                                                    | 48,806               |             |   | Citigroup Mortgage Loan Trust, Inc., 6.75%, 8/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 52,008     |   |
|                                                                                                                                                                                                    | 30,197               | 2.64             |   | Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 9/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 30,008     |   |
|                                                                                                                                                                                                    | 100,000              | 4.65             |   | City Center Trust 2011-CCHP, Floating Rate Note, 7/15/28 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 100,559    |   |
|                                                                                                                                                                                                    | 41,485               | 0.38             |   | COMM 2007-FL14 Mortgage Trust, Floating Rate Note, 6/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 40,875     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | COMM 2012-CCRE2 Mortgage Trust, 3.147%, 8/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 25,936     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | COMM 2012-CCRE2 Mortgage Trust, 3.791%, 8/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 26,682     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | COMM 2012-CCRE2 Mortgage Trust, 4.393%, 8/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 27,245     |   |
|                                                                                                                                                                                                    | 21,000               |             |   | COMM 2012-CCRE4 Mortgage Trust, 2.436%, 10/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 21,270     |   |
|                                                                                                                                                                                                    | 12,271               |             |   | COMM 2012-CCRE4 Mortgage Trust, 3.251%, 10/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 12,464     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | COMM 2013-LC6 Mortgage Trust, 2.941%, 1/10/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 50,550     |   |
|                                                                                                                                                                                                    | 5,261                | 1.45             |   | Deutsche Mortgage Securities Inc REMIC Trust Series 2010-RS2, Floating Rate Note, 6/28/47 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 5,340   |       |
|                                                                                                                                                                                                    | 6,819                | 2.58             |   | First Horizon Mortgage Pass-Through Trust 2005-AR2, Floating Rate Note, 6/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 6,567   |       |
|                                                                                                                                                                                                    | 5,513                |             |   | First Horizon Mortgage Pass-Through Trust 2006-1, 6.0%, 5/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 5,517      |   |
|                                                                                                                                                                                                    | 50,000               | 5.31             |   | GMAC Commercial Mortgage Securities Inc Series 2003-C1 Trust, Floating Rate Note, 5/10/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 49,964  |       |
|                                                                                                                                                                                                    | 25,000               | 5.31             |   | GMAC Commercial Mortgage Securities Inc Series 2003-C3 Trust, Floating Rate Note, 4/10/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 25,422  |       |
|                                                                                                                                                                                                    | 25,000               |             |   | GS Mortgage Securities Corp II, 3.682%, 2/10/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 25,644     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | GS Mortgage Securities Corp. II, 4.209%, 2/10/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 50,445     |   |
|                                                                                                                                                                                                    | 339,235              | 2.82             |   | GSR Mortgage Loan Trust 2005-AR2, Floating Rate Note, 4/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 334,595    |   |
|                                                                                                                                                                                                    | 28,275               | 5.25             |   | GSR Mortgage Loan Trust 2005-AR4, Floating Rate Note, 7/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 27,810     |   |
|                                                                                                                                                                                                    | 12,866               | 0.84             |   | Impac CMB Trust Series 2004-4, Floating Rate Note, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 12,265     |   |
|                                                                                                                                                                                                    | 52,100               | 0.94             |   | Impac CMB Trust Series 2004-7, Floating Rate Note, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 50,006     |   |
|                                                                                                                                                                                                    | 48,158               | 0.56             |   | JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 40,769  |       |
|                                                                                                                                                                                                    | 30,568               | 5.11             |   | JP Morgan Mortgage Trust 2005-A3, Floating Rate Note, 6/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 30,751     |   |
|                                                                                                                                                                                                    | 17,673               | 5.22             |   | JP Morgan Mortgage Trust 2005-A7, Floating Rate Note, 10/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 17,610     |   |
|                                                                                                                                                                                                    | 12,814               | 0.90             |   | Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5, Floating Rate Note, 6/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 12,757  |       |
|                                                                                                                                                                                                    | 25,000               | 1.10             |   | Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5, Floating Rate Note, 6/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 24,263  |       |
|                                                                                                                                                                                                    | 2,119                | 5.41             |   | Lehman Brothers Small Balance Commercial Mortgage Trust 2006-3, Floating Rate Note, 12/25/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2,146   |       |
|                                                                                                                                                                                                    | 9,676                | 1.15             |   | Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3 Class 1A4, Floating Rate Note, 10/25/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 9,627   |       |
|                                                                                                                                                                                                    | 16,019               | 0.45             |   | Lehman Brothers Small Balance Commercial, Floating Rate Note, 2/25/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 14,257     |   |
|                                                                                                                                                                                                    | 50,000               | 1.30             |   | MASTR Adjustable Rate Mortgages Trust 2004-11, Floating Rate Note, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 44,346     |   |
|                                                                                                                                                                                                    | 18,130               |             |   | MASTR Alternative Loan Trust 2004-10, 5.5%, 10/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 18,644     |   |
|                                                                                                                                                                                                    | 43,312               |             |   | MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 44,051     |   |
|                                                                                                                                                                                                    | 26,132               | 6.60             |   | MASTR Seasoned Securitization Trust 2005-1, Floating Rate Note, 9/25/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 27,394     |   |
|                                                                                                                                                                                                    | 90,965               | 0.66             |   | Merrill Lynch Mortgage Investors Trust Series MLCC 2004-A, Floating Rate Note, 4/25/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 88,842  |       |
|                                                                                                                                                                                                    | 100,000              |             |   | Morgan Stanley Re-REMIC Trust 2010-R9, 5.0%, 11/26/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 106,435    |   |
|                                                                                                                                                                                                    | 23,585               |             |   | PHH Mortgage Capital LLC, 6.6%, 12/25/27 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 23,080     |   |
|                                                                                                                                                                                                    | 32,519               | 1.60             |   | RESI Finance LP, Floating Rate Note, 9/10/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 28,634     |   |
|                                                                                                                                                                                                    | 214,257              | 0.60             |   | Residential Asset Securitization Trust 2003-A2, Floating Rate Note, 5/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 193,737    |   |
|                                                                                                                                                                                                    | 40,104               |             |   | Residential Asset Securitization Trust 2005-A9, 5.5%, 7/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 40,001     |   |
|                                                                                                                                                                                                    | 6,738                | 0.94             |   | Structured Asset Mortgage Investments Trust 2003-AR2, Floating Rate Note, 12/19/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 6,306   |       |
|                                                                                                                                                                                                    | 37,897               | 2.77             |   | Structured Asset Securities Corp Mor Cer Ser 2003-31A, Floating Rate Note, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 38,577  |       |
|                                                                                                                                                                                                    | 18,057               | 2.77             |   | Structured Asset Securities Corp Mortgage Pass-Through Ctfs Ser 2003-22A, Floating Rate Note, 6/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 18,142  |       |
|                                                                                                                                                                                                    | 23,543               | 3.17             |   | Thornburg Mortgage Securities Trust 2003-3, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 23,663     |   |
|                                                                                                                                                                                                    | 29,304               | 4.11             |   | Thornburg Mortgage Securities Trust Class II4A, Floating Rate Note, 3/25/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 29,358     |   |
|                                                                                                                                                                                                    | 28,706               | 2.44             |   | WaMu Mortgage Pass Through Certificates, Floating Rate Note, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 28,751     |   |
|                                                                                                                                                                                                    | 9,837                | 0.64             |   | WaMu Mortgage Pass Through Certificates, Floating Rate Note, 10/25/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 9,301      |   |
|                                                                                                                                                                                                    | 5,623                | 2.21             |   | WaMu Mortgage Pass Through Certificates, Floating Rate Note, 2/27/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 4,524      |   |
|                                                                                                                                                                                                    | 10,000               | 4.69             |   | Wells Fargo Commercial Mortgage Trust 2012-LC5, Floating Rate Note, 10/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 10,649     |   |
|                                                                                                                                                                                                    | 18,404               |             |   | Wells Fargo Mortgage Backed Securities 2005-9 Trust, 5.25%, 10/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 19,451     |   |
|                                                                                                                                                                                                    | 17,923               |             |   | Wells Fargo Mortgage Backed Securities 2005-9 Trust, 5.5%, 10/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 18,388     |   |
|                                                                                                                                                                                                    | 46,430               | 2.64             |   | Wells Fargo Mortgage Backed Securities 2005-AR10 Trust, Floating Rate Note, 6/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 45,792  |       |
|                                                                                                                                                                                                    | 57,309               |             |   | Wells Fargo Mortgage Backed Securities 2006-2 Trust, 5.75%, 3/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 57,330     |   |
|                                                                                                                                                                                                    | 47,115               | 2.63             |   | Wells Fargo Mortgage Backed Securities 2006-AR6 Trust, Floating Rate Note, 3/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 46,702  |       |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 2,719,189  |   |
|                                                                                                                                                                                                    |                 |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 2,719,189  |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 2.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Other Diversified Financial Services - 2.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 34,996               | 3.13             |   | Banc of America Mortgage 2003-F Trust, Floating Rate Note, 7/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 35,285     |   |
|                                                                                                                                                                                                    | 44,894               | 3.00             |   | Banc of America Mortgage 2004-E Trust, Floating Rate Note, 6/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 44,858     |   |
|                                                                                                                                                                                                    | 18,168               | 5.07             |   | Banc of America Mortgage 2005-H Trust, Floating Rate Note, 9/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 18,203     |   |
|                                                                                                                                                                                                    | 3,940                |             |   | Banc of America Mortgage Trust 2004-7, 4.5%, 8/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 4,004      |   |
|                                                                                                                                                                                                    | 4,162                |             |   | Banc of America Mortgage Trust 2005-9, 4.75%, 10/25/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 4,194      |   |
|                                                                                                                                                                                                    | 4,792                |             |   | ChaseFlex Trust Series 2005-2, 5.0%, 5/25/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 4,747      |   |
|                                                                                                                                                                                                    | 27,827               | 0.32             |   | Commercial Mortgage Pass-Through Certificates Series 2007-TFL1, Floating Rate Note, 2/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 27,553  |       |
|                                                                                                                                                                                                    | 709                  |             |   | Commercial Mortgage Trust 2003-C1, 4.111%, 7/5/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 709        |   |
|                                                                                                                                                                                                    | 39,423               | 0.37             |   | Credit Suisse Mortgage Capital Certificates, Floating Rate Note, 10/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 38,656     |   |
|                                                                                                                                                                                                    | 75,000               | 3.56             |   | CSMC Series 2010-16, Floating Rate Note, 6/25/50 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 73,668     |   |
|                                                                                                                                                                                                    | 39,067               | 0.40             |   | Impac Secured Assets Trust 2006-5, Floating Rate Note, 12/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 35,787     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Morgan Stanley Capital I Trust 2007-HQ13, 5.569%, 12/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 111,692    |   |
|                                                                                                                                                                                                    | 34,288               | 0.30             |   | Morgan Stanley Capital I, Inc., Floating Rate Note, 10/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 33,966     |   |
|                                                                                                                                                                                                    | 57,319               |             |   | ORES NPL LLC, 4.0%, 9/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 57,366     |   |
|                                                                                                                                                                                                    | 8,794                |             |   | RALI Series 2003-QS1 Trust, 5.0%, 1/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 8,967      |   |
|                                                                                                                                                                                                    | 50,000               |             |   | RALI Series 2003-QS17 Trust, 5.5%, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 51,368     |   |
|                                                                                                                                                                                                    | 80,922               | 0.65             |   | RALI Series 2003-QS22 Trust, Floating Rate Note, 12/26/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 73,862     |   |
|                                                                                                                                                                                                    | 35,035               |             |   | RALI Series 2004-QS3 Trust, 5.0%, 3/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 36,504     |   |
|                                                                                                                                                                                                    | 14,625               | 0.70             |   | RALI Series 2004-QS4 Trust, Floating Rate Note, 3/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 13,910     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | RALI Series 2004-QS5 Trust, 5.75%, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 50,005     |   |
|                                                                                                                                                                                                    | 17,030               | 0.80             |   | RALI Series 2004-QS5 Trust, Floating Rate Note, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 16,323     |   |
|                                                                                                                                                                                                    | 16,956               | 2.58             |   | Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 16,405     |   |
|                                                                                                                                                                                                    | 22,763               | 2.65             |   | Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 2/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 22,447     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 780,479    |   |
|                                                                                                                                                                                                    |                 |             |   | Asset Management & Custody Banks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 39,227               | 2.81             |   | Jefferies & Co., Inc., Floating Rate Note, 5/26/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 39,345     |   |
|                                                                                                                                                                                                    |                 |             |   | Investment Banking & Brokerage - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 84,257               | 7.40             |   | Bear Stearns Commercial Mortgage Securities Trust 2002 Top6, Floating Rate Note, 10/15/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 86,744     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 906,568    |   |
|                                                                                                                                                                                                    |                 |             |   | Real Estate - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Mortgage REITs - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 28,656               | 2.45             |   | American Home Mortgage Investment Trust 2005-1, Floating Rate Note, 6/25/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 28,281     |   |
|                                                                                                                                                                                                    | 11,634               |             |   | Credit Suisse First Boston Mortgage Securities Corp., 5.0%, 8/25/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 11,851     |   |
|                                                                                                                                                                                                    | 34,040               | 6.01             |   | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 11/15/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 32,037  |       |
|                                                                                                                                                                                                    | 15,225               | 2.69             |   | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 11/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 14,975     |   |
|                                                                                                                                                                                                    | 14,044               | 1.70             |   | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 13,416     |   |
|                                                                                                                                                                                                    | 25,000               | 3.49             |   | FREMF Mortgage Trust Class B, Floating Rate Note, 11/25/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 26,233     |   |
|                                                                                                                                                                                                    | 22,000               | 3.82             |   | FREMF Mortgage Trust Class B, Floating Rate Note, 6/25/47 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 23,103     |   |
|                                                                                                                                                                                                    | 50,000               | 4.29             |   | FREMF Mortgage Trust Class B, Floating Rate Note, 7/25/48 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 53,893     |   |
|                                                                                                                                                                                                    | 10,000               | 3.82             |   | FREMF Mortgage Trust Class C, Floating Rate Note, 6/25/47 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 9,974      |   |
|                                                                                                                                                                                                    | 50,000               | 4.29             |   | FREMF Mortgage Trust Class C, Floating Rate Note, 7/25/48 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 51,892     |   |
|                                                                                                                                                                                                    | 30,000               | 4.35             |   | FREMF Mortgage Trust, Floating Rate Note, 1/25/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 32,214     |   |
|                                                                                                                                                                                                    | 25,000               | 4.89             |   | FREMF Mortgage Trust, Floating Rate Note, 7/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 27,883     |   |
|                                                                                                                                                                                                    | 100,000              | 4.16             |   | FREMF Mortgage Trust, Floating Rate Note, 9/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 103,281    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 429,033    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 429,033    |   |
|                                                                                                                                                                                                    |                 |             |   | Government - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Government - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Fannie Mae REMICS, 4.5%, 6/25/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 27,792     |   |
|                                                                                                                                                                                                    | 6,541                |             |   | Fannie Mae REMICS, 5.0%, 9/25/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 6,715      |   |
|                                                                                                                                                                                                    | 38,548               |             |   | Freddie Mac REMICS, 5.0%, 6/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 39,850     |   |
|                                                                                                                                                                                                    | 49,322               |             |   | Government National Mortgage Association, 3.0%, 4/20/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 51,707     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Government National Mortgage Association, 4.5%, 9/20/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 113,342    |   |
|                                                                                                                                                                                                    | 444,515              | 1.63             |   | Government National Mortgage Association, Floating Rate Note, 10/16/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 29,489     |   |
|                                                                                                                                                                                                    | 295,329              | 1.28             |   | Government National Mortgage Association, Floating Rate Note, 10/16/52                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 17,078     |   |
|                                                                                                                                                                                                    | 517,403              | 1.17             |   | Government National Mortgage Association, Floating Rate Note, 3/16/51                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 20,946     |   |
|                                                                                                                                                                                                    | 204,089              | 1.27             |   | Government National Mortgage Association, Floating Rate Note, 4/16/51                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 11,738     |   |
|                                                                                                                                                                                                    | 296,027              | 1.07             |   | Government National Mortgage Association, Floating Rate Note, 9/16/52                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 26,686     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 345,343    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Government                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 345,343    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $4,360,873)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 4,400,133  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | CORPORATE BONDS - 41.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Energy - 7.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Drilling - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 140,000              |             |   | Atwood Oceanics, Inc., 6.5%, 2/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 152,250    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Offshore Group Investment, Ltd., 7.5%, 11/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 53,000     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Pride International, Inc., 6.875%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 125,369    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 330,619    |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Equipment & Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Basic Energy Services, Inc., 7.75%, 2/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 102,250    |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 106,000    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 208,250    |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Exploration & Production - 3.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Carrizo Oil & Gas, Inc., 8.625%, 10/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 82,125     |   |
|                                                                                                                                                                                                    | 95,000               |             |   | Denbury Resources, Inc., 4.625%, 7/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 91,675     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | EP Energy LLC, 9.375%, 5/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 57,750     |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Gazprom OAO Via Gaz Capital SA, 4.95%, 7/19/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 208,500    |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Gulfport Energy Corp., 7.75%, 11/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 79,125     |   |
|                                                                                                                                                                                                    | 275,000              |             |   | Linn Energy LLC, 6.25%, 11/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 281,188    |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Newfield Exploration Co., 5.625%, 7/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 77,438     |   |
|                                                                                                                                                                                                    | 95,000               |             |   | Northern Oil and Gas, Inc., 8.0%, 6/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 99,038     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | PetroBakken Energy, Ltd., 8.625%, 2/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 51,000     |   |
|                                                                                                                                                                                                    | 35,000               |             |   | Samson Investment Co., 9.75%, 2/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 37,188     |   |
|                                                                                                                                                                                                    | 65,000               |             |   | Stone Energy Corp., 7.5%, 11/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 71,012     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | TNK-BP Finance SA, 7.25%, 2/2/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 120,000    |   |
|                                                                                                                                                                                                    | 25,000               |             |   | W&T Offshore, Inc., 8.5%, 6/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 27,188     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,283,227  |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Refining & Marketing - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 45,000               |             |   | Tesoro Corp., 5.375%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 46,912     |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Storage & Transportation - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 35,000               |             |   | Buckeye Partners LP, 6.05%, 1/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 39,881     |   |
|                                                                                                                                                                                                    | 73,000               |             |   | DCP Midstream LLC, 9.75%, 3/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 96,139     |   |
|                                                                                                                                                                                                    | 50,000               | 7.00             |   | Enterprise Products Operating LLC, Floating Rate Note, 6/1/67                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 54,000     |   |
|                                                                                                                                                                                                    | 56,000               | 8.38             |   | Enterprise Products Operating LLC, Floating Rate Note, 8/1/66                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 64,400     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Inergy Midstream LP, 6.0%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 52,000     |   |
|                                                                                                                                                                                                    | 83,000               |             |   | Plains All American Pipeline LP, 6.125%, 1/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 97,383     |   |
|                                                                                                                                                                                                    | 99,000               |             |   | Questar Pipeline Co., 5.83%, 2/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 115,597    |   |
|                                                                                                                                                                                                    | 40,000               | 3.32             |   | Southern Union Co., Floating Rate Note, 11/1/66                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 35,100     |   |
|                                                                                                                                                                                                    | 35,000               |             |   | Spectra Energy Capital LLC, 6.75%, 7/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 41,208     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 595,708    |   |
|                                                                                                                                                                                                    |                 |             |   | Coal & Consumable Fuels - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 50,375     |   |
| EURO                                                                                                                                                                                                    | 100,000              |             |   | New World Resources NV, 7.875%, 1/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 115,394    |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Penn Virginia Resource Partners LP, 8.25%, 4/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 106,000    |   |
|                                                                                                                                                                                                    | 85,000               |             |   | Penn Virginia Resource Partners LP, 8.375%, 6/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 89,250     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 361,019    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 2,825,735  |   |
|                                                                                                                                                                                                    |                 |             |   | Materials - 2.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Commodity Chemicals - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Axiall Corp., 4.875%, 5/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 101,750    |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Chemicals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
| EURO                                                                                                                                                                                                    | 25,000               |             |   | INEOS Group Holdings SA, 7.875%, 2/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 32,294     |   |
|                                                                                                                                                                                                    |                 |             |   | Metal & Glass Containers - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | AEP Industries, Inc., 8.25%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 54,375     |   |
|                                                                                                                                                                                                    |                 |             |   | Aluminum - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 70,000               |             |   | Alcoa, Inc., 6.15%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 76,213     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Novelis, Inc. Georgia, 8.375%, 12/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 54,750     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 130,963    |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Metals & Mining - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | AngloGold Ashanti Holdings Plc, 5.375%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 105,848    |   |
|                                                                                                                                                                                                    | 60,000               |             |   | Freeport-McMoRan Copper & Gold, Inc., 3.875%, 3/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 60,174     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 68,438     |   |
|                                                                                                                                                                                                    | 20,000               |             |   | Southern Copper Corp., 5.375%, 4/16/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 22,709     |   |
|                                                                                                                                                                                                    | 20,000               |             |   | Volcan Cia Minera SAA, 5.375%, 2/2/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 21,200     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 278,369    |   |
|                                                                                                                                                                                                    |                 |             |   | Steel - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 40,000               |             |   | ArcelorMittal, 5.75%, 8/5/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 42,200     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | ArcelorMittal, 6.0%, 3/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 26,284     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Essar Steel Algoma, Inc., 9.375%, 3/15/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 72,000     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Metinvest BV, 8.75%, 2/14/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 102,300    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 242,784    |   |
|                                                                                                                                                                                                    |                 |             |   | Forest Products - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    | 9,914                |             |   | Emerald Plantation Holdings, Ltd., 6.0%, 1/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 6,989      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 847,524    |   |
|                                                                                                                                                                                                    |                 |             |   | Capital Goods - 2.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Building Products - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Masco Corp., 5.95%, 3/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 28,121     |   |
|                                                                                                                                                                                                    | 85,000               |             |   | Masco Corp., 7.125%, 3/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 99,231     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 127,352    |   |
|                                                                                                                                                                                                    |                 |             |   | Construction & Engineering - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Dycom Investments, Inc., 7.125%, 1/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 107,000    |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 80,535     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 187,535    |   |
|                                                                                                                                                                                                    |                 |             |   | Electrical Components & Equipment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Coleman Cable, Inc., 9.0%, 2/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 54,125     |   |
|                                                                                                                                                                                                    |                 |             |   | Industrial Conglomerates - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Boart Longyear Management Pty, Ltd., 7.0%, 4/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 51,625     |   |
|                                                                                                                                                                                                    |                 |             |   | Construction & Farm Machinery & Heavy Trucks - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Cummins, Inc., 5.65%, 3/1/98                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 76,334     |   |
|                                                                                                                                                                                                    | 22,000               |             |   | Cummins, Inc., 6.75%, 2/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 27,482     |   |
|                                                                                                                                                                                                    | 35,000               |             |   | Navistar International Corp., 8.25%, 11/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 35,656     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Terex Corp., 6.0%, 5/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 78,938     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 218,410    |   |
|                                                                                                                                                                                                    |                 |             |   | Industrial Machinery - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 49,000               |             |   | Mueller Water Products, Inc., 7.375%, 6/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 50,409     |   |
|                                                                                                                                                                                                    | 65,000               |             |   | WPE International Cooperatief UA, 10.375%, 9/30/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 60,450     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 110,859    |   |
|                                                                                                                                                                                                    |                 |             |   | Trading Companies & Distributors - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 125,000              |             |   | Aircastle, Ltd., 6.25%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 136,562    |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Aviation Capital Group Corp., 6.75%, 4/6/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 111,205    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 247,767    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 997,673    |   |
|                                                                                                                                                                                                    |                 |             |   | Commercial Services & Supplies - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Research & Consulting Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | FTI Consulting, Inc., 6.0%, 11/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 52,875     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 52,875     |   |
|                                                                                                                                                                                                    |                 |             |   | Transportation - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Airlines - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Continental Airlines 2012-2 Class A Pass Through Trust, 4.0%, 10/29/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 104,000    |   |
|                                                                                                                                                                                                    | 30,427               |             |   | Delta Air Lines 2010-2 Class A Pass Through Trust, 4.95%, 5/23/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 33,317     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Gol Finance, 9.25%, 7/20/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 72,750     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 210,067    |   |
|                                                                                                                                                                                                    |                 |             |   | Trucking - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 75,000               |             |   | syncreon Global Ireland, Ltd., 9.5%, 5/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 79,688     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 289,755    |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Durables & Apparel - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Home Furnishings - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Mohawk Industries, Inc., 3.85%, 2/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 25,415     |   |
|                                                                                                                                                                                                    |                 |             |   | Homebuilding - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 107,000    |   |
|                                                                                                                                                                                                    | 130,000              |             |   | Desarrolladora Homex SAB de CV, 9.5%, 12/11/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 111,150    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 218,150    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 243,565    |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Services - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Casinos & Gaming - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Codere Finance Luxembourg SA, 9.25%, 2/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 36,000     |   |
| EURO                                                                                                                                                                                                    | 108,000              | 8.25             |   | Lottomatica Group S.p.A., Floating Rate Note, 3/31/66 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 145,091    |   |
|                                                                                                                                                                                                    | 35,000               |             |   | Mashantucket Western Pequot Tribe, 8.5%, 11/15/15 (144A) (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 2,450      |   |
| EURO                                                                                                                                                                                                    | 50,000               |             |   | Peermont Global Pty, Ltd., 7.75%, 4/30/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 62,832     |   |
|                                                                                                                                                                                                    | 55,000               |             |   | Scientific Games International, Inc., 9.25%, 6/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 60,569     |   |
|                                                                                                                                                                                                    | 65,000               |             |   | Wynn Las Vegas LLC, 5.375%, 3/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 68,169     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 375,111    |   |
|                                                                                                                                                                                                    |                 |             |   | Education Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 10,000               |             |   | Amherst College, 3.794%, 11/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 9,704      |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Bowdoin College, 4.693%, 7/1/12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 22,882     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Massachusetts Institute of Technology, 5.6%, 7/1/11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 33,345     |   |
|                                                                                                                                                                                                    | 40,000               |             |   | The George Washington University, 1.827%, 9/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 40,877     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Tufts University, 5.017%, 4/15/12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 27,134     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 133,942    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 509,053    |   |
|                                                                                                                                                                                                    |                 |             |   | Media - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Broadcasting - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    | 22,262               |             |   | Intelsat Luxembourg SA, 11.5%, 2/4/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 23,642     |   |
|                                                                                                                                                                                                    | 55,000               |             |   | Intelsat Luxembourg SA, 11.5%, 2/4/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 58,410     |   |
| EURO                                                                                                                                                                                                    | 100,000              |             |   | Nara Cable Funding, Ltd., 8.875%, 12/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 134,305    |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Telesat Canada, 12.5%, 11/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 26,750     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 243,107    |   |
|                                                                                                                                                                                                    |                 |             |   | Publishing - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Interactive Data Corp., 10.25%, 8/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 28,438     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 271,545    |   |
|                                                                                                                                                                                                    |                 |             |   | Retailing - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Internet Retail - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    | 125,000              |             |   | Expedia, Inc., 5.95%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 138,989    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 138,989    |   |
|                                                                                                                                                                                                    |                 |             |   | Food & Staples Retailing - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Drug Retail - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 37,915               |             |   | CVS Pass-Through Trust, 5.773%, 1/10/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 44,106     |   |
|                                                                                                                                                                                                    | 83,327               |             |   | CVS Pass-Through Trust, 6.036%, 12/10/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 97,756     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 141,862    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 141,862    |   |
|                                                                                                                                                                                                    |                 |             |   | Food, Beverage & Tobacco - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Soft Drinks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 20,000               |             |   | Central American Bottling Corp., 6.75%, 2/9/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 21,775     |   |
|                                                                                                                                                                                                    |                 |             |   | Agricultural Products - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Viterra, Inc., 5.95%, 8/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 161,415    |   |
|                                                                                                                                                                                                    |                 |             |   | Packaged Foods & Meats - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Agrokor DD, 8.875%, 2/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 54,875     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | JBS Finance II, Ltd., 8.25%, 1/29/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 109,500    |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 141,750    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Post Holdings, Inc., 7.375%, 2/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 54,688     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 360,813    |   |
|                                                                                                                                                                                                    |                 |             |   | Tobacco - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    | 165,000              |             |   | Alliance One International, Inc., 10.0%, 7/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 174,281    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 718,284    |   |
|                                                                                                                                                                                                    |                 |             |   | Household & Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 80,000               |             |   | Avon Products, Inc., 5.0%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 82,086     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Household & Personal Products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 82,086     |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment & Services - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Accellent, Inc., 8.375%, 2/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 79,688     |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Catholic Health Initiatives, 4.35%, 11/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 50,379     |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Facilities - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 150,000              |             |   | CHS, 8.0%, 11/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 166,125    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | NYU Hospitals Center, 4.428%, 7/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 48,634     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 214,759    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 344,826    |   |
|                                                                                                                                                                                                    |                 |             |   | Pharmaceuticals, Biotechnology & Life Sciences - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Life Sciences Tools & Services - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 240                  |             |   | Catalent Pharma Solutions, Inc., 9.5%, 4/15/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 239        |   |
|                                                                                                                                                                                                    |                 |             |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 239        |   |
|                                                                                                                                                                                                    |                 |             |   | Banks - 4.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Banks - 3.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
| NOK                                                                                                                                                                                                     | 450,000              |             |   | Asian Development Bank, 3.375%, 5/20/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 78,447     |   |
|                                                                                                                                                                                                    | 100,000              | 7.38             |   | Banco Continental SA via Continental Trustees Cayman, Ltd., Floating Rate Note, 10/7/40 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 110,251 |       |
|                                                                                                                                                                                                    | 65,000               | 6.88             |   | Banco de Credito del Peru Panama, Floating Rate Note, 9/16/26 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 73,580     |   |
|                                                                                                                                                                                                    | 40,000               |             |   | Banco GNB Sudameris SA, 7.5%, 7/30/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 44,193     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | BBVA Banco Continental SA, 5.0%, 8/26/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 78,938     |   |
| TRY                                                                                                                                                                                                     | 250,000              |             |   | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 3/3/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 123,128    |   |
| EURO                                                                                                                                                                                                    | 50,000               |             |   | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 6.875%, 3/19/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 71,833     |   |
|                                                                                                                                                                                                    | 150,000              |             |   | HSBC Bank Plc, 7.65%, 5/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 203,606    |   |
| IDR                                                                                                                                                                                                     | 550,000,000          |             |   | Inter-American Development Bank, 4.5%, 2/4/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 55,529     |   |
| BRL                                                                                                                                                                                                     | 250,000              |             |   | International Finance Corp., 5.0%, 12/21/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 119,981    |   |
| BRL                                                                                                                                                                                                     | 90,000               |             |   | International Finance Corp., 7.45%, 8/14/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 44,776     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 103,041    |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Nordea Bank AB, 4.25%, 9/21/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 204,555    |   |
|                                                                                                                                                                                                    | 60,000               | 4.50             |   | Scotiabank Peru SA, Floating Rate Note, 12/13/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 57,840     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,369,698  |   |
|                                                                                                                                                                                                    |                 |             |   | Regional Banks - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 81,000               | 8.25             |   | PNC Financial Services Group, Inc., Floating Rate Note, 5/29/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 81,494     |   |
|                                                                                                                                                                                                    | 80,000               | 6.75             |   | PNC Financial Services Group, Inc., Floating Rate Note, 7/29/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 91,499     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | SunTrust Banks, Inc., 3.5%, 1/20/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 53,538     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 226,531    |   |
|                                                                                                                                                                                                    |                 |             |   | Thrifts & Mortgage Finance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Astoria Financial Corp., 5.0%, 6/19/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 53,543     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 1,649,772  |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 5.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Other Diversified Financial Services - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 90,000               |             |   | Alterra Finance LLC, 6.25%, 9/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 105,869    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Carlyle Holdings Finance LLC, 3.875%, 2/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 51,214     |   |
|                                                                                                                                                                                                    | 40,000               |             |   | Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 40,027     |   |
|                                                                                                                                                                                                    | 50,000               | 5.95             |   | Citigroup, Inc., Floating Rate Note, 12/29/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 51,875     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Hyundai Capital Services, Inc., 4.375%, 7/27/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 27,018     |   |
|                                                                                                                                                                                                    | 100,000              | 7.90             |   | JPMorgan Chase & Co., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 114,883    |   |
|                                                                                                                                                                                                    | 100,000              |             |   | KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 96,307     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Unison Ground Lease Funding LLC, 2.981%, 3/16/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 25,000     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 512,193    |   |
|                                                                                                                                                                                                    |                 |             |   | Specialized Finance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    | 121,000              |             |   | Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 125,798    |   |
|                                                                                                                                                                                                    | 20,000               |             |   | Corp Financiera de Desarrollo SA, 4.75%, 2/8/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 21,376     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 147,174    |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Finance - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Banque PSA Finance SA, 5.75%, 4/4/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 73,779     |   |
|                                                                                                                                                                                                    | 106,000              | 4.00             |   | SLM Corp., Floating Rate Note, 7/25/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 107,113    |   |
|                                                                                                                                                                                                    | 118,000              |             |   | Springleaf Finance Corp., 6.9%, 12/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 118,590    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 299,482    |   |
|                                                                                                                                                                                                    |                 |             |   | Asset Management & Custody Banks - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 35,000               | 7.52             |   | Ameriprise Financial, Inc., Floating Rate Note, 6/1/66                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 39,200     |   |
|                                                                                                                                                                                                    | 125,000              |             |   | Blackstone Holdings Finance Co LLC, 6.25%, 8/15/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 141,962    |   |
|                                                                                                                                                                                                    | 9,000                |             |   | Janus Capital Group, Inc., 6.7%, 6/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 10,302     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Prospect Capital Corp., 5.875%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 75,142     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 266,606    |   |
|                                                                                                                                                                                                    |                 |             |   | Investment Banking & Brokerage - 2.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 245,000              | 4.00             |   | Goldman Sachs Capital II, Floating Rate Note, 6/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 206,106    |   |
|                                                                                                                                                                                                    | 20,000               |             |   | Jefferies Group LLC, 5.125%, 4/13/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 21,800     |   |
|                                                                                                                                                                                                    | 95,000               |             |   | Jefferies Group LLC, 6.875%, 4/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 110,897    |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Macquarie Group, Ltd., 6.0%, 1/14/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 82,282     |   |
|                                                                                                                                                                                                    | 60,000               |             |   | Morgan Stanley, 5.5%, 1/26/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 68,745     |   |
|                                                                                                                                                                                                    | 111,000              |             |   | Morgan Stanley, 6.625%, 4/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 132,690    |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Raymond James Financial, Inc., 4.25%, 4/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 79,960     |   |
|                                                                                                                                                                                                    | 115,000              |             |   | Scottrade Financial Services, Inc., 6.125%, 7/11/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 119,644    |   |
|                                                                                                                                                                                                    | 30,000               |             |   | TD Ameritrade Holding Corp., 5.6%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 35,927     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 858,051    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 2,083,506  |   |
|                                                                                                                                                                                                    |                 |             |   | Insurance - 4.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Insurance Brokers - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 85,000               |             |   | Ironshore Holdings US, Inc., 8.5%, 5/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 97,312     |   |
|                                                                                                                                                                                                    |                 |             |   | Life & Health Insurance - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 55,000               |             |   | Delphi Financial Group, Inc., 7.875%, 1/31/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 67,767     |   |
|                                                                                                                                                                                                    | 137,000              | 6.05             |   | Lincoln National Corp., Floating Rate Note, 4/20/67                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 137,685    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | MetLife, Inc., 10.75%, 8/1/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 77,625     |   |
|                                                                                                                                                                                                    | 110,000              |             |   | Protective Life Corp., 7.375%, 10/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 135,024    |   |
|                                                                                                                                                                                                    | 10,000               |             |   | Prudential Financial, Inc., 6.2%, 1/15/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 10,908     |   |
|                                                                                                                                                                                                    | 50,000               | 8.88             |   | Prudential Financial, Inc., Floating Rate Note, 6/15/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 61,437     |   |
|                                                                                                                                                                                                    | 50,000               | 5.62             |   | Prudential Financial, Inc., Floating Rate Note, 6/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 51,750     |   |
|                                                                                                                                                                                                    | 50,000               | 5.88             |   | Prudential Financial, Inc., Floating Rate Note, 9/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 53,250     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Unum Group, 5.75%, 8/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 109,348    |   |
|                                                                                                                                                                                                    | 30,000               | 5.88             |   | Wilton Re Finance LLC, Floating Rate Note, 3/30/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 30,302     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 735,096    |   |
|                                                                                                                                                                                                    |                 |             |   | Multi-line Insurance - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 85,000               |             |   | AXA SA, 8.6%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 108,994    |   |
|                                                                                                                                                                                                    | 80,000               |             |   | Genworth Financial, Inc., 7.2%, 2/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 93,200     |   |
|                                                                                                                                                                                                    | 26,000               |             |   | Liberty Mutual Group, Inc., 7.3%, 6/15/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 27,658     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 229,852    |   |
|                                                                                                                                                                                                    |                 |             |   | Property & Casualty Insurance - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Fidelity National Financial, Inc., 5.5%, 9/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 85,140     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | OneBeacon US Holdings, Inc., 4.6%, 11/9/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 52,334     |   |
|                                                                                                                                                                                                    | 105,000              | 7.51             |   | Sirius International Group, Ltd., Floating Rate Note, 5/29/49 (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 111,133    |   |
|                                                                                                                                                                                                    | 25,000               |             |   | The Hanover Insurance Group, Inc., 7.5%, 3/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 29,429     |   |
|                                                                                                                                                                                                    | 129,000              |             |   | The Hanover Insurance Group, Inc., 7.625%, 10/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 150,655    |   |
|                                                                                                                                                                                                    | 100,000              | 6.50             |   | XL Group Plc, Floating Rate Note, 12/29/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 97,750     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 526,441    |   |
|                                                                                                                                                                                                    |                 |             |   | Reinsurance - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 60,000               |             |   | Montpelier Re Holdings, Ltd., 4.7%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 61,581     |   |
|                                                                                                                                                                                                    | 61,000               |             |   | Platinum Underwriters Finance, Inc., 7.5%, 6/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 68,471     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Validus Holdings, Ltd., 8.875%, 1/26/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 133,433    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 263,485    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,852,186  |   |
|                                                                                                                                                                                                    |                 |             |   | Real Estate - 1.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified REITs - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 20,000               |             |   | Digital Realty Trust LP, 5.875%, 2/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 22,785     |   |
|                                                                                                                                                                                                    |                 |             |   | Office REITs - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    | 20,000               |             |   | Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 21,554     |   |
|                                                                                                                                                                                                    | 20,000               |             |   | BioMed Realty LP, 4.25%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 20,902     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Highwoods Realty LP, 3.625%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 49,412     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Mack-Cali Realty LP, 4.5%, 4/18/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 26,638     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 118,506    |   |
|                                                                                                                                                                                                    |                 |             |   | Retail REITs - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    | 80,000               |             |   | DDR Corp., 7.5%, 4/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 95,099     |   |
|                                                                                                                                                                                                    |                 |             |   | Specialized REITs - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 15,000               |             |   | CubeSmart LP, 4.8%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 16,427     |   |
|                                                                                                                                                                                                    | 40,000               |             |   | Hospitality Properties Trust, 5.0%, 8/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 42,624     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Hospitality Properties Trust, 7.875%, 8/15/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 79,170     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Sabra Health Care LP, 8.125%, 11/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 54,312     |   |
|                                                                                                                                                                                                    | 111,000              |             |   | Senior Housing Properties Trust, 6.75%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 126,623    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 319,156    |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Real Estate Activities - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 75,000               |             |   | BR Malls International Finance, Ltd., 8.5%, 1/29/49 (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 82,219     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 637,765    |   |
|                                                                                                                                                                                                    |                 |             |   | Software & Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Data Processing & Outsourced Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Audatex North America, Inc., 6.75%, 6/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 107,250    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 107,250    |   |
|                                                                                                                                                                                                    |                 |             |   | Technology Hardware & Equipment - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Communications Equipment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Brocade Communications Systems, Inc., 4.625%, 1/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 48,375     |   |
|                                                                                                                                                                                                    |                 |             |   | Electronic Equipment Manufacturers - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Viasystems, Inc., 7.875%, 5/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 52,250     |   |
|                                                                                                                                                                                                    |                 |             |   | Electronic Manufacturing Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Flextronics International, Ltd., 5.0%, 2/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 49,875     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 150,500    |   |
|                                                                                                                                                                                                    |                 |             |   | Telecommunication Services - 2.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Integrated Telecommunication Services - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | CenturyLink, Inc., 6.45%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 53,000     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | CenturyLink, Inc., 7.6%, 9/15/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 48,500     |   |
|                                                                                                                                                                                                    | 81,000               |             |   | Cincinnati Bell, Inc., 8.375%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 84,240     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Frontier Communications Corp., 8.5%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 84,938     |   |
|                                                                                                                                                                                                    | 60,000               |             |   | GTP Acquisition Partners I LLC, 7.628%, 6/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 66,674     |   |
|                                                                                                                                                                                                    | 40,000               |             |   | GTP Towers Issuer LLC, 4.436%, 2/15/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 41,812     |   |
|                                                                                                                                                                                                    | 60,000               |             |   | Qtel International Finance, Ltd., 6.5%, 6/10/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 63,774     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Telefonica Emisiones SAU, 6.221%, 7/3/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 83,916     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Windstream Corp., 6.375%, 8/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 49,625     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 576,479    |   |
|                                                                                                                                                                                                    |                 |             |   | Wireless Telecommunication Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    | 200,000              |             |   | VimpelCom Holdings BV, 7.504%, 3/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 222,560    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | WCP Wireless Site Funding, 6.829%, 11/15/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 53,788     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 276,348    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 852,827    |   |
|                                                                                                                                                                                                    |                 |             |   | Utilities - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Electric Utilities - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Dubai Electricity & Water Authority, 8.5%, 4/22/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 111,875    |   |
|                                                                                                                                                                                                    | 125,000              | 5.25             |   | Electricite de France SA, Floating Rate Note, 1/29/49 (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 124,180    |   |
|                                                                                                                                                                                                    | 25,000               | 6.70             |   | PPL Capital Funding, Inc., Floating Rate Note, 3/30/67                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 26,562     |   |
|                                                                                                                                                                                                    | 50,000               | 6.25             |   | Southern California Edison Co., Floating Rate Note, 8/1/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 55,014     |   |
|                                                                                                                                                                                                    | 83,000               |             |   | West Penn Power Co., 5.95%, 12/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 97,614     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 415,245    |   |
|                                                                                                                                                                                                    |                 |             |   | Multi-Utilities - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | New York State Electric & Gas Corp., 6.15%, 12/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 55,912     |   |
|                                                                                                                                                                                                    | 110,493              |             |   | Ormat Funding Corp., 8.25%, 12/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 102,759    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 158,671    |   |
|                                                                                                                                                                                                    |                 |             |   | Independent Power Producers & Energy Traders - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    | 88,967               |             |   | Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 95,401     |   |
|                                                                                                                                                                                                    | 9,937                |             |   | Juniper Generation LLC, 6.79%, 12/31/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 9,386      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 104,787    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 678,703    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $14,249,003)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 15,476,520 |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 54,736               |             |   | Fannie Mae, 3.5%, 12/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 58,263     |   |
|                                                                                                                                                                                                    | 38,442               |             |   | Fannie Mae, 4.0%, 1/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 41,014     |   |
|                                                                                                                                                                                                    | 27,549               |             |   | Fannie Mae, 4.0%, 11/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 29,393     |   |
|                                                                                                                                                                                                    | 49,957               |             |   | Fannie Mae, 4.0%, 12/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 53,299     |   |
|                                                                                                                                                                                                    | 19,891               |             |   | Fannie Mae, 4.0%, 12/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 21,536     |   |
|                                                                                                                                                                                                    | 55,050               |             |   | Fannie Mae, 4.5%, 12/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 59,423     |   |
|                                                                                                                                                                                                    | 10,509               |             |   | Fannie Mae, 4.5%, 3/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 11,331     |   |
|                                                                                                                                                                                                    | 25,123               |             |   | Fannie Mae, 5.0%, 6/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 27,596     |   |
|                                                                                                                                                                                                    | 1,304                |             |   | Fannie Mae, 6.0%, 12/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 1,461      |   |
|                                                                                                                                                                                                    | 583                  |             |   | Fannie Mae, 6.0%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 655        |   |
|                                                                                                                                                                                                    | 587                  |             |   | Fannie Mae, 6.5%, 10/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 692        |   |
|                                                                                                                                                                                                    | 347                  |             |   | Fannie Mae, 6.5%, 2/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 396        |   |
|                                                                                                                                                                                                    | 186                  |             |   | Fannie Mae, 6.5%, 7/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 219        |   |
|                                                                                                                                                                                                    | 210                  |             |   | Fannie Mae, 7.0%, 9/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 250        |   |
|                                                                                                                                                                                                    | 67,913               |             |   | Federal Home Loan Mortgage Corp., 3.5%, 10/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 71,504     |   |
|                                                                                                                                                                                                    | 38,121               |             |   | Federal Home Loan Mortgage Corp., 5.0%, 10/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 41,002     |   |
|                                                                                                                                                                                                    | 91,279               |             |   | Federal Home Loan Mortgage Corp., 5.0%, 11/1/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 99,947     |   |
|                                                                                                                                                                                                    | 1,815                |             |   | Federal Home Loan Mortgage Corp., 5.0%, 5/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 1,961      |   |
|                                                                                                                                                                                                    | 9,483                |             |   | Federal Home Loan Mortgage Corp., 5.0%, 6/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 10,235     |   |
|                                                                                                                                                                                                    | 986                  |             |   | Federal Home Loan Mortgage Corp., 5.5%, 10/1/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 1,050      |   |
|                                                                                                                                                                                                    | 52,426               |             |   | Government National Mortgage Association I, 4.5%, 4/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 57,458     |   |
|                                                                                                                                                                                                    | 21,853               |             |   | Government National Mortgage Association I, 4.5%, 5/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 24,291     |   |
|                                                                                                                                                                                                    | 19,524               |             |   | Government National Mortgage Association I, 4.5%, 9/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 21,465     |   |
|                                                                                                                                                                                                    | 9,851                |             |   | Government National Mortgage Association I, 5.0%, 4/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 10,945     |   |
|                                                                                                                                                                                                    | 14,945               |             |   | Government National Mortgage Association I, 5.5%, 1/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 16,635     |   |
|                                                                                                                                                                                                    | 24,623               |             |   | Government National Mortgage Association I, 5.5%, 11/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 27,066     |   |
|                                                                                                                                                                                                    | 29,256               |             |   | Government National Mortgage Association I, 5.5%, 4/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 32,242     |   |
|                                                                                                                                                                                                    | 38,442               |             |   | Government National Mortgage Association I, 5.5%, 6/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 42,197     |   |
|                                                                                                                                                                                                    | 7,713                |             |   | Government National Mortgage Association I, 5.5%, 7/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 8,531      |   |
|                                                                                                                                                                                                    | 4,606                |             |   | Government National Mortgage Association I, 6.0%, 10/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 5,238      |   |
|                                                                                                                                                                                                    | 2,176                |             |   | Government National Mortgage Association I, 6.0%, 2/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 2,469      |   |
|                                                                                                                                                                                                    | 4,516                |             |   | Government National Mortgage Association I, 6.0%, 3/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 5,125      |   |
|                                                                                                                                                                                                    | 3,379                |             |   | Government National Mortgage Association I, 6.0%, 3/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 3,846      |   |
|                                                                                                                                                                                                    | 1,182                |             |   | Government National Mortgage Association I, 6.0%, 5/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 1,285      |   |
|                                                                                                                                                                                                    | 1,410                |             |   | Government National Mortgage Association I, 6.0%, 6/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 1,490      |   |
|                                                                                                                                                                                                    | 2,501                |             |   | Government National Mortgage Association I, 6.0%, 6/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 2,839      |   |
|                                                                                                                                                                                                    | 4,387                |             |   | Government National Mortgage Association I, 6.0%, 6/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 4,997      |   |
|                                                                                                                                                                                                    | 3,176                |             |   | Government National Mortgage Association I, 6.0%, 7/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 3,616      |   |
|                                                                                                                                                                                                    | 4,108                |             |   | Government National Mortgage Association I, 6.0%, 7/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 4,661      |   |
|                                                                                                                                                                                                    | 8,928                |             |   | Government National Mortgage Association I, 6.0%, 8/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 9,658      |   |
|                                                                                                                                                                                                    | 18,344               |             |   | Government National Mortgage Association I, 6.0%, 8/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 20,798     |   |
|                                                                                                                                                                                                    | 6,768                |             |   | Government National Mortgage Association I, 6.0%, 9/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 7,713      |   |
|                                                                                                                                                                                                    | 1,954                |             |   | Government National Mortgage Association I, 6.0%, 9/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 2,218      |   |
|                                                                                                                                                                                                    | 3,088                |             |   | Government National Mortgage Association I, 6.5%, 1/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 3,642      |   |
|                                                                                                                                                                                                    | 1,734                |             |   | Government National Mortgage Association I, 6.5%, 11/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 1,983      |   |
|                                                                                                                                                                                                    | 1,344                |             |   | Government National Mortgage Association I, 6.5%, 2/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 1,537      |   |
|                                                                                                                                                                                                    | 2,461                |             |   | Government National Mortgage Association I, 6.5%, 3/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 2,781      |   |
|                                                                                                                                                                                                    | 1,362                |             |   | Government National Mortgage Association I, 6.5%, 3/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 1,614      |   |
|                                                                                                                                                                                                    | 299                  |             |   | Government National Mortgage Association I, 7.0%, 3/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 355        |   |
|                                                                                                                                                                                                    | 1,574                |             |   | Government National Mortgage Association I, 7.0%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 1,831      |   |
|                                                                                                                                                                                                    | 48,006               |             |   | Government National Mortgage Association II, 4.5%, 9/20/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 53,103     |   |
|                                                                                                                                                                                                    | 10,636               |             |   | Government National Mortgage Association II, 5.5%, 3/20/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 11,799     |   |
|                                                                                                                                                                                                    | 18,448               |             |   | Government National Mortgage Association II, 6.0%, 11/20/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 20,955     |   |
|                                                                                                                                                                                                    | 150,000              |             |   | U.S. Treasury Bonds, 4.375%, 2/15/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 187,523    |   |
|                                                                                                                                                                                                    | 100,000              |             |   | U.S. Treasury Bonds, 4.5%, 5/15/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 127,375    |   |
|                                                                                                                                                                                                    | 325,000              |             |   | U.S. Treasury Bonds, 4.5%, 8/15/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 414,984    |   |
|                                                                                                                                                                                                    | 25,000               |             |   | U.S. Treasury Bonds, 6.25%, 8/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 35,383     |   |
|                                                                                                                                                                                                    | 200,000              |             |   | U.S. Treasury Notes, 2.0%, 2/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 205,609    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $1,788,902)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 1,918,484  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | FOREIGN GOVERNMENT BONDS - 7.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
| CAD                                                                                                                                                                                                     | 430,000              |             |   | Canada Housing Trust No. 1, 3.75%, 3/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 473,351    |   |
| CAD                                                                                                                                                                                                     | 60,000               |             |   | Canadian Government Bond, 4.25%, 6/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 67,578     |   |
| IDR                                                                                                                                                                                                     | 300,000,000          |             |   | Indonesia Recapitalization Bond, 14.25%, 6/15/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 31,557     |   |
| IDR                                                                                                                                                                                                     | 200,000,000          |             |   | Indonesia Recapitalization Bond, 14.275%, 12/15/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 22,006     |   |
| IDR                                                                                                                                                                                                     | 171,000,000          |             |   | Indonesia Treasury Bond, 6.125%, 5/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 17,239     |   |
| IDR                                                                                                                                                                                                     | 155,000,000          |             |   | Indonesia Treasury Bond, 7.0%, 5/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 17,587     |   |
| IDR                                                                                                                                                                                                     | 150,000,000          |             |   | Indonesia Treasury Bond, 7.0%, 5/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 16,511     |   |
| IDR                                                                                                                                                                                                     | 893,000,000          |             |   | Indonesia Treasury Bond, 8.25%, 6/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 108,790    |   |
| IDR                                                                                                                                                                                                     | 75,000,000           |             |   | Indonesia Treasury Bond, 9.0%, 9/15/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 7,885      |   |
| EURO                                                                                                                                                                                                    | 55,000               |             |   | Ireland Government Bond, 4.5%, 4/18/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 73,669     |   |
| EURO                                                                                                                                                                                                    | 80,000               |             |   | Ireland Government Bond, 5.0%, 10/18/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 110,164    |   |
| EURO                                                                                                                                                                                                    | 63,000               |             |   | Italy Buoni Poliennali Del Tesoro, 4.75%, 8/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 81,559     |   |
| MYR                                                                                                                                                                                                     | 265,000              |             |   | Malaysia Government Bond, 3.418%, 8/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 85,231     |   |
| MXN                                                                                                                                                                                                     | 430,000              |             |   | Mexican Bonos, 6.5%, 6/9/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 38,735     |   |
| MXN                                                                                                                                                                                                     | 150,000              |             |   | Mexican Bonos, 7.5%, 6/3/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 14,706     |   |
| MXN                                                                                                                                                                                                     | 2,471,560            |             |   | Mexican Udibonos, 2.0%, 6/9/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 211,553    |   |
| MXN                                                                                                                                                                                                     | 988,624              |             |   | Mexican Udibonos, 3.5%, 12/14/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 89,001     |   |
| NGN                                                                                                                                                                                                     | 14,000,000           |             |   | Nigeria Government Bond, 16.0%, 6/29/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 107,894    |   |
| NGN                                                                                                                                                                                                     | 11,000,000           |             |   | Nigeria Treasury Bill, 2/6/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 63,559     |   |
| NOK                                                                                                                                                                                                     | 450,000              |             |   | Norway Government Bond, 4.25%, 5/19/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 85,823     |   |
| NOK                                                                                                                                                                                                     | 200,000              |             |   | Norway Government Bond, 4.5%, 5/22/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 39,877     |   |
| PHP                                                                                                                                                                                                     | 7,140,000            |             |   | Philippine Government Bond, 5.875%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 223,796    |   |
| PHP                                                                                                                                                                                                     | 400,000              |             |   | Philippine Government Bond, 6.125%, 10/24/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 13,088     |   |
| PHP                                                                                                                                                                                                     | 2,720,000            |             |   | Philippine Government Bond, 7.625%, 9/29/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 104,450    |   |
| PLN                                                                                                                                                                                                     | 130,000              |             |   | Poland Government Bond, 5.25%, 4/25/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 39,976     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 69,000     |   |
| AUD                                                                                                                                                                                                     | 100,000              |             |   | Queensland Treasury Corp., 5.75%, 7/22/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 113,853    |   |
| AUD                                                                                                                                                                                                     | 69,000               |             |   | Queensland Treasury Corp., 6.0%, 8/14/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 72,640     |   |
| RON                                                                                                                                                                                                     | 320,000              |             |   | Romania Government Bond, 5.85%, 4/26/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 93,941     |   |
| RON                                                                                                                                                                                                     | 160,000              |             |   | Romania Government Bond, 5.9%, 7/26/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 46,958     |   |
| RUB                                                                                                                                                                                                     | 2,500,000            |             |   | Russian Federal Bond - OFZ, 7.5%, 3/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 84,646     |   |
| SEK                                                                                                                                                                                                     | 340,000              |             |   | Sweden Government Bond, 4.5%, 8/12/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 56,438     |   |
| SEK                                                                                                                                                                                                     | 500,000              |             |   | Sweden Government Bond, 6.75%, 5/5/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 81,621     |   |
| TRY                                                                                                                                                                                                     | 50,000               |             |   | Turkey Government Bond, 10.5%, 1/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 33,250     |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL FOREIGN GOVERNMENT BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $2,620,248)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 2,797,932  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | MUNICIPAL BONDS - 5.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Development - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 60,000               | 5.90             |   | Brazos Harbor Industrial Development Corp., Floating Rate Note, 5/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 68,158     |   |
|                                                                                                                                                                                                    | 65,000               |             |   | Louisiana Local Government Environmental Facilities & Community Development Authority, 6.75%, 11/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 73,371  |       |
|                                                                                                                                                                                                    | 58,000               | 7.00             |   | New Jersey Economic Development Authority, Floating Rate Note, 11/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 58,212     |   |
|                                                                                                                                                                                                    | 70,000               |             |   | Parish of St. John the Baptist Louisiana, 5.125%, 6/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 74,101     |   |
|                                                                                                                                                                                                    | 60,000               |             |   | Port of Corpus Christi Authority of Nueces County, 6.7%, 11/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 60,907     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Selma Industrial Development Board, 6.25%, 11/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 57,443     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 392,192    |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal General - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 90,000               |             |   | JobsOhio Beverage System, 3.985%, 1/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 92,300     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | JobsOhio Beverage System, 4.532%, 1/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 25,947     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | New Jersey Economic Development Authority, 2/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 89,215     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | New Jersey Transportation Trust Fund Authority, 5.5%, 6/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 86,375     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | New York City Transitional Finance Authority Future Tax Secured Revenue, 5.0%, 11/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 28,774  |       |
|                                                                                                                                                                                                    | 66,000               |             |   | State of Wisconsin, 5.75%, 5/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 78,707     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Texas Municipal Gas Acquisition & Supply Corp III, 5.0%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 26,683     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Texas Municipal Gas Acquisition & Supply Corp III, 5.0%, 12/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 52,998     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 480,999    |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Higher Education - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Baylor University, 4.313%, 3/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 25,918     |   |
|                                                                                                                                                                                                    | 70,000               |             |   | Connecticut State Health & Educational Facility Authority, 5.0%, 7/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 81,036     |   |
|                                                                                                                                                                                                    | 99,000               |             |   | Connecticut State Health & Educational Facility Authority, 5.0%, 7/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 109,260    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Houston Higher Education Finance Corp., 5.0%, 5/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 56,375     |   |
|                                                                                                                                                                                                    | 30,000               |             |   | Massachusetts Development Finance Agency, 5.0%, 10/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 34,616     |   |
|                                                                                                                                                                                                    | 30,000               |             |   | Massachusetts Health & Educational Facilities Authority, 6.0%, 7/1/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 36,227     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Missouri State Health & Educational Facilities Authority, 5.0%, 11/15/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 88,650     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | New York State Dormitory Authority, 5.0%, 10/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 28,747     |   |
|                                                                                                                                                                                                    | 20,000               |             |   | New York State Dormitory Authority, 5.0%, 7/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 22,968     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | New York State Dormitory Authority, 5.0%, 7/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 114,954    |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Permanent University Fund, 5.0%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 30,411     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | University of California, 3.38%, 5/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 51,072     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 680,234    |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Medical - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Maryland Health & Higher Educational Facilities Authority, 5.0%, 7/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 57,074     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Massachusetts Development Finance Agency, 5.375%, 4/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 27,916     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | New Hampshire Health & Education Facilities Authority, 6.5%, 1/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 57,866     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 142,856    |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Pollution - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    | 135,000              | 5.95             |   | Port Freeport Texas, Floating Rate Note, 5/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 154,726    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Transportation - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 15,000               |             |   | Port Authority of New York & New Jersey, 4.458%, 10/1/62                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 14,985     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Water - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    | 60,000               |             |   | City of Charleston South Carolina Waterworks & Sewer System Revenue, 5.0%, 1/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 67,673     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Hampton Roads Sanitation District, 5.0%, 4/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 27,994     |   |
|                                                                                                                                                                                                    | 35,000               |             |   | Metropolitan Water Reclamation District of Greater Chicago, 5.0%, 12/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 40,542     |   |
|                                                                                                                                                                                                    | 30,000               |             |   | Metropolitan Water Reclamation District of Greater Chicago, 5.0%, 12/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 34,478     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 170,687    |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Obligation - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | State of Florida, 4.0%, 6/1/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 54,426     |   |
|                                                                                                                                                                                                    | 20,000               |             |   | State of Washington, 3.0%, 7/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 19,338     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 73,764     |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $1,887,059)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 2,110,443  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | SENIOR FLOATING RATE LOAN INTERESTS - 10.4%**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Energy - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Equipment & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 59,657               | 8.50             |   | FTS International Services LLC, Term Loan, 5/6/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 56,848     |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Exploration & Production - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 100,000              | 6.00             |   | Samson Investment Co., Initial Term Loan (Second Lien), 9/10/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 101,450    |   |
|                                                                                                                                                                                                    |                 |             |   | Coal & Consumable Fuels - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 100,000              | 0.00             |   | Bumi Resources Tbk PT, Term Loan, 8/15/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 98,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 256,298    |   |
|                                                                                                                                                                                                    |                 |             |   | Materials - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Chemicals - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 100,000              | 4.75             |   | DuPont Performance Coatings, Inc., Initial Term B Loan, 2/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 101,443    |   |
|                                                                                                                                                                                                    |                 |             |   | Aluminum - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 39,600               | 5.75             |   | Noranda Aluminum Holding Corp., Term B Loan, 2/17/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 40,268     |   |
|                                                                                                                                                                                                    |                 |             |   | Precious Metals & Minerals - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 81,500               | 5.25             |   | Fairmount Minerals, Ltd., Tranche B Term Loan, 3/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 82,128     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 223,839    |   |
|                                                                                                                                                                                                    |                 |             |   | Capital Goods - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Building Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 74,625               | 5.75             |   | CPG International I, Inc., Term Loan, 9/21/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 75,325     |   |
|                                                                                                                                                                                                    |                 |             |   | Trading Companies & Distributors - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 99,750               | 4.50             |   | WESCO International, Inc., Tranche B-1 Loan, 12/4/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 100,860    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 176,185    |   |
|                                                                                                                                                                                                    |                 |             |   | Commercial Services & Supplies - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Office Services & Supplies - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 20,677               | 4.25             |   | ACCO Brands Corp., Term B Loan, 1/4/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 20,974     |   |
|                                                                                                                                                                                                    |                 |             |   | Research & Consulting Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 120,015              | 5.00             |   | Wyle Services Corp., Term Loan (First Lien), 3/31/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 120,991    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 141,965    |   |
|                                                                                                                                                                                                    |                 |             |   | Transportation - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Air Freight & Logistics - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 23,296               | 5.28             |   | CEVA Group Plc, Dollar Tranche B Pre Funded Term Loan, 8/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 22,757     |   |
|                                                                                                                                                                                                    | 44,718               | 5.30             |   | CEVA Group Plc, US Tranche B Term Loan, 8/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 43,684     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 66,441     |   |
|                                                                                                                                                                                                    |                 |             |   | Trucking - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 28,952               | 2.95             |   | Swift Transportation Co LLC, Tranche B-1 Term Loan (2013), 12/21/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 29,242     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 95,683     |   |
|                                                                                                                                                                                                    |                 |             |   | Automobiles & Components - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Auto Parts & Equipment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 64,184               | 2.14             |   | Federal-Mogul Corp., Tranche B Term Loan, 12/29/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 60,164     |   |
|                                                                                                                                                                                                    | 32,747               | 2.14             |   | Federal-Mogul Corp., Tranche C Term Loan, 12/28/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 30,696     |   |
|                                                                                                                                                                                                    | 39,700               | 0.00             |   | TI Group Automotive Systems LLC, Additional Term Loan, 3/27/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 40,097     |   |
|                                                                                                                                                                                                    | 39,700               | 0.00             |   | TI Group Automotive Systems LLC, Term Loan, 3/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 40,023     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 170,980    |   |
|                                                                                                                                                                                                    |                 |             |   | Automobile Manufacturers - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 147,375              | 6.00             |   | Chrysler Group LLC, Tranche B Term Loan, 4/28/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 150,467    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 321,447    |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Durables & Apparel - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Housewares & Specialties - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    | 27,078               | 5.25             |   | Yankee Candle Co., Inc., Initial Term Loan, 3/2/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 27,391     |   |
|                                                                                                                                                                                                    |                 |             |   | Apparel, Accessories & Luxury Goods - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    | 82,000               | 3.25             |   | PVH Corp., Tranche B Term Loan, 12/19/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 82,993     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 110,384    |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Services - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Casinos & Gaming - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 129,675              | 4.25             |   | MGM Resorts International, Term B Loan, 12/13/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 132,014    |   |
|                                                                                                                                                                                                    | 29,700               | 4.00             |   | Pinnacle Entertainment, Inc., Series A Term Loan, 3/5/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 29,960     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 161,974    |   |
|                                                                                                                                                                                                    |                 |             |   | Hotels, Resorts & Cruise Lines - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 123,438              | 4.75             |   | Seven Seas Cruises S de RL LLC, Term B-1 Loan, 12/21/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 125,289    |   |
|                                                                                                                                                                                                    |                 |             |   | Leisure Facilities - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 67,527               | 4.00             |   | Six Flags Entertainment Corp., Tranche B Term Loan, 11/23/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 68,196     |   |
|                                                                                                                                                                                                    |                 |             |   | Restaurants - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 114,425              | 3.75             |   | Burger King Corp., Tranche B Term Loan (2012), 9/28/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 116,129    |   |
|                                                                                                                                                                                                    | 34,825               | 4.75             |   | Wendy's International, Inc., Term Loan, 4/3/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 35,248     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 151,377    |   |
|                                                                                                                                                                                                    |                 |             |   | Specialized Consumer Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | 34,738               | 5.50             |   | Ascent Capital Group, Inc., Term Loan, 3/6/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 34,993     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 541,829    |   |
|                                                                                                                                                                                                    |                 |             |   | Media - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Broadcasting - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    | 48,625               | 4.50             |   | MCC Georgia LLC, Tranche F Term Loan, 10/20/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 49,132     |   |
|                                                                                                                                                                                                    | 74,438               | 0.00             |   | Telesat Canada, U.S. Term B Loan, 3/28/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 75,135     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 124,267    |   |
|                                                                                                                                                                                                    |                 |             |   | Publishing - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 71,495               | 0.00             |   | Interactive Data Corp., Refinanced Term Loan, 2/11/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 72,411     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 196,678    |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment & Services - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 245,000              | 0.00             |   | Virtual Radiologic Corp., Term Loan A, 11/3/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 171,500    |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Facilities - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 114,818              | 3.79             |   | Community Health Systems, Inc., Extended Term Loan, 7/25/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 116,200    |   |
|                                                                                                                                                                                                    |                 |             |   | Managed Health Care - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    | 40,000               | 9.75             |   | MMM Holdings, Inc., Term Loan, 10/9/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 40,300     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 328,000    |   |
|                                                                                                                                                                                                    |                 |             |   | Pharmaceuticals, Biotechnology & Life Sciences - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Biotechnology - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | 244,726              | 4.25             |   | Grifols, Inc., New U.S. Tranche B Term Loan, 6/4/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 247,588    |   |
|                                                                                                                                                                                                    |                 |             |   | Pharmaceuticals - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    | 99,501               | 4.25             |   | Par Pharmaceutical Companies, Inc., Additional Term B-1 Loan, 9/28/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 100,734    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 348,322    |   |
|                                                                                                                                                                                                    |                 |             |   | Banks - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Thrifts & Mortgage Finance - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 175,000              | 5.00             |   | Ocwen Financial Corp., Initial Term Loan, 1/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 178,062    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 178,062    |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Specialized Finance - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    | 199,500              | 5.25             |   | DH Services Luxembourg Sarl, Term Loan, 12/18/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 201,536    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 201,536    |   |
|                                                                                                                                                                                                    |                 |             |   | Insurance - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Life & Health Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 95,577               | 5.00             |   | CNO Financial Group, Inc., Tranche B2 Term Loan, 9/4/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 97,189     |   |
|                                                                                                                                                                                                    |                 |             |   | Property & Casualty Insurance - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 104,738              | 6.50             |   | Confie seguros Holding II Co., Term B Loan (First Lien), 10/11/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 105,916    |   |
|                                                                                                                                                                                                    | 149,625              | 5.25             |   | USI Insurance Services LLC, Initial Term Loan, 11/29/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 151,184    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 257,100    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 354,289    |   |
|                                                                                                                                                                                                    |                 |             |   | Software & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Systems Software - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    | 32,310               | 4.00             |   | Rovi Corp., Tranche B2 Term Loan, 3/30/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 32,310     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 32,310     |   |
|                                                                                                                                                                                                    |                 |             |   | Technology Hardware & Equipment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Electronic Components - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 40,225               | 2.45             |   | Flextronics Semiconductor, Ltd., A Closing Date Loan, 10/1/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 40,309     |   |
|                                                                                                                                                                                                    | 11,559               | 2.45             |   | Flextronics Semiconductor, Ltd., A-1-A Delayed Draw Loan, 10/1/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 11,583     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 51,892     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 51,892     |   |
|                                                                                                                                                                                                    |                 |             |   | Semiconductors & Semiconductor Equipment - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Semiconductors - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 14,888               | 4.25             |   | Semtech Corp., B Term Loan, 2/21/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 15,074     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 15,074     |   |
|                                                                                                                                                                                                    |                 |             |   | Telecommunication Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Integrated Telecommunication Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 175,000              | 0.00             |   | Virgin Media Investment Holdings, Ltd., New Term B Loan, 2/6/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 174,344    |   |
|                                                                                                                                                                                                    | 100,000              | 0.00             |   | West Corp., Term B-8 Loan, 6/30/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 101,750    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 276,094    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 276,094    |   |
|                                                                                                                                                                                                    |                 |             |   | Utilities - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Electric Utilities - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 92,369               | 4.73             |   | Texas Competitive Electric Holdings Co. LLC, 2017 Term Loan (Extending), 10/10/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 65,812     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 65,812     |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL SENIOR FLOATING RATE LOAN INTERESTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $3,939,507)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 3,915,699  |   |
|                                                                                                                                                                                                    | Shares               |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | RIGHTS / WARRANTS - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Automobiles & Components - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Auto Parts & Equipment - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 9                    |             |   | Lear Corp., 11/9/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 998        |   |
|                                                                                                                                                                                                    |                 |             |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 998        |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL RIGHTS / WARRANTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $486)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 998        |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL INVESTMENT IN SECURITIES - 92.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 35,007,476 |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $32,920,447) (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | OTHER ASSETS & LIABILITIES - 7.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 2,679,050  |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 37,686,526 |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | *                    |             |   | Non-income producing security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | REIT                 |             |   | Real Estate Investment Trust                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | (Step)               |             |   | Bond issued with an initial coupon rate which converts to a higher rate at a later date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | (Perpetual)          |             |   | Security with no stated maturity date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | (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 March 28, 2013, the value of these securities amounted to $9,220,191 or 24.5% of total net assets.                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | **                   |             |   | Senior floating rate loan interests in which the Portfolio invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders.  The rate shown is the coupon rate at period end. |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | (a)                  |             |   | At March 31, 2013, the net unrealized gain on investments based on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | cost for federal income tax purposes of $32,938,972 was as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Aggregate gross unrealized gain for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 2,575,298  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Aggregate gross unrealized loss for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | (506,794)  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Net unrealized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 2,068,504  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | (b)                  |             |   | Debt obligation with a variable interest rate.  Rate shown is rate at end of period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | (c)                  |             |   | Security is in default and is non-income producing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | AUD                  |             |   | Australian Dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | BRL                  |             |   | Brazilian Real                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    | CAD                  |             |   | Canadian Dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | EURO                 |             |   | Euro                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | IDR                  |             |   | Indonesian Rupiah                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | NGN                  |             |   | Nigerian Naira                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    | NOK                  |             |   | Norwegian Krone                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | SEK                  |             |   | Swedish Krone                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | MXN                  |             |   | Mexican Peso                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | MYR                  |             |   | Malaysian Ringgit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | PHP                  |             |   | Philippine Peso                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | PLN                  |             |   | New Polish Zloty                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    | RON                  |             |   | Romanian Leu                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | RUB                  |             |   | Russian Ruble                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | TRY                  |             |   | Turkish Lira                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
| Various inputs are used in determining the value of the Portfolio'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.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                       |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
| 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.  See Notes to Financial Statements - Note 1A.                                               |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
| The following is a summary of the inputs used as of March 31, 2013, in valuing the Portfolio's investments:                                                                                             |                 |             |   |

|                                   |   | Level 1 |    |   | Level 2 |   |       | Level 3 |   |   | Total |   |
|----------------------------------------|--------|---------|---------|--------|---------|--------|------------|---------|--------|--------|-------|--------|
| Convertible Corporate Bonds            |   | $       | -       |   |    | $      | 1,770,706  |    |   | $      | -     |   |   | $ | 1,770,706 |   |
| Preferred Stock                        |   |    | 585,409 |   |    |   | 136,451    |    |   |   | -     |   |   |   | 721,860 |   |
| Convertible Preferred Stock            |   |    | 281,772 |   |    |   | -          |    |   |   | -     |   |   |   | 281,772 |   |
| Common Stocks                          |   |    | 57,048  |   |    |   | 83,058     |    |   |   | -     |   |   |   | 140,106 |   |
| Asset Backed Securities                |   |    | -       |   |    |   | 1,472,823  |    |   |   | -     |   |   |   | 1,472,823 |   |
| Collateralized Mortgage Obligations    |   |    | -       |   |    |   | 4,400,133  |    |   |   | -     |   |   |   | 4,400,133 |   |
| Corporate Bonds                        |   |    | -       |   |    |   | 15,476,520 |    |   |   | -     |   |   |   | 15,476,520 |   |
| U.S. Government and Agency Obligations |   |    | -       |   |    |   | 1,918,484  |    |   |   | -     |   |   |   | 1,918,484 |   |
| Foreign Government Bonds               |   |    | -       |   |    |   | 2,797,932  |    |   |   | -     |   |   |   | 2,797,932 |   |
| Municipal Bonds                        |   |    | -       |   |    |   | 2,110,443  |    |   |   | -     |   |   |   | 2,110,443 |   |
| Senior Floating Rate Loan Interests    |   |    | -       |   |    |   | 3,915,699  |    |   |   | -     |   |   |   | 3,915,699 |   |
| Rights/Warrants                        |   |    | 998     |   |    |   | -          |    |   |   | -     |   |   |   | 998 |   |
| Total                                  |   | $       | 925,227 |   |    | $      | 34,082,249 |    |   | $      | -     |   |   | $ | 35,007,476 |   |

|                                                                                                                                                                                                    |     |   |                          | Pioneer Mid Cap Value VCT Portfolio                                  |   |        |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------|-------------------------------|----------------------------------------------------------------------|--------|-------------|--------|--------|
|                                                                                                                                                                                                    |     |   |                          | Schedule of Investments 3/28/13 (unaudited)                          |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
|                                                                                                                                                                                                    | Shares   |   |                          |                                                                 |   | Value       |   |   |
|                                                                                                                                                                                                    |     |   |                          | COMMON STOCKS - 98.9%                                                |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Energy - 12.8%                                                       |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Drilling - 1.0%                                        |   |        |   |   |
|                                                                                                                                                                                                    | 63,280   |   |                          | Ensco Plc                                                            | $      | 3,796,800   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Equipment & Services - 3.0%                        |   |        |   |   |
|                                                                                                                                                                                                    | 58,670   |   |                          | Oil States International, Inc. *                                     | $      | 4,785,712   |   |   |
|                                                                                                                                                                                                    | 524,970  |   |                          | Weatherford International, Ltd./Switzerland *                        |   | 6,373,136   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 11,158,848  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Integrated Oil & Gas - 1.0%                                      |   |        |   |   |
|                                                                                                                                                                                                    | 55,767   |   |                          | Murphy Oil Corp.                                                     | $      | 3,554,031   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Exploration & Production - 5.1%                    |   |        |   |   |
|                                                                                                                                                                                                    | 160,740  |   |                          | Marathon Oil Corp.                                                   | $      | 5,420,153   |   |   |
|                                                                                                                                                                                                    | 44,010   |   |                          | Noble Energy, Inc.                                                   |   | 5,090,197   |   |   |
|                                                                                                                                                                                                    | 76,300   |   |                          | Plains Exploration & Production Co. *                            |   | 3,621,961   |   |   |
|                                                                                                                                                                                                    | 90,570   |   |                          | Whiting Petroleum Corp. *                                            |   | 4,604,579   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 18,736,890  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Refining & Marketing - 2.7%                        |   |        |   |   |
|                                                                                                                                                                                                    | 55,980   |   |                          | Marathon Petroleum Corp. *                                           | $      | 5,015,808   |   |   |
|                                                                                                                                                                                                    | 108,275  |   |                          | Valero Energy Corp.                                                  |   | 4,925,430   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 9,941,238   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Energy                                                         | $      | 47,187,807  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Materials - 6.5%                                                     |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Commodity Chemicals - 1.0%                                           |   |        |   |   |
|                                                                                                                                                                                                    | 60,440   |   |                          | LyondellBasell Industries NV                                         | $      | 3,825,248   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Diversified Chemicals - 1.8%                                         |   |        |   |   |
|                                                                                                                                                                                                    | 95,390   |   |                          | Eastman Chemical Co.                                                 | $      | 6,664,899   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Metal & Glass Containers - 1.4%                                  |   |        |   |   |
|                                                                                                                                                                                                    | 122,220  |   |                          | Crown Holdings, Inc. *                                               | $      | 5,085,574   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Steel - 1.0%                                                         |   |        |   |   |
|                                                                                                                                                                                                    | 78,780   |   |                          | Nucor Corp.                                                          | $      | 3,635,697   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Paper Products - 1.3%                                                |   |        |   |   |
|                                                                                                                                                                                                    | 100,870  |   |                          | International Paper Co.                                              | $      | 4,698,525   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Materials                                                      | $      | 23,909,943  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Capital Goods - 9.5%                                                 |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Building Products - 0.6%                                             |   |        |   |   |
|                                                                                                                                                                                                    | 53,220   |   |                          | Owens Corning *                                                      | $      | 2,098,465   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Construction & Engineering - 1.3%                                |   |        |   |   |
|                                                                                                                                                                                                    | 71,930   |   |                          | Fluor Corp.                                                          | $      | 4,771,117   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Electrical Components & Equipment - 1.7%                         |   |        |   |   |
|                                                                                                                                                                                                    | 105,780  |   |                          | Eaton Corp Plc                                                       | $      | 6,479,025   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Construction & Farm Machinery & Heavy Trucks - 2.6%          |   |        |   |   |
|                                                                                                                                                                                                    | 94,730   |   |                          | Joy Global, Inc.                                                     | $      | 5,638,330   |   |   |
|                                                                                                                                                                                                    | 75,990   |   |                          | PACCAR, Inc.                                                         |   | 3,842,054   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 9,480,384   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Industrial Machinery - 3.3%                                          |   |        |   |   |
|                                                                                                                                                                                                    | 69,270   |   |                          | Pentair, Ltd.                                                        | $      | 3,653,992   |   |   |
|                                                                                                                                                                                                    | 63,375   |   |                          | SPX Corp.                                                            |   | 5,004,090   |   |   |
|                                                                                                                                                                                                    | 46,340   |   |                          | Stanley Black & Decker, Inc.                                     |   | 3,752,150   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 12,410,232  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Capital Goods                                                  | $      | 35,239,223  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Commercial Services & Supplies - 1.4%                            |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Human Resource & Employment Services - 1.4%                      |   |        |   |   |
|                                                                                                                                                                                                    | 134,660  |   |                          | Robert Half International, Inc.                                      | $      | 5,053,790   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Commercial Services & Supplies                             | $      | 5,053,790   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Transportation - 1.7%                                                |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Airlines - 1.2%                                                      |   |        |   |   |
|                                                                                                                                                                                                    | 340,730  |   |                          | Southwest Airlines Co.                                               | $      | 4,593,040   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Trucking - 0.5%                                                      |   |        |   |   |
|                                                                                                                                                                                                    | 30,600   |   |                          | Ryder System, Inc.                                                   | $      | 1,828,350   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Transportation                                                 | $      | 6,421,390   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Automobiles & Components - 1.0%                                  |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Auto Parts & Equipment - 1.0%                                    |   |        |   |   |
|                                                                                                                                                                                                    | 94,800   |   |                          | Tenneco, Inc. *                                                      | $      | 3,726,588   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Automobiles & Components                                   | $      | 3,726,588   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Consumer Durables & Apparel - 1.6%                               |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Housewares & Specialties - 1.6%                                  |   |        |   |   |
|                                                                                                                                                                                                    | 138,075  |   |                          | Jarden Corp. *                                                       | $      | 5,916,514   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Consumer Durables & Apparel                                | $      | 5,916,514   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Consumer Services - 1.4%                                             |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Hotels, Resorts & Cruise Lines - 1.4%                            |   |        |   |   |
|                                                                                                                                                                                                    | 79,740   |   |                          | Wyndham Worldwide Corp.                                              | $      | 5,141,635   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Consumer Services                                              | $      | 5,141,635   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Retailing - 4.9%                                                     |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Department Stores - 1.5%                                             |   |        |   |   |
|                                                                                                                                                                                                    | 136,840  |   |                          | Macy's, Inc.                                                         | $      | 5,725,386   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Apparel Retail - 1.4%                                                |   |        |   |   |
|                                                                                                                                                                                                    | 84,950   |   |                          | Ross Stores, Inc.                                                    | $      | 5,149,669   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Computer & Electronics Retail - 1.0%                             |   |        |   |   |
|                                                                                                                                                                                                    | 96,310   |   |                          | Rent-A-Center, Inc. *                                                | $      | 3,557,691   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Specialty Stores - 1.0%                                              |   |        |   |   |
|                                                                                                                                                                                                    | 123,900  |   |                          | Sally Beauty Holdings, Inc. *                                        | $      | 3,640,182   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Retailing                                                      | $      | 18,072,928  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Food, Beverage & Tobacco - 6.0%                                  |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Soft Drinks - 1.0%                                                   |   |        |   |   |
|                                                                                                                                                                                                    | 102,130  |   |                          | Coca-Cola Enterprises, Inc.                                          | $      | 3,770,640   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Agricultural Products - 1.5%                                         |   |        |   |   |
|                                                                                                                                                                                                    | 76,230   |   |                          | Ingredion, Inc.                                                      | $      | 5,512,954   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Packaged Foods & Meats - 3.5%                                    |   |        |   |   |
|                                                                                                                                                                                                    | 106,470  |   |                          | Campbell Soup Co.                                                    | $      | 4,829,479   |   |   |
|                                                                                                                                                                                                    | 103,670  |   |                          | ConAgra Foods, Inc.                                                  |   | 3,712,423   |   |   |
|                                                                                                                                                                                                    | 73,560   |   |                          | Green Mountain Coffee Roasters, Inc. *                               |   | 4,175,266   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 12,717,168  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Food, Beverage & Tobacco                                   | $      | 22,000,762  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Health Care Equipment & Services - 6.0%                          |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Health Care Equipment - 3.6%                                         |   |        |   |   |
|                                                                                                                                                                                                    | 161,560  |   |                          | CareFusion Corp. *                                                   | $      | 5,652,984   |   |   |
|                                                                                                                                                                                                    | 164,000  |   |                          | Hologic, Inc. *                                                      |   | 3,706,400   |   |   |
|                                                                                                                                                                                                    | 54,740   |   |                          | Zimmer Holdings, Inc.                                                |   | 4,117,543   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 13,476,927  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Managed Health Care - 2.4%                                           |   |        |   |   |
|                                                                                                                                                                                                    | 59,010   |   |                          | Cigna Corp.                                                          | $      | 3,680,454   |   |   |
|                                                                                                                                                                                                    | 73,870   |   |                          | Humana, Inc.                                                         |   | 5,105,156   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 8,785,610   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Health Care Equipment & Services                           | $      | 22,262,537  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Pharmaceuticals, Biotechnology & Life Sciences - 3.2%            |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Pharmaceuticals - 3.2%                                               |   |        |   |   |
|                                                                                                                                                                                                    | 63,480   |   |                          | Actavis, Inc. *                                                      | $      | 5,847,143   |   |   |
|                                                                                                                                                                                                    | 107,790  |   |                          | Jazz Pharmaceuticals Plc *                                           |   | 6,026,539   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 11,873,682  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Pharmaceuticals, Biotechnology & Life Sciences             | $      | 11,873,682  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Banks - 5.9%                                                         |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Regional Banks - 5.9%                                                |   |        |   |   |
|                                                                                                                                                                                                    | 125,350  |   |                          | CIT Group, Inc. *                                                    | $      | 5,450,218   |   |   |
|                                                                                                                                                                                                    | 108,170  |   |                          | First Republic Bank                                                  |   | 4,177,525   |   |   |
|                                                                                                                                                                                                    | 20,800   |   |                          | M&T Bank Corp.                                                   |   | 2,145,728   |   |   |
|                                                                                                                                                                                                    | 71,630   |   |                          | PNC Financial Services Group, Inc.                                   |   | 4,763,395   |   |   |
|                                                                                                                                                                                                    | 664,850  |   |                          | Regions Financial Corp.                                              |   | 5,445,122   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 21,981,988  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Banks                                                          | $      | 21,981,988  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Diversified Financials - 5.5%                                        |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Consumer Finance - 2.9%                                              |   |        |   |   |
|                                                                                                                                                                                                    | 133,360  |   |                          | Discover Financial Services                                          | $      | 5,979,862   |   |   |
|                                                                                                                                                                                                    | 227,000  |   |                          | SLM Corp.                                                            |   | 4,648,960   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 10,628,822  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Asset Management & Custody Banks - 2.6%                          |   |        |   |   |
|                                                                                                                                                                                                    | 96,750   |   |                          | Ameriprise Financial, Inc.                                           | $      | 7,125,638   |   |   |
|                                                                                                                                                                                                    | 71,344   |   |                          | Walter Investment Management Corp. *                                 |   | 2,657,564   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 9,783,202   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Diversified Financials                                         | $      | 20,412,024  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Insurance - 7.1%                                                     |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Insurance Brokers - 2.2%                                             |   |        |   |   |
|                                                                                                                                                                                                    | 48,140   |   |                          | Aon Plc *                                                            | $      | 2,960,610   |   |   |
|                                                                                                                                                                                                    | 132,650  |   |                          | Willis Group Holdings Plc                                            |   | 5,238,348   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 8,198,958   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Life & Health Insurance - 2.7%                                   |   |        |   |   |
|                                                                                                                                                                                                    | 110,700  |   |                          | Lincoln National Corp.                                               | $      | 3,609,927   |   |   |
|                                                                                                                                                                                                    | 223,844  |   |                          | Unum Group                                                           |   | 6,323,593   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 9,933,520   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Property & Casualty Insurance - 2.2%                             |   |        |   |   |
|                                                                                                                                                                                                    | 18,963   |   |                          | Axis Capital Holdings, Ltd.                                          | $      | 789,240     |   |   |
|                                                                                                                                                                                                    | 147,170  |   |                          | The Allstate Corp.                                                   |   | 7,221,629   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 8,010,869   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Insurance                                                      | $      | 26,143,347  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Real Estate - 7.1%                                                   |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Diversified REIT's - 1.3%                                            |   |        |   |   |
|                                                                                                                                                                                                    | 281,320  |   |                          | Duke Realty Corp.                                                    | $      | 4,776,814   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Residential REIT's - 1.8%                                            |   |        |   |   |
|                                                                                                                                                                                                    | 80,830   |   |                          | American Campus Communities, Inc.                                    | $      | 3,664,832   |   |   |
|                                                                                                                                                                                                    | 44,990   |   |                          | Home Properties, Inc.                                                |   | 2,853,266   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 6,518,098   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Retail REIT's - 1.5%                                                 |   |        |   |   |
|                                                                                                                                                                                                    | 248,020  |   |                          | Kimco Realty Corp.                                                   | $      | 5,555,648   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Specialized REIT's - 2.5%                                            |   |        |   |   |
|                                                                                                                                                                                                    | 104,420  |   |                          | HCP, Inc.                                                            | $      | 5,206,381   |   |   |
|                                                                                                                                                                                                    | 164,420  |   |                          | Pebblebrook Hotel Trust                                              |   | 4,240,392   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 9,446,773   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Real Estate                                                    | $      | 26,297,333  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Software & Services - 4.1%                                       |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | IT Consulting & Other Services - 1.0%                            |   |        |   |   |
|                                                                                                                                                                                                    | 102,900  |   |                          | Amdocs, Ltd.                                                         | $      | 3,730,125   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Data Processing & Outsourced Services - 0.7%                     |   |        |   |   |
|                                                                                                                                                                                                    | 67,025   |   |                          | Fidelity National Information Services, Inc.                         | $      | 2,655,530   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Application Software - 0.8%                                          |   |        |   |   |
|                                                                                                                                                                                                    | 148,750  |   |                          | Nuance Communications, Inc. *                                        | $      | 3,001,775   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Systems Software - 1.6%                                              |   |        |   |   |
|                                                                                                                                                                                                    | 229,730  |   |                          | Symantec Corp. *                                                     | $      | 5,669,736   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Software & Services                                        | $      | 15,057,166  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Technology Hardware & Equipment - 2.1%                           |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Communications Equipment - 0.4%                                      |   |        |   |   |
|                                                                                                                                                                                                    | 85,500   |   |                          | Juniper Networks, Inc. *                                             | $      | 1,585,170   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Computer Storage & Peripherals - 1.7%                            |   |        |   |   |
|                                                                                                                                                                                                    | 113,010  |   |                          | SanDisk Corp. *                                                      | $      | 6,215,550   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Technology Hardware & Equipment                            | $      | 7,800,720   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Semiconductors & Semiconductor Equipment - 4.7%                  |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Semiconductor Equipment - 0.6%                                       |   |        |   |   |
|                                                                                                                                                                                                    | 174,270  |   |                          | Applied Materials, Inc.                                              | $      | 2,349,160   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Semiconductors - 4.1%                                                |   |        |   |   |
|                                                                                                                                                                                                    | 137,215  |   |                          | Analog Devices, Inc.                                                 | $      | 6,379,125   |   |   |
|                                                                                                                                                                                                    | 336,758  |   |                          | Marvell Technology Group, Ltd.                                       |   | 3,562,900   |   |   |
|                                                                                                                                                                                                    | 134,860  |   |                          | Xilinx, Inc.                                                         |   | 5,147,606   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 15,089,631  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Semiconductors & Semiconductor Equipment                   | $      | 17,438,791  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Utilities - 6.4%                                                     |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Electric Utilities - 4.4%                                            |   |        |   |   |
|                                                                                                                                                                                                    | 38,300   |   |                          | American Electric Power Co., Inc.                                    | $      | 1,862,529   |   |   |
|                                                                                                                                                                                                    | 90,100   |   |                          | Northeast Utilities                                                  |   | 3,915,746   |   |   |
|                                                                                                                                                                                                    | 64,680   |   |                          | Pinnacle West Capital Corp.                                          |   | 3,744,325   |   |   |
|                                                                                                                                                                                                    | 158,050  |   |                          | PNM Resources, Inc.                                                  |   | 3,680,984   |   |   |
|                                                                                                                                                                                                    | 90,460   |   |                          | PPL Corp.                                                            |   | 2,832,303   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 16,035,887  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Gas Utilities - 1.0%                                                 |   |        |   |   |
|                                                                                                                                                                                                    | 88,480   |   |                          | AGL Resources, Inc.                                                  | $      | 3,711,736   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Multi-Utilities - 1.0%                                               |   |        |   |   |
|                                                                                                                                                                                                    | 106,310  |   |                          | Ameren Corp.                                                         | $      | 3,722,976   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Utilities                                                      | $      | 23,470,599  |   |   |
|                                                                                                                                                                                                    |     |   |                          | TOTAL COMMON STOCKS                                                  |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | (Cost $309,259,729)                                                  | $      | 365,408,767 |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | TOTAL INVESTMENT IN SECURITIES - 98.9%                               |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | (Cost $309,259,729) (a)                                              | $      | 365,408,767 |   |   |
|                                                                                                                                                                                                    |     |   |                          | OTHER ASSETS & LIABILITIES - 1.1%                                | $      | 3,942,690   |   |   |
|                                                                                                                                                                                                    |     |   |                          | TOTAL NET ASSETS - 100.0%                                            | $      | 369,351,457 |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
|                                                                                                                                                                                                    | *        |   |                          | Non-income producing security.                                       |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
|                                                                                                                                                                                                    | (A.D.R.) |   | American Depositary Receipts. |                                                                 |   |        |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
|                                                                                                                                                                                                    | *        |   |                          | Non-income producing security.                                       |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
|                                                                                                                                                                                                    | (a)      |   |                          | At March 28, 2013, the net unrealized gain on investments based on   |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | cost for federal income tax purposes of $310,529,439 was as follows: |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Aggregate gross unrealized gain for all investments in which         |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | there is an excess of value over tax cost                            | $      | 57,906,044  |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Aggregate gross unrealized loss for all investments in which         |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | there is an excess of tax cost over value                            |   | (3,026,716) |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Net unrealized gain                                                  | $      | 54,879,328  |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
| Various inputs are used in determining the value of the Portfolio'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.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                       |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
| 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.  See Notes to Financial Statements - Note 1A.                                               |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |
| The following is a summary of the inputs used as of March 28, 2013, in valuing the Portfolio's investments:                                                                                             |     |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |   |   |

|                                                                                     |   | Level 1 |        |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                            |   | $       | 365,408,767 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 365,408,767 |   |
| Total                                                                                    |   | $       | 365,408,767 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 365,408,767 |   |
|                                                                                     |   |    |        |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the year ended March 28, 2013, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |    |

|                                                                                                                                                                                                    |                 |             |   | Pioneer High Yield VCT Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|-------------|--------|
|                                                                                                                                                                                                    |                 |             |   | Schedule of Investments 3/31/13 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | Principal Amount ($) | FloatingRate (b) |   | Value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |
|                                                                                                                                                                                                    |                 |             |   | CONVERTIBLE CORPORATE BONDS - 18.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Energy - 2.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Exploration & Production - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    | 222,000              |             |   | Chesapeake Energy Corp., 2.5%, 5/15/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 212,704     |   |
|                                                                                                                                                                                                    | 133,000              |             |   | Chesapeake Energy Corp., 2.5%, 5/15/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 125,685     |   |
|                                                                                                                                                                                                    | 450,000              |             |   | Cobalt International Energy, Inc., 2.625%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 502,594     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Stone Energy Corp., 1.75%, 3/1/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 91,875      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 932,858     |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Storage & Transportation - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Golar LNG, Ltd., 3.75%, 3/7/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 201,920     |   |
|                                                                                                                                                                                                    |                 |             |   | Coal & Consumable Fuels - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    | 830,000              |             |   | Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 798,875     |   |
|                                                                                                                                                                                                    | 150,000              |             |   | James River Coal Co., 3.125%, 3/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 30,000      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 828,875     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 1,963,653   |   |
|                                                                                                                                                                                                    |                 |             |   | Materials - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Steel - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    | 205,000              |             |   | Steel Dynamics, Inc., 5.125%, 6/15/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 230,112     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | United States Steel Corp., 2.75%, 4/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 101,125     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 331,237     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 331,237     |   |
|                                                                                                                                                                                                    |                 |             |   | Capital Goods - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Electrical Components & Equipment - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    | 459,000              |             |   | General Cable Corp., 4.5%, 11/15/29 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 572,602     |   |
|                                                                                                                                                                                                    |                 |             |   | Construction & Farm Machinery & Heavy Trucks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 65,000               |             |   | Greenbrier Companies, Inc., 3.5%, 4/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 65,041      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 637,643     |   |
|                                                                                                                                                                                                    |                 |             |   | Transportation - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Airlines - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |        |   |
|                                                                                                                                                                                                    | 120,000              |             |   | Continental Airlines, Inc., 4.5%, 1/15/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 214,800     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 214,800     |   |
|                                                                                                                                                                                                    |                 |             |   | Automobiles & Components - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Automobile Manufacturers - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |        |   |
|                                                                                                                                                                                                    | 526,000              |             |   | Ford Motor Co., 4.25%, 11/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 842,915     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 842,915     |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Durables & Apparel - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Homebuilding - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    | 450,000              |             |   | KB Home, 1.375%, 2/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 494,719     |   |
|                                                                                                                                                                                                    | 109,000              |             |   | Lennar Corp., 2.75%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 211,188     |   |
|                                                                                                                                                                                                    | 185,000              |             |   | Standard Pacific Corp., 1.25%, 8/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 236,338     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 942,245     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 942,245     |   |
|                                                                                                                                                                                                    |                 |             |   | Food, Beverage & Tobacco - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Tobacco - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    | 265,000              |             |   | Alliance One International, Inc., 5.5%, 7/15/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 270,631     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 270,631     |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment & Services - 1.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    | 460,000              |             |   | Hologic, Inc., 2.0%, 12/15/37 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 555,450     |   |
|                                                                                                                                                                                                    | 170,000              |             |   | NuVasive, Inc., 2.75%, 7/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 165,325     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 720,775     |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Supplies - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 400,000              |             |   | Alere, Inc., 3.0%, 5/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 393,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Managed Health Care - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |        |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Molina Healthcare, Inc., 1.125%, 1/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 150,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,263,775   |   |
|                                                                                                                                                                                                    |                 |             |   | Pharmaceuticals, Biotechnology & Life Sciences - 3.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Biotechnology - 2.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | 265,000              |             |   | Corsicanto, Ltd., 3.5%, 1/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 327,441     |   |
|                                                                                                                                                                                                    | 345,000              |             |   | Cubist Pharmaceuticals, Inc., 2.5%, 11/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 588,441     |   |
|                                                                                                                                                                                                    | 250,000              |             |   | PDL BioPharma, Inc., 3.75%, 5/1/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 299,375     |   |
|                                                                                                                                                                                                    | 320,000              |             |   | Theravance, Inc., 2.125%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 350,600     |   |
|                                                                                                                                                                                                    | 535,000              |             |   | Vertex Pharmaceuticals, Inc., 3.35%, 10/1/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 640,997     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 2,206,854   |   |
|                                                                                                                                                                                                    |                 |             |   | Pharmaceuticals - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    | 125,000              |             |   | Auxilium Pharmaceuticals, Inc., 1.5%, 7/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 126,562     |   |
|                                                                                                                                                                                                    | 170,000              |             |   | Pacira Pharmaceuticals, Inc. Delaware, 3.25%, 2/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 231,625     |   |
|                                                                                                                                                                                                    | 165,000              |             |   | Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 175,003     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 533,190     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 2,740,044   |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Finance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |        |   |
|                                                                                                                                                                                                    | 175,000              |             |   | DFC Global Corp., 3.25%, 4/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 182,219     |   |
|                                                                                                                                                                                                    |                 |             |   | Asset Management & Custody Banks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 55,000               |             |   | Apollo Investment Corp., 5.75%, 1/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 58,438      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 240,657     |   |
|                                                                                                                                                                                                    |                 |             |   | Real Estate - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Specialized REIT - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |        |   |
|                                                                                                                                                                                                    | 155,000              |             |   | Host Hotels & Resorts LP, 2.5%, 10/15/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 216,225     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 216,225     |   |
|                                                                                                                                                                                                    |                 |             |   | Software & Services - 2.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Internet Software & Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |        |   |
|                                                                                                                                                                                                    | 155,000              |             |   | Blucora, Inc., 4.25%, 4/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 160,134     |   |
|                                                                                                                                                                                                    | 350,000              |             |   | WebMD Health Corp., 2.25%, 3/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 343,000     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 503,134     |   |
|                                                                                                                                                                                                    |                 |             |   | Application Software - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 360,000              |             |   | Mentor Graphics Corp., 4.0%, 4/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 422,775     |   |
|                                                                                                                                                                                                    | 700,000              |             |   | Nuance Communications, Inc., 2.75%, 11/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 723,188     |   |
|                                                                                                                                                                                                    | 78,000               |             |   | Nuance Communications, Inc., 2.75%, 8/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 94,721      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,240,684   |   |
|                                                                                                                                                                                                    |                 |             |   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 1,743,818   |   |
|                                                                                                                                                                                                    |                 |             |   | Technology Hardware & Equipment - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Computer Storage & Peripherals - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 195,000              |             |   | SanDisk Corp., 1.5%, 8/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 251,306     |   |
|                                                                                                                                                                                                    |                 |             |   | Electronic Components - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    | 310,000              |             |   | Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 284,425     |   |
|                                                                                                                                                                                                    | 350,000              |             |   | Vishay Intertechnology, Inc., 2.25%, 6/1/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 441,000     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 725,425     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 976,731     |   |
|                                                                                                                                                                                                    |                 |             |   | Semiconductors & Semiconductor Equipment - 2.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Semiconductor Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    | 146,000              |             |   | Lam Research Corp., 1.25%, 5/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 155,764     |   |
|                                                                                                                                                                                                    | 225,000              |             |   | Novellus Systems, Inc., 2.625%, 5/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 306,141     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 461,905     |   |
|                                                                                                                                                                                                    |                 |             |   | Semiconductors - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |        |   |
|                                                                                                                                                                                                    | 628,000              |             |   | ON Semiconductor Corp., 2.625%, 12/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 711,602     |   |
|                                                                                                                                                                                                    | 415,000              |             |   | SunPower Corp., 4.75%, 4/15/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 415,000     |   |
|                                                                                                                                                                                                    | 27,000               |             |   | Xilinx, Inc., 3.125%, 3/15/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 36,197      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,162,799   |   |
|                                                                                                                                                                                                    |                 |             |   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 1,624,704   |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL CONVERTIBLE CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $11,939,010)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 14,009,078  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | PREFERRED STOCKS - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Energy - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Storage & Transportation - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    | 4,500                | 7.62             |   | NuStar Logistics LP, Floating Rate Note, 1/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 121,106     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 121,106     |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Services - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Hotels, Resorts & Cruise Lines - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 500                  |             |   | Perseus Holding Corp., 14.0%, 4/15/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 41,250      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 41,250      |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Other Diversified Financial Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 10,350               | 8.12             |   | GMAC Capital Trust I, Floating Rate Note, 2/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 281,520     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 281,520     |   |
|                                                                                                                                                                                                    |                 |             |   | Utilities - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Electric Utilities - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 8,000                |             |   | PPL Capital Funding, Inc., 5.9%, 4/30/73                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 201,760     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 201,760     |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $567,649)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 645,636     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | CONVERTIBLE PREFERRED STOCKS - 2.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Energy - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Exploration & Production - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    | 13,170               |             |   | PetroQuest Energy, Inc., 6.875%, 12/31/99 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 441,195     |   |
|                                                                                                                                                                                                    | 1,054                |             |   | SandRidge Energy, Inc., 7.0%, 12/31/99 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 94,333      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 535,528     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 535,528     |   |
|                                                                                                                                                                                                    |                 |             |   | Capital Goods - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Electrical Components & Equipment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    | 2,000                |             |   | General Cable Corp., 5.75%, 11/24/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 366,625     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 366,625     |   |
|                                                                                                                                                                                                    |                 |             |   | Automobiles & Components - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Tires & Rubber - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 4,050                |             |   | The Goodyear Tire & Rubber Co., 5.875%, 4/1/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 176,216     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 176,216     |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment & Services - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Supplies - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 2,797                |             |   | Alere, Inc., 3.0%, 12/31/99 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 670,525     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 670,525     |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL CONVERTIBLE PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $2,248,300)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 1,748,894   |   |
|                                                                                                                                                                                                    | Shares               |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | COMMON STOCKS - 12.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Energy - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Drilling - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    | 18,120               |             |   | Hercules Offshore, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 134,450     |   |
|                                                                                                                                                                                                    | 537                  |             |   | Transocean, Ltd. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 27,903      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 162,353     |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Exploration & Production - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    | 5,400                |             |   | Marathon Oil Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 182,088     |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Refining & Marketing - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    | 2,700                |             |   | Marathon Petroleum Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 241,920     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 586,361     |   |
|                                                                                                                                                                                                    |                 |             |   | Materials - 2.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Commodity Chemicals - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |        |   |
|                                                                                                                                                                                                    | 6,590                |             |   | Axiall Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 409,634     |   |
|                                                                                                                                                                                                    | 9,465                |             |   | LyondellBasell Industries NV                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 599,040     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,008,674   |   |
|                                                                                                                                                                                                    |                 |             |   | Metal & Glass Containers - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    | 8,100                |             |   | Owens-Illinois, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 215,865     |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Metals & Mining - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    | 14,658               |             |   | Freeport-McMoRan Copper & Gold, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 485,180     |   |
|                                                                                                                                                                                                    | 88,500               |             |   | Polymet Mining Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 105,315     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 590,495     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,815,034   |   |
|                                                                                                                                                                                                    |                 |             |   | Capital Goods - 3.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Aerospace & Defense - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    | 7,679                |             |   | B/E Aerospace, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 462,967     |   |
|                                                                                                                                                                                                    | 13,487               |             |   | DigitalGlobe, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 389,909     |   |
|                                                                                                                                                                                                    | 5,245                |             |   | Exelis, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 57,118      |   |
|                                                                                                                                                                                                    | 12,790               |             |   | Orbital Sciences Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 213,465     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,123,459   |   |
|                                                                                                                                                                                                    |                 |             |   | Electrical Components & Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    | 1,796                |             |   | Eaton Corp Plc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 110,005     |   |
|                                                                                                                                                                                                    | 10,000               |             |   | General Cable Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 366,300     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 476,305     |   |
|                                                                                                                                                                                                    |                 |             |   | Construction & Farm Machinery & Heavy Trucks - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 15,596               |             |   | Commercial Vehicle Group, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 121,649     |   |
|                                                                                                                                                                                                    | 3,800                |             |   | Joy Global, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 226,176     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 347,825     |   |
|                                                                                                                                                                                                    |                 |             |   | Industrial Machinery - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 3,415                |             |   | ESCO Technologies, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 139,537     |   |
|                                                                                                                                                                                                    | 2,622                |             |   | ITT Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 74,543      |   |
|                                                                                                                                                                                                    | 4,579                |             |   | Kennametal, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 178,764     |   |
|                                                                                                                                                                                                    | 5,245                |             |   | Xylem, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 144,552     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 537,396     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 2,484,985   |   |
|                                                                                                                                                                                                    |                 |             |   | Transportation - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Marine - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    | 161,006              |             |   | Horizon Lines, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 225,408     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 225,408     |   |
|                                                                                                                                                                                                    |                 |             |   | Automobiles & Components - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Auto Parts & Equipment - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    | 75                   |             |   | Lear Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 4,115       |   |
|                                                                                                                                                                                                    |                 |             |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 4,115       |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Restaurants - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    | 5,457                |             |   | Starbucks Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 310,831     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 310,831     |   |
|                                                                                                                                                                                                    |                 |             |   | Food, Beverage & Tobacco - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Tobacco - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    | 19,062               |             |   | Alliance One International, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 74,151      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 74,151      |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment & Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Supplies - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 2,700                |             |   | Alere, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 68,931      |   |
|                                                                                                                                                                                                    |                 |             |   | Managed Health Care - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |        |   |
|                                                                                                                                                                                                    | 4,100                |             |   | Aetna, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 209,592     |   |
|                                                                                                                                                                                                    | 4,200                |             |   | Cigna Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 261,954     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 471,546     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 540,477     |   |
|                                                                                                                                                                                                    |                 |             |   | Pharmaceuticals, Biotechnology & Life Sciences - 1.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Life Sciences Tools & Services - 1.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 2,144                |             |   | Bio-Rad Laboratories, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 270,144     |   |
|                                                                                                                                                                                                    | 8,230                |             |   | Thermo Fisher Scientific, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 629,513     |   |
|                                                                                                                                                                                                    | 4,215                |             |   | Waters Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 395,831     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,295,488   |   |
|                                                                                                                                                                                                    |                 |             |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 1,295,488   |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Asset Management & Custody Banks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 1,679                |             |   | Legg Mason, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 53,980      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 53,980      |   |
|                                                                                                                                                                                                    |                 |             |   | Real Estate - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Real Estate Operating Companies - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    | 61,198               |             |   | Forest City Enterprises, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,087,489   |   |
|                                                                                                                                                                                                    |                 |             |   | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 1,087,489   |   |
|                                                                                                                                                                                                    |                 |             |   | Software & Services - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Data Processing & Outsourced Services - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|                                                                                                                                                                                                    | 952                  |             |   | Perseus Holdings, Ltd. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 2,380       |   |
|                                                                                                                                                                                                    |                 |             |   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 2,380       |   |
|                                                                                                                                                                                                    |                 |             |   | Technology Hardware & Equipment - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Computer Storage & Peripherals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 25,583               |             |   | OCZ Technology Group, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 46,049      |   |
|                                                                                                                                                                                                    |                 |             |   | Electronic Equipment Manufacturers - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 7,667                |             |   | Itron, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 355,749     |   |
|                                                                                                                                                                                                    |                 |             |   | Electronic Manufacturing Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    | 7,500                |             |   | TE Connectivity, Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 314,475     |   |
|                                                                                                                                                                                                    |                 |             |   | Technology Distributors - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    | 2,500                |             |   | Arrow Electronics, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 101,550     |   |
|                                                                                                                                                                                                    | 12,500               |             |   | Ingram Micro, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 246,000     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 347,550     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 1,063,823   |   |
|                                                                                                                                                                                                    |                 |             |   | Telecommunication Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Integrated Telecommunication Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    | 25,476               |             |   | Windstream Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 202,534     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 202,534     |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL COMMON STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $6,900,790)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 9,747,056   |   |
|                                                                                                                                                                                                    | Principal Amount ($) |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |
|                                                                                                                                                                                                    |                 |             |   | ASSET BACKED SECURITIES - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Materials - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Precious Metals & Minerals - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |        |   |
|                                                                                                                                                                                                    | 21,785               |             |   | Mid-State Capital Trust 2010-1, 7.0%, 12/15/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 22,699      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 22,699      |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $22,789)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 22,699      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | COLLATERALIZED MORTGAGE OBLIGATIONS - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Banks - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Thrifts & Mortgage Finance - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |        |   |
|                                                                                                                                                                                                    | 450,000              |             |   | Timberstar Trust, 7.53%, 10/15/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 465,084     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 465,084     |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Other Diversified Financial Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 50,000               |             |   | RALI Series 2003-QS15 Trust, 5.5%, 8/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 51,543      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 51,543      |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $505,822)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 516,627     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | CORPORATE BONDS - 56.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Energy - 16.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Drilling - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    | 350,000              |             |   | Atwood Oceanics, Inc., 6.5%, 2/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 380,625     |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Offshore Group Investment, Ltd., 7.125%, 4/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 153,375     |   |
|                                                                                                                                                                                                    | 250,000              |             |   | Offshore Group Investment, Ltd., 7.5%, 11/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 265,000     |   |
|                                                                                                                                                                                                    | 220,000              |             |   | Pioneer Energy Services Corp., 9.875%, 3/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 240,900     |   |
|                                                                                                                                                                                                    | 310,000              |             |   | Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 328,600     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,368,500   |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Equipment & Services - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    | 101,000              |             |   | American Petroleum Tankers Parent LLC, 10.25%, 5/1/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 104,282     |   |
|                                                                                                                                                                                                    | 300,000              |             |   | Basic Energy Services, Inc., 7.75%, 2/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 306,750     |   |
|                                                                                                                                                                                                    | 160,000              |             |   | Bristow Group, Inc., 6.25%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 172,800     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Exterran Partners LP, 6.0%, 4/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 99,625      |   |
|                                                                                                                                                                                                    | 2,000                |             |   | Green Field Energy Services, Inc., 13.25%, 11/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 2,060       |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Green Field Energy Services, Inc., 13.25%, 11/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 77,250      |   |
|                                                                                                                                                                                                    | 130,000              |             |   | Hiland Partners LP, 7.25%, 10/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 142,025     |   |
|                                                                                                                                                                                                    | 105,000              |             |   | Seitel, Inc., 9.5%, 4/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 105,394     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,010,186   |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Exploration & Production - 10.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    | 120,000              |             |   | Antero Resources Finance Corp., 6.0%, 12/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 125,400     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Aurora USA Oil & Gas, Inc., 7.5%, 4/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 101,000     |   |
|                                                                                                                                                                                                    | 520,000              |             |   | Carrizo Oil & Gas, Inc., 8.625%, 10/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 569,400     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Chaparral Energy, Inc., 7.625%, 11/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 109,250     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Cimarex Energy Co., 5.875%, 5/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 107,250     |   |
|                                                                                                                                                                                                    | 160,000              |             |   | Comstock Resources, Inc., 7.75%, 4/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 168,800     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Continental Resources, Inc., 5.0%, 9/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 106,250     |   |
|                                                                                                                                                                                                    | 195,000              |             |   | Denbury Resources, Inc., 4.625%, 7/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 188,175     |   |
|                                                                                                                                                                                                    | 200,000              |             |   | EP Energy LLC, 7.75%, 9/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 221,000     |   |
|                                                                                                                                                                                                    | 400,000              |             |   | EP Energy LLC, 9.375%, 5/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 462,000     |   |
|                                                                                                                                                                                                    | 195,000              |             |   | EPL Oil & Gas, Inc., 8.25%, 2/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 206,700     |   |
|                                                                                                                                                                                                    | 320,000              |             |   | Forest Oil Corp., 7.5%, 9/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 337,600     |   |
|                                                                                                                                                                                                    | 245,000              |             |   | Gulfport Energy Corp., 7.75%, 11/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 258,475     |   |
|                                                                                                                                                                                                    | 225,000              |             |   | Halcon Resources Corp., 8.875%, 5/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 242,438     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Kodiak Oil & Gas Corp., 5.5%, 1/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 104,750     |   |
|                                                                                                                                                                                                    | 355,000              |             |   | Kodiak Oil & Gas Corp., 8.125%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 401,150     |   |
|                                                                                                                                                                                                    | 400,000              |             |   | Linn Energy LLC, 6.25%, 11/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 409,000     |   |
|                                                                                                                                                                                                    | 160,000              |             |   | Midstates Petroleum Co, Inc., 10.75%, 10/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 177,600     |   |
|                                                                                                                                                                                                    | 535,000              |             |   | Northern Oil and Gas, Inc., 8.0%, 6/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 557,738     |   |
|                                                                                                                                                                                                    | 80,000               |             |   | Oasis Petroleum, Inc., 6.5%, 11/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 87,200      |   |
|                                                                                                                                                                                                    | 185,000              |             |   | PDC Energy, Inc., 7.75%, 10/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 196,100     |   |
|                                                                                                                                                                                                    | 190,000              |             |   | Penn Virginia Corp., 7.25%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 189,525     |   |
|                                                                                                                                                                                                    | 450,000              |             |   | Plains Exploration & Production Co., 6.125%, 6/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 492,750     |   |
|                                                                                                                                                                                                    | 160,000              |             |   | QR Energy LP, 9.25%, 8/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 169,600     |   |
|                                                                                                                                                                                                    | 175,000              |             |   | Range Resources Corp., 5.0%, 3/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 178,938     |   |
|                                                                                                                                                                                                    | 350,000              |             |   | Resolute Energy Corp., 8.5%, 5/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 362,250     |   |
|                                                                                                                                                                                                    | 325,000              |             |   | Samson Investment Co., 9.75%, 2/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 345,312     |   |
|                                                                                                                                                                                                    | 85,000               |             |   | SM Energy Co., 6.5%, 11/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 92,862      |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Stone Energy Corp., 7.5%, 11/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 163,875     |   |
|                                                                                                                                                                                                    | 870,000              |             |   | Swift Energy Co., 7.875%, 3/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 909,150     |   |
|                                                                                                                                                                                                    | 105,000              |             |   | Talos Production LLC, 9.75%, 2/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 103,950     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Vanguard Natural Resources LLC, 7.875%, 4/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 107,250     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 8,252,738   |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Refining & Marketing - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    | 235,000              |             |   | Tesoro Corp., 5.375%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 244,988     |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Storage & Transportation - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    | 405,000              | 7.00             |   | Enterprise Products Operating LLC, Floating Rate Note, 6/1/67                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 437,400     |   |
|                                                                                                                                                                                                    | 65,000               |             |   | Genesis Energy LP, 5.75%, 2/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 67,112      |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Holly Energy Partners LP, 6.5%, 3/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 159,375     |   |
|                                                                                                                                                                                                    | 220,000              |             |   | Sabine Pass Liquefaction LLC, 5.625%, 2/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 228,250     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 892,137     |   |
|                                                                                                                                                                                                    |                 |             |   | Coal & Consumable Fuels - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    | 350,000              |             |   | Penn Virginia Resource Partners LP, 8.375%, 6/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 367,500     |   |
|                                                                                                                                                                                                    | 200,000              |             |   | SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 210,500     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 578,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 12,346,549  |   |
|                                                                                                                                                                                                    |                 |             |   | Materials - 7.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Commodity Chemicals - 1.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |        |   |
|                                                                                                                                                                                                    | 500,000              |             |   | Axiall Corp., 4.875%, 5/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 508,750     |   |
|                                                                                                                                                                                                    | 80,000               |             |   | Hexion US Finance Corp., 6.625%, 4/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 80,200      |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Hexion US Finance Corp., 8.875%, 2/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 207,000     |   |
|                                                                                                                                                                                                    | 285,000              |             |   | LyondellBasell Industries NV, 5.0%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 322,050     |   |
|                                                                                                                                                                                                    | 125,000              |             |   | Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 132,188     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,250,188   |   |
|                                                                                                                                                                                                    |                 |             |   | Construction Materials - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    | 220,000              |             |   | AGY Holding Corp., 11.0%, 11/15/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 112,200     |   |
|                                                                                                                                                                                                    |                 |             |   | Metal & Glass Containers - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    | 765,000              |             |   | Crown Cork & Seal Co., Inc., 7.375%, 12/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 852,975     |   |
|                                                                                                                                                                                                    |                 |             |   | Paper Packaging - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Exopack Holding Corp., 10.0%, 6/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 199,000     |   |
|                                                                                                                                                                                                    | 285,000              |             |   | Packaging Dynamics Corp., 8.75%, 2/1/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 298,181     |   |
|                                                                                                                                                                                                    | 310,000              |             |   | Sealed Air Corp., 6.875%, 7/15/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 294,500     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 791,681     |   |
|                                                                                                                                                                                                    |                 |             |   | Aluminum - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |        |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Kaiser Aluminum Corp., 8.25%, 6/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 224,000     |   |
|                                                                                                                                                                                                    | 988                  | 4.52             |   | Noranda Aluminum Acquisition Corp., Floating Rate Note, 5/15/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 988         |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 224,988     |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Metals & Mining - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    | 250,000              |             |   | Global Brass & Copper, Inc., 9.5%, 6/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 276,875     |   |
|                                                                                                                                                                                                    | 55,000               |             |   | Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 61,462      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 338,337     |   |
|                                                                                                                                                                                                    |                 |             |   | Gold - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Eldorado Gold Corp., 6.125%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 103,750     |   |
|                                                                                                                                                                                                    | 240,000              |             |   | IAMGOLD Corp., 6.75%, 10/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 231,000     |   |
|                                                                                                                                                                                                    | 150,000              |             |   | New Gold, Inc., 7.0%, 4/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 161,250     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 496,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Steel - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    | 350,000              |             |   | Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 284,375     |   |
|                                                                                                                                                                                                    | 130,000              |             |   | JMC Steel Group, Inc., 8.25%, 3/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 137,800     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Steel Dynamics, Inc., 5.25%, 4/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 76,031      |   |
|                                                                                                                                                                                                    | 145,000              |             |   | Steel Dynamics, Inc., 6.125%, 8/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 156,600     |   |
|                                                                                                                                                                                                    | 145,000              |             |   | Steel Dynamics, Inc., 6.375%, 8/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 156,600     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 811,406     |   |
|                                                                                                                                                                                                    |                 |             |   | Forest Products - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    | 235,000              |             |   | Millar Western Forest Products, Ltd., 8.5%, 4/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 235,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Paper Products - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |        |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Clearwater Paper Corp., 4.5%, 2/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 147,000     |   |
|                                                                                                                                                                                                    | 130,000              |             |   | PH Glatfelter Co., 5.375%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 136,175     |   |
|                                                                                                                                                                                                    | 80,000               |             |   | Unifrax I LLC, 7.5%, 2/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 82,400      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 365,575     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 5,478,350   |   |
|                                                                                                                                                                                                    |                 |             |   | Capital Goods - 3.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Aerospace & Defense - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    | 110,000              |             |   | Bombardier, Inc., 6.125%, 1/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 114,125     |   |
|                                                                                                                                                                                                    | 110,000              |             |   | DigitalGlobe, Inc., 5.25%, 2/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 109,312     |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Silver II Borrower, 7.75%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 159,750     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 383,187     |   |
|                                                                                                                                                                                                    |                 |             |   | Building Products - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Gibraltar Industries, Inc., 6.25%, 2/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 106,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Construction & Engineering - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |        |   |
|                                                                                                                                                                                                    | 345,000              |             |   | New Enterprise Stone & Lime Co., Inc., 11.0%, 9/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 265,650     |   |
|                                                                                                                                                                                                    |                 |             |   | Electrical Components & Equipment - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    | 245,000              |             |   | Coleman Cable, Inc., 9.0%, 2/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 265,212     |   |
|                                                                                                                                                                                                    |                 |             |   | Industrial Conglomerates - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |        |   |
|                                                                                                                                                                                                    | 240,000              |             |   | JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 250,800     |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Park-Ohio Industries, Inc., 8.125%, 4/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 217,500     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 468,300     |   |
|                                                                                                                                                                                                    |                 |             |   | Construction & Farm Machinery & Heavy Trucks - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Commercial Vehicle Group, Inc., 7.875%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 152,250     |   |
|                                                                                                                                                                                                    | 370,000              |             |   | Navistar International Corp., 8.25%, 11/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 376,938     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 529,188     |   |
|                                                                                                                                                                                                    |                 |             |   | Industrial Machinery - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 200,000              |             |   | BC Mountain LLC, 7.0%, 2/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 212,000     |   |
|                                                                                                                                                                                                    | 250,000              |             |   | Mcron Finance Sub LLC, 8.375%, 5/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 276,250     |   |
|                                                                                                                                                                                                    | 235,000              |             |   | Xerium Technologies, Inc., 8.875%, 6/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 225,012     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 713,262     |   |
|                                                                                                                                                                                                    |                 |             |   | Trading Companies & Distributors - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 175,000              |             |   | Aviation Capital Group Corp., 6.75%, 4/6/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 194,609     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 2,925,408   |   |
|                                                                                                                                                                                                    |                 |             |   | Commercial Services & Supplies - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Support Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    | 200,000              |             |   | ADS Tactical, Inc., 11.0%, 4/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 198,500     |   |
|                                                                                                                                                                                                    |                 |             |   | Security & Alarm Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | 65,000               |             |   | The Geo Group, Inc., 5.125%, 4/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 65,650      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 264,150     |   |
|                                                                                                                                                                                                    |                 |             |   | Transportation - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Air Freight & Logistics - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    | 210,000              |             |   | CEVA Group Plc, 11.625%, 10/1/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 218,400     |   |
|                                                                                                                                                                                                    |                 |             |   | Airlines - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |        |   |
|                                                                                                                                                                                                    | 40,331               |             |   | Continental Airlines 1997-4 Class B Pass Through Trust, 6.9%, 1/2/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 41,678      |   |
|                                                                                                                                                                                                    |                 |             |   | Airport Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |        |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Aguila 3 SA, 7.875%, 1/31/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 160,875     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 420,953     |   |
|                                                                                                                                                                                                    |                 |             |   | Automobiles & Components - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Auto Parts & Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Pittsburgh Glass Works LLC, 8.5%, 4/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 203,500     |   |
|                                                                                                                                                                                                    | 250,000              |             |   | Tower Automotive Holdings USA LLC, 10.625%, 9/1/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 278,750     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 482,250     |   |
|                                                                                                                                                                                                    |                 |             |   | Tires & Rubber - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 85,000               |             |   | The Goodyear Tire & Rubber Co., 7.0%, 5/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 89,569      |   |
|                                                                                                                                                                                                    |                 |             |   | Automobile Manufacturers - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |        |   |
|                                                                                                                                                                                                    | 115,000              |             |   | Chrysler Group LLC, 8.0%, 6/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 126,069     |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Chrysler Group LLC, 8.25%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 223,250     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 349,319     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 921,138     |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Durables & Apparel - 3.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Homebuilding - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    | 365,000              |             |   | Beazer Homes USA, Inc., 9.125%, 6/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 392,375     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 107,000     |   |
|                                                                                                                                                                                                    | 190,000              |             |   | KB Home, 7.5%, 9/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 213,275     |   |
|                                                                                                                                                                                                    | 200,000              |             |   | KB Home, 8.0%, 3/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 230,500     |   |
|                                                                                                                                                                                                    | 155,000              |             |   | Lennar Corp., 4.75%, 11/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 151,900     |   |
|                                                                                                                                                                                                    | 115,000              |             |   | Meritage Homes Corp., 7.0%, 4/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 128,081     |   |
|                                                                                                                                                                                                    | 105,000              |             |   | The Ryland Group, Inc., 5.375%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 107,362     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,330,493   |   |
|                                                                                                                                                                                                    |                 |             |   | Housewares & Specialties - 1.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    | 225,000              |             |   | Reynolds Group Issuer, Inc., 8.25%, 2/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 231,750     |   |
|                                                                                                                                                                                                    | 350,000              |             |   | Reynolds Group Issuer, Inc., 8.5%, 5/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 367,938     |   |
|                                                                                                                                                                                                    | 685,000              |             |   | Yankee Candle Co., Inc., 9.75%, 2/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 710,694     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,310,382   |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 2,640,875   |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Services - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Casinos & Gaming - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 1,335,000            |             |   | Mashantucket Western Pequot Tribe, 8.5%, 11/15/15 (144A) (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 93,450      |   |
|                                                                                                                                                                                                    | 100,000              |             |   | MGM Resorts International, 6.75%, 10/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 106,000     |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Scientific Games International, Inc., 6.25%, 9/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 203,500     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 402,950     |   |
|                                                                                                                                                                                                    |                 |             |   | Hotels, Resorts & Cruise Lines - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 210,000              |             |   | Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 231,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Restaurants - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Burger King Capital Holdings LLC, 0.0%, 4/15/19 (Step) (144A) (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 130,500     |   |
|                                                                                                                                                                                                    |                 |             |   | Education Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 130,000              |             |   | Cambium Learning Group, Inc., 9.75%, 2/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 106,275     |   |
|                                                                                                                                                                                                    |                 |             |   | Specialized Consumer Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | 280,000              |             |   | Sotheby's, 5.25%, 10/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 282,800     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 1,153,525   |   |
|                                                                                                                                                                                                    |                 |             |   | Media - 2.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Advertising - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    | 75,000               |             |   | MDC Partners, Inc., 11.0%, 11/1/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 83,250      |   |
|                                                                                                                                                                                                    | 125,000              |             |   | MDC Partners, Inc., 6.75%, 4/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 126,250     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 209,500     |   |
|                                                                                                                                                                                                    |                 |             |   | Broadcasting - 2.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    | 200,000              |             |   | CCO Holdings LLC, 5.25%, 3/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 198,750     |   |
|                                                                                                                                                                                                    | 250,000              |             |   | CCO Holdings LLC, 6.5%, 4/30/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 264,375     |   |
|                                                                                                                                                                                                    | 183,931              |             |   | Intelsat Luxembourg SA, 11.5%, 2/4/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 195,335     |   |
|                                                                                                                                                                                                    | 340,000              |             |   | Intelsat Luxembourg SA, 11.5%, 2/4/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 361,080     |   |
|                                                                                                                                                                                                    | 125,000              |             |   | Intelsat Luxembourg SA, 7.75%, 6/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 127,188     |   |
|                                                                                                                                                                                                    | 350,000              |             |   | Quebecor Media, Inc., 5.75%, 1/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 357,000     |   |
|                                                                                                                                                                                                    | 140,000              |             |   | Telesat Canada, 12.5%, 11/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 149,800     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,653,528   |   |
|                                                                                                                                                                                                    |                 |             |   | Movies & Entertainment - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    | 225,000              |             |   | Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 241,875     |   |
|                                                                                                                                                                                                    | 55,000               |             |   | Regal Entertainment Group, 5.75%, 2/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 54,038      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 295,913     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 2,158,941   |   |
|                                                                                                                                                                                                    |                 |             |   | Food, Beverage & Tobacco - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Packaged Foods & Meats - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    | 95,000               |             |   | Chiquita Brands International, Inc., 7.875%, 2/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 99,631      |   |
|                                                                                                                                                                                                    |                 |             |   | Tobacco - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    | 770,000              |             |   | Alliance One International, Inc., 10.0%, 7/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 813,312     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 912,943     |   |
|                                                                                                                                                                                                    |                 |             |   | Household & Personal Products - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Personal Products - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Revlon Consumer Products Corp., 5.75%, 2/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 200,750     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Household & Personal Products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 200,750     |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment & Services - 3.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    | 300,000              |             |   | Physio-Control International, Inc., 9.875%, 1/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 338,250     |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Services - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 325,000              |             |   | Gentiva Health Services, Inc., 11.5%, 9/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 333,938     |   |
|                                                                                                                                                                                                    | 410,000              |             |   | Surgical Care Affiliates, Inc., 10.0%, 7/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 426,912     |   |
|                                                                                                                                                                                                    | 218,225              |             |   | Surgical Care Affiliates, Inc., 8.875%, 7/15/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 220,953     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 981,803     |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Facilities - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Aviv Healthcare Properties LP, 7.75%, 2/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 107,500     |   |
|                                                                                                                                                                                                    | 350,000              |             |   | Capella Healthcare, Inc., 9.25%, 7/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 378,875     |   |
|                                                                                                                                                                                                    | 450,000              |             |   | Kindred Healthcare, Inc., 8.25%, 6/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 446,625     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 933,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 2,253,053   |   |
|                                                                                                                                                                                                    |                 |             |   | Pharmaceuticals, Biotechnology & Life Sciences - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Biotechnology - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | 393,000              |             |   | Lantheus Medical Imaging, Inc., 9.75%, 5/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 390,052     |   |
|                                                                                                                                                                                                    |                 |             |   | Pharmaceuticals - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    | 120,000              |             |   | Sky Growth Acquisition Corp., 7.375%, 10/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 126,900     |   |
|                                                                                                                                                                                                    |                 |             |   | Life Sciences Tools & Services - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 165                  |             |   | Catalent Pharma Solutions, Inc., 9.5%, 4/15/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 164         |   |
|                                                                                                                                                                                                    |                 |             |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 517,116     |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Other Diversified Financial Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 250,000              | 7.25             |   | Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 256,800     |   |
|                                                                                                                                                                                                    |                 |             |   | Specialized Finance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |        |   |
|                                                                                                                                                                                                    | 300,000              |             |   | Oxford Finance LLC, 7.25%, 1/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 311,250     |   |
|                                                                                                                                                                                                    |                 |             |   | Asset Management & Custody Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Neuberger Berman Group LLC, 5.875%, 3/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 211,500     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 779,550     |   |
|                                                                                                                                                                                                    |                 |             |   | Commercial Finance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Machinery - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Rexel SA, 5.25%, 6/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 202,500     |   |
|                                                                                                                                                                                                    |                 |             |   | Insurance - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Insurance Brokers - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    | 250,000              |             |   | Hub International, Ltd., 8.125%, 10/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 263,125     |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Onex USI Acquisition Corp., 7.75%, 1/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 150,375     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 413,500     |   |
|                                                                                                                                                                                                    |                 |             |   | Life & Health Insurance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 204,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Reinsurance - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    | 250,000              | 5.75             |   | Foundation Re III, Ltd., Floating Rate Note, 2/3/14 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 253,175     |   |
|                                                                                                                                                                                                    | 250,000              | 12.75            |   | Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 253,500 |        |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 506,675     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,124,175   |   |
|                                                                                                                                                                                                    |                 |             |   | Real Estate - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified REIT - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |        |   |
|                                                                                                                                                                                                    | 375,000              |             |   | CNL Lifestyle Properties, Inc., 7.25%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 375,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Specialized REIT - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |        |   |
|                                                                                                                                                                                                    | 245,000              |             |   | Sabra Health Care LP, 8.125%, 11/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 266,131     |   |
|                                                                                                                                                                                                    |                 |             |   | Real Estate Operating Companies - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    | 410,000              |             |   | Forest City Enterprises, Inc., 6.5%, 2/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 396,675     |   |
|                                                                                                                                                                                                    | 18,000               |             |   | Forest City Enterprises, Inc., 7.625%, 6/1/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 18,000      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 414,675     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 1,055,806   |   |
|                                                                                                                                                                                                    |                 |             |   | Software & Services - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Internet Software & Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |        |   |
|                                                                                                                                                                                                    | 365,000              |             |   | j2 Global, Inc., 8.0%, 8/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 388,725     |   |
|                                                                                                                                                                                                    |                 |             |   | Data Processing & Outsourced Services - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|                                                                                                                                                                                                    | 89,000               |             |   | First Data Corp., 12.625%, 1/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 96,454      |   |
|                                                                                                                                                                                                    | 50,000               |             |   | First Data Corp., 7.375%, 6/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 53,188      |   |
|                                                                                                                                                                                                    | 89,000               |             |   | First Data Corp., 8.25%, 1/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 92,560      |   |
|                                                                                                                                                                                                    | 200,000              |             |   | WEX, Inc., 4.75%, 2/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 193,500     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 435,702     |   |
|                                                                                                                                                                                                    |                 |             |   | Application Software - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 327,000              |             |   | Allen Systems Group, Inc., 10.5%, 11/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 207,645     |   |
|                                                                                                                                                                                                    |                 |             |   | Systems Software - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |        |   |
|                                                                                                                                                                                                    | 422,748              |             |   | Pegasus Solutions, Inc., 13.0%, 4/15/14 (144A) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 405,838     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 1,437,910   |   |
|                                                                                                                                                                                                    |                 |             |   | Technology Hardware & Equipment - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Communications Equipment - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |        |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Brocade Communications Systems, Inc., 4.625%, 1/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 193,500     |   |
|                                                                                                                                                                                                    |                 |             |   | Computer Hardware - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    | 210,000              |             |   | NCR Corp., 5.0%, 7/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 210,525     |   |
|                                                                                                                                                                                                    |                 |             |   | Electronic Equipment Manufacturers - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 325,000              |             |   | Viasystems, Inc., 7.875%, 5/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 339,625     |   |
|                                                                                                                                                                                                    |                 |             |   | Electronic Manufacturing Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Flextronics International, Ltd., 4.625%, 2/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 50,500      |   |
|                                                                                                                                                                                                    | 80,000               |             |   | Flextronics International, Ltd., 5.0%, 2/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 79,800      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 130,300     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 873,950     |   |
|                                                                                                                                                                                                    |                 |             |   | Telecommunication Services - 4.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Integrated Telecommunication Services - 4.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    | 150,000              |             |   | CenturyLink, Inc., 6.45%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 159,000     |   |
|                                                                                                                                                                                                    | 250,000              |             |   | Cincinnati Bell, Inc., 8.25%, 10/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 265,000     |   |
|                                                                                                                                                                                                    | 389,000              |             |   | Cincinnati Bell, Inc., 8.375%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 404,560     |   |
|                                                                                                                                                                                                    | 731,000              |             |   | Frontier Communications Corp., 8.75%, 4/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 813,238     |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Frontier Communications Corp., 9.25%, 7/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 229,500     |   |
|                                                                                                                                                                                                    | 105,000              |             |   | tw telecom holdings inc, 5.375%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 109,462     |   |
|                                                                                                                                                                                                    | 230,000              |             |   | Windstream Corp., 6.375%, 8/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 228,275     |   |
|                                                                                                                                                                                                    | 405,000              |             |   | Windstream Corp., 7.5%, 6/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 433,350     |   |
|                                                                                                                                                                                                    | 500,000              |             |   | Windstream Corp., 7.75%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 542,500     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 3,184,885   |   |
|                                                                                                                                                                                                    |                 |             |   | Wireless Telecommunication Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |        |   |
|                                                                                                                                                                                                    | 225,000              |             |   | Intelsat Jackson Holdings SA, 7.25%, 4/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 245,812     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 3,430,697   |   |
|                                                                                                                                                                                                    |                 |             |   | Utilities - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Independent Power Producers & Energy Traders - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |        |   |
|                                                                                                                                                                                                    | 465,000              |             |   | InterGen NV, 9.0%, 6/30/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 456,862     |   |
|                                                                                                                                                                                                    | 450,000              |             |   | NRG Energy, Inc., 6.625%, 3/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 477,000     |   |
|                                                                                                                                                                                                    | 555,000              |             |   | NRG Energy, Inc., 7.625%, 5/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 599,400     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,533,262   |   |
|                                                                                                                                                                                                    |                 |             |   | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,533,262   |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $41,924,963)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 42,631,601  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | SENIOR FLOATING RATE LOAN INTERESTS - 5.3%**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Energy - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Equipment & Services - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    | 4,349                | 8.50             |   | FTS International Services LLC, Term Loan, 5/6/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 4,145       |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Exploration & Production - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    | 200,000              | 6.00             |   | Samson Investment Co., Initial Term Loan (Second Lien), 9/10/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 202,900     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 207,045     |   |
|                                                                                                                                                                                                    |                 |             |   | Automobiles & Components - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Auto Parts & Equipment - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    | 182,000              | 5.00             |   | HHI Holdings LLC, Additional Term Loan, 10/5/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 184,958     |   |
|                                                                                                                                                                                                    | 59,850               | 5.00             |   | Metaldyne Corp., USD Term Loan, 12/19/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 60,897      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 245,855     |   |
|                                                                                                                                                                                                    |                 |             |   | Automobile Manufacturers - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |        |   |
|                                                                                                                                                                                                    | 383,175              | 6.00             |   | Chrysler Group LLC, Tranche B Term Loan, 4/28/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 391,215     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 637,070     |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Durables & Apparel - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Housewares & Specialties - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    | 63,181               | 5.25             |   | Yankee Candle Co., Inc., Initial Term Loan, 3/2/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 63,912      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 63,912      |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Services - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Hotels, Resorts & Cruise Lines - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 296,250              | 4.75             |   | Seven Seas Cruises S de RL LLC, Term B-1 Loan, 12/21/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 300,694     |   |
|                                                                                                                                                                                                    |                 |             |   | Restaurants - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    | 163,350              | 4.75             |   | Landry's, Inc., B Term Loan, 3/22/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 164,847     |   |
|                                                                                                                                                                                                    |                 |             |   | Specialized Consumer Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | 188,576              | 5.50             |   | Ascent Capital Group, Inc., Term Loan, 3/6/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 189,960     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 655,501     |   |
|                                                                                                                                                                                                    |                 |             |   | Media - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Broadcasting - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    | 39,973               | 4.75             |   | Univision Communications, Inc., 2013 Converted Extended First-Lien Term Loan, 2/22/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 40,258      |   |
|                                                                                                                                                                                                    |                 |             |   | Cable & Satellite - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    | 114,138              | 6.25             |   | WideOpenWest LLC, Term Loan, 4/18/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 115,735     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 155,993     |   |
|                                                                                                                                                                                                    |                 |             |   | Food & Staples Retailing - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Food Distributors - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    | 149,625              | 5.75             |   | AdvancePierre Foods, Term Loan (First Lien), 6/17/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 152,056     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 152,056     |   |
|                                                                                                                                                                                                    |                 |             |   | Food, Beverage & Tobacco - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Distillers & Vintners - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|                                                                                                                                                                                                    | 300,000              | 0.00             |   | Constellation Brands, Inc., 6/28/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 300,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 300,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment & Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 339,224              | 6.50             |   | Gentiva Health Services, Inc., Term B1 Term Loan, 2/22/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 342,192     |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Technology - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    | 25,510               | 7.75             |   | Physician Oncology Services LP, Delayed Draw Term Loan, 1/31/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 25,510      |   |
|                                                                                                                                                                                                    | 209,980              | 7.75             |   | Physician Oncology Services LP, Effective Date Term Loan, 2/10/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 209,980     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 235,490     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 577,682     |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Other Diversified Financial Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 123,674              | 5.25             |   | WorldPay, Facility B2A Term Loan, 8/6/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 124,509     |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Finance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |        |   |
|                                                                                                                                                                                                    | 50,000               | 5.50             |   | Springleaf Finance Corp., Initial Term Loan, 5/28/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 50,414      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 174,923     |   |
|                                                                                                                                                                                                    |                 |             |   | Insurance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Insurance Brokers - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    | 265,444              | 6.75             |   | HUB International Holdings, Inc., 2017 Additional Term Loan (Extended), 12/13/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 268,714     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 268,714     |   |
|                                                                                                                                                                                                    |                 |             |   | Software & Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Application Software - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |        |   |
|                                                                                                                                                                                                    | 74,003               | 8.50             |   | Expert Global Solutions, Inc., Term B Advance (First Lien), 3/13/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 74,743      |   |
|                                                                                                                                                                                                    | 49,369               | 5.25             |   | Vertafore, Inc., Term Loan (First Lien), 7/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 49,894      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 124,637     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 124,637     |   |
|                                                                                                                                                                                                    |                 |             |   | Technology Hardware & Equipment - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Electronic Components - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    | 31,148               | 2.45             |   | Flextronics Semiconductor, Ltd., A Closing Date Loan, 10/1/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 31,213      |   |
|                                                                                                                                                                                                    | 2,869                | 2.45             |   | Flextronics Semiconductor, Ltd., A-1-A Delayed Draw Loan, 10/1/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 2,875       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 34,088      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 34,088      |   |
|                                                                                                                                                                                                    |                 |             |   | Semiconductors & Semiconductor Equipment - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Semiconductor Equipment - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    | 209,095              | 5.75             |   | Aeroflex, Inc., Tranche B Term Loan, 4/25/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 213,190     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 213,190     |   |
|                                                                                                                                                                                                    |                 |             |   | Telecommunication Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Wireless Telecommunication Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |        |   |
|                                                                                                                                                                                                    | 110,000              | 3.20             |   | Intelsat Jackson Holdings SA, Term Loan (Unsecured), 2/1/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 110,086     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 110,086     |   |
|                                                                                                                                                                                                    |                 |             |   | Utilities - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Electric Utilities - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    | 478,222              | 4.73             |   | Texas Competitive Electric Holdings Co. LLC, 2017 Term Loan (Extending), 10/10/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 340,731     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 340,731     |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL SENIOR FLOATING RATE LOAN INTERESTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $4,002,165)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 4,015,628   |   |
|                                                                                                                                                                                                    | Shares               |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | RIGHTS / WARRANTS - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Energy - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Equipment & Services - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |        |   |
|                                                                                                                                                                                                    | 75                   |             |   | Green Field Energy Services, Inc. (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 4,125       |   |
|                                                                                                                                                                                                    |                 |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 4,125       |   |
|                                                                                                                                                                                                    |                 |             |   | Automobiles & Components - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Auto Parts & Equipment - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |        |   |
|                                                                                                                                                                                                    | 70                   |             |   | Lear Corp., 11/9/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 7,762       |   |
|                                                                                                                                                                                                    |                 |             |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 7,762       |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL RIGHTS / WARRANTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $6,780)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 11,887      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL INVESTMENT IN SECURITIES - 97.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 73,349,106  |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $68,118,268) (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | OTHER ASSETS & LIABILITIES - 3.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 2,269,532   |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 75,618,638  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | *                    |             |   | Non-income producing security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | REIT                 |             |   | Real Estate Investment Trust                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | (Step)               |             |   | Bond issued with an initial coupon rate which converts to a higher rate at a later date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | (Cat Bond)           |             |   | Catastrophe bond is a high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe.                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | (Perpetual)          |             |   | Security with no stated maturity date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |        |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | PIK                  |             |   | Represents a pay in kind security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | (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 March 28, 2013, the value of these securities amounted to $22,508,897 or 29.8% of total net assets.                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | **                   |             |   | Senior floating rate loan interests in which the Portfolio invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders.  The rate shown is the coupon rate at period end. |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | (a)                  |             |   | At March 31, 2013, the net unrealized gain on investments based on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | cost for federal income tax purposes of $68,366,514 was as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Aggregate gross unrealized gain for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 9,446,535   |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Aggregate gross unrealized loss for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | (4,463,943) |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    |                 |             |   | Net unrealized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 4,982,592   |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | (b)                  |             |   | Debt obligation with a variable interest rate.  Rate shown is rate at end of period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |        |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | (c)                  |             |   | Security issued with a zero coupon. Income is recognized through accretion of discount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
|                                                                                                                                                                                                    | (d)                  |             |   | Security is in default and is non-income producing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |        |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
| Various inputs are used in determining the value of the Portfolio'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.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                       |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
| 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.  See Notes to Financial Statements - Note 1A.                                               |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |        |   |
| The following is a summary of the inputs used as of March 31, 2013, in valuing the Portfolio's investments:                                                                                             |                 |             |   |

|                                |   | Level 1 |       |   | Level 2 |   |       | Level 3 |   |   | Total |   |
|-------------------------------------|--------|---------|------------|--------|---------|--------|------------|---------|--------|--------|-------|--------|
| Convertible Corporate Bonds         |   | $       | -          |   |    | $      | 14,009,078 |    |   | $      | -     |   |   | $ | 14,009,078 |   |
| Preferred Stock                     |   |    | 604,386    |   |    |   | 41,250     |    |   |   | -     |   |   |   | 645,636 |   |
| Convertible Preferred Stock         |   |    | 846,741    |   |    |   | 902,153    |    |   |   | -     |   |   |   | 1,748,894 |   |
| Common Stocks                       |   |    | 9,744,676  |   |    |   | 2,380      |    |   |   | -     |   |   |   | 9,747,056 |   |
| Asset Backed Securities             |   |    | -          |   |    |   | 22,699     |    |   |   | -     |   |   |   | 22,699 |   |
| Collateralized Mortgage Obligations |   |    | -          |   |    |   | 516,627    |    |   |   | -     |   |   |   | 516,627 |   |
| Corporate Bonds                     |   |    | -          |   |    |   | 42,631,601 |    |   |   | -     |   |   |   | 42,631,601 |   |
| Senior Floating Rate Loan Interests |   |    | -          |   |    |   | 4,015,628  |    |   |   | -     |   |   |   | 4,015,628 |   |
| Rights/Warrants                     |   |    | 7,762      |   |    |   | 4,125      |    |   |   | -     |   |   |   | 11,887 |   |
| Total                               |   | $       | 11,203,565 |   |    | $      | 62,145,541 |    |   | $      | -     |   |   | $ | 73,349,106 |   |

|                                                                                                                                                                                                    |     |   |                          | Pioneer Growth Opportunities VCT Portfolio                          |   |        |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------|-------------------------------|---------------------------------------------------------------------|--------|-------------|--------|--------|
|                                                                                                                                                                                                    |     |   |                          | Schedule of Investments 3/28/13 (unaudited)                         |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
|                                                                                                                                                                                                    | Shares   |   |                          |                                                                |   | Value       |   |   |
|                                                                                                                                                                                                    |     |   |                          | COMMON STOCKS - 95.2%                                               |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Energy - 8.8%                                                       |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Equipment & Services - 1.8%                       |   |        |   |   |
|                                                                                                                                                                                                    | 80,864   |   |                          | Basic Energy Services, Inc. *                                       | $      | 1,105,411   |   |   |
|                                                                                                                                                                                                    | 18,200   |   |                          | Dresser-Rand Group, Inc. *                                          |   | 1,122,212   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 2,227,623   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Exploration & Production - 5.6%                   |   |        |   |   |
|                                                                                                                                                                                                    | 22,900   |   |                          | Bonanza Creek Energy, Inc. *                                        | $      | 885,543     |   |   |
|                                                                                                                                                                                                    | 44,125   |   |                          | Cabot Oil & Gas Corp.                                           |   | 2,983,291   |   |   |
|                                                                                                                                                                                                    | 56,132   |   |                          | Comstock Resources, Inc. *                                          |   | 912,145     |   |   |
|                                                                                                                                                                                                    | 19,000   |   |                          | Gulfport Energy Corp. *                                             |   | 870,770     |   |   |
|                                                                                                                                                                                                    | 12,900   |   |                          | Oasis Petroleum, Inc. *                                             |   | 491,103     |   |   |
|                                                                                                                                                                                                    | 21,700   |   |                          | Trilogy Energy Corp.                                                |   | 625,459     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 6,768,311   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Refining & Marketing - 0.6%                       |   |        |   |   |
|                                                                                                                                                                                                    | 20,600   |   |                          | Western Refining, Inc.                                              | $      | 729,446     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Storage & Transportation - 0.8%                   |   |        |   |   |
|                                                                                                                                                                                                    | 17,600   |   |                          | SemGroup Corp. *                                                    | $      | 910,272     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Energy                                                        | $      | 10,635,652  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Materials - 6.6%                                                    |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Commodity Chemicals - 0.9%                                          |   |        |   |   |
|                                                                                                                                                                                                    | 12,300   |   |                          | Westlake Chemical Corp.                                             | $      | 1,150,050   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Fertilizers & Agricultural Chemicals - 0.7%                     |   |        |   |   |
|                                                                                                                                                                                                    | 19,100   |   |                          | The Scotts Miracle-Gro Co.                                          | $      | 825,884     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Industrial Gases - 0.5%                                             |   |        |   |   |
|                                                                                                                                                                                                    | 6,300    |   |                          | Airgas, Inc.                                                        | $      | 624,708     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Specialty Chemicals - 2.7%                                          |   |        |   |   |
|                                                                                                                                                                                                    | 88,700   |   |                          | Flotek Industries, Inc. *                                           | $      | 1,450,245   |   |   |
|                                                                                                                                                                                                    | 23,300   |   |                          | WR Grace & Co. *                                                |   | 1,805,983   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 3,256,228   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Construction Materials - 1.8%                                       |   |        |   |   |
|                                                                                                                                                                                                    | 18,600   |   |                          | Eagle Materials, Inc.                                               | $      | 1,239,318   |   |   |
|                                                                                                                                                                                                    | 17,500   |   |                          | Vulcan Materials Co.                                                |   | 904,750     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 2,144,068   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Materials                                                     | $      | 8,000,938   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Capital Goods - 5.6%                                                |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Construction & Engineering - 1.3%                               |   |        |   |   |
|                                                                                                                                                                                                    | 126,100  |   |                          | Great Lakes Dredge & Dock Corp.                                 | $      | 848,653     |   |   |
|                                                                                                                                                                                                    | 24,100   |   |                          | KBR, Inc.                                                           |   | 773,128     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,621,781   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Electrical Components & Equipment - 0.4%                        |   |        |   |   |
|                                                                                                                                                                                                    | 6,800    |   |                          | Acuity Brands, Inc.                                                 | $      | 471,580     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Construction & Farm Machinery & Heavy Trucks - 1.7%         |   |        |   |   |
|                                                                                                                                                                                                    | 17,500   |   |                          | Joy Global, Inc.                                                    | $      | 1,041,600   |   |   |
|                                                                                                                                                                                                    | 51,300   |   |                          | The Manitowoc Co., Inc.                                             |   | 1,054,728   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 2,096,328   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Industrial Machinery - 2.2%                                         |   |        |   |   |
|                                                                                                                                                                                                    | 22,500   |   |                          | Chart Industries, Inc. *                                            | $      | 1,800,225   |   |   |
|                                                                                                                                                                                                    | 20,524   |   |                          | Kennametal, Inc.                                                    |   | 801,257     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 2,601,482   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Capital Goods                                                 | $      | 6,791,171   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Commercial Services & Supplies - 6.2%                           |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Diversified Support Services - 2.7%                                 |   |        |   |   |
|                                                                                                                                                                                                    | 41,600   |   |                          | Mobile Mini, Inc. *                                                 | $      | 1,224,288   |   |   |
|                                                                                                                                                                                                    | 57,500   |   |                          | Performant Financial Corp. *                                        |   | 706,100     |   |   |
|                                                                                                                                                                                                    | 22,600   |   |                          | United Rentals, Inc. *                                              |   | 1,242,322   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 3,172,710   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Human Resource & Employment Services - 2.7%                     |   |        |   |   |
|                                                                                                                                                                                                    | 48,876   |   |                          | On Assignment, Inc. *                                               | $      | 1,237,052   |   |   |
|                                                                                                                                                                                                    | 81,900   |   |                          | WageWorks, Inc. *                                                   |   | 2,049,957   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 3,287,009   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Research & Consulting Services - 0.8%                           |   |        |   |   |
|                                                                                                                                                                                                    | 9,006    |   |                          | CoStar Group, Inc. *                                                | $      | 985,797     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Commercial Services & Supplies                            | $      | 7,445,516   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Transportation - 6.1%                                               |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Air Freight & Logistics - 0.7%                                  |   |        |   |   |
|                                                                                                                                                                                                    | 49,000   |   |                          | XPO Logistics, Inc. *                                               | $      | 825,160     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Airlines - 2.7%                                                     |   |        |   |   |
|                                                                                                                                                                                                    | 22,100   |   |                          | Alaska Air Group, Inc. *                                            | $      | 1,413,516   |   |   |
|                                                                                                                                                                                                    | 5,949    |   |                          | Allegiant Travel Co.                                                |   | 528,152     |   |   |
|                                                                                                                                                                                                    | 75,600   |   |                          | US Airways Group, Inc. *                                            |   | 1,282,932   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 3,224,600   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Marine - 0.5%                                                       |   |        |   |   |
|                                                                                                                                                                                                    | 57,576   |   |                          | Diana Shipping, Inc. *                                              | $      | 613,760     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Railroads - 0.7%                                                    |   |        |   |   |
|                                                                                                                                                                                                    | 9,700    |   |                          | Genesee & Wyoming, Inc. *                                       | $      | 903,167     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Trucking - 1.5%                                                     |   |        |   |   |
|                                                                                                                                                                                                    | 32,500   |   |                          | Avis Budget Group, Inc. *                                           | $      | 904,475     |   |   |
|                                                                                                                                                                                                    | 66,900   |   |                          | Swift Transportation Co. *                                          |   | 948,642     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,853,117   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Transportation                                                | $      | 7,419,804   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Consumer Durables & Apparel - 5.4%                              |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Home Furnishings - 0.5%                                             |   |        |   |   |
|                                                                                                                                                                                                    | 18,300   |   |                          | Ethan Allen Interiors, Inc.                                         | $      | 602,436     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Housewares & Specialties - 0.6%                                 |   |        |   |   |
|                                                                                                                                                                                                    | 9,700    |   |                          | Tupperware Brands Corp.                                             | $      | 792,878     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Apparel, Accessories & Luxury Goods - 3.2%                      |   |        |   |   |
|                                                                                                                                                                                                    | 12,388   |   |                          | Carter's, Inc. *                                                    | $      | 709,461     |   |   |
|                                                                                                                                                                                                    | 35,800   |   |                          | G-III Apparel Group, Ltd. *                                         |   | 1,435,938   |   |   |
|                                                                                                                                                                                                    | 36,800   |   |                          | Hanesbrands, Inc. *                                                 |   | 1,676,608   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 3,822,007   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Footwear - 1.1%                                                     |   |        |   |   |
|                                                                                                                                                                                                    | 89,476   |   |                          | Crocs, Inc. *                                                       | $      | 1,326,034   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Consumer Durables & Apparel                               | $      | 6,543,355   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Consumer Services - 2.5%                                            |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Leisure Facilities - 0.9%                                           |   |        |   |   |
|                                                                                                                                                                                                    | 15,200   |   |                          | Six Flags Entertainment Corp.                                       | $      | 1,101,696   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Restaurants - 0.5%                                                  |   |        |   |   |
|                                                                                                                                                                                                    | 7,700    |   |                          | Buffalo Wild Wings, Inc. *                                          | $      | 673,981     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Education Services - 1.1%                                           |   |        |   |   |
|                                                                                                                                                                                                    | 10,400   |   |                          | American Public Education, Inc. *                                   | $      | 362,856     |   |   |
|                                                                                                                                                                                                    | 36,538   |   |                          | Grand Canyon Education, Inc. *                                      |   | 927,700     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,290,556   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Consumer Services                                             | $      | 3,066,233   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Media - 1.4%                                                        |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Movies & Entertainment - 1.4%                                   |   |        |   |   |
|                                                                                                                                                                                                    | 57,961   |   |                          | Cinemark Holdings, Inc.                                             | $      | 1,706,372   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Media                                                         | $      | 1,706,372   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Retailing - 5.5%                                                    |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Distributors - 0.9%                                                 |   |        |   |   |
|                                                                                                                                                                                                    | 47,600   |   |                          | LKQ Corp. *                                                         | $      | 1,035,776   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Internet Retail - 0.9%                                              |   |        |   |   |
|                                                                                                                                                                                                    | 33,960   |   |                          | HomeAway, Inc. *                                                    | $      | 1,103,700   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Apparel Retail - 1.9%                                               |   |        |   |   |
|                                                                                                                                                                                                    | 20,200   |   |                          | Abercrombie & Fitch Co.                                         | $      | 933,240     |   |   |
|                                                                                                                                                                                                    | 28,800   |   |                          | American Eagle Outfitters, Inc.                                     |   | 538,560     |   |   |
|                                                                                                                                                                                                    | 28,300   |   |                          | Francesca's Holdings Corp. *                                        |   | 811,078     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 2,282,878   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Home Improvement Retail - 0.5%                                      |   |        |   |   |
|                                                                                                                                                                                                    | 9,000    |   |                          | Lumber Liquidators Holdings, Inc. *                                 | $      | 631,980     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Specialty Stores - 1.3%                                             |   |        |   |   |
|                                                                                                                                                                                                    | 21,097   |   |                          | Five Below, Inc. *                                                  | $      | 799,365     |   |   |
|                                                                                                                                                                                                    | 16,300   |   |                          | Vitamin Shoppe, Inc. *                                              |   | 796,255     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,595,620   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Retailing                                                     | $      | 6,649,954   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Food & Staples Retailing - 0.3%                                 |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Food Retail - 0.3%                                                  |   |        |   |   |
|                                                                                                                                                                                                    | 17,003   |   |                          | Natural Grocers by Vitamin Cottage, Inc. *                          | $      | 383,418     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Food & Staples Retailing                                  | $      | 383,418     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Food, Beverage & Tobacco - 3.0%                                 |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Packaged Foods & Meats - 3.0%                                   |   |        |   |   |
|                                                                                                                                                                                                    | 29,900   |   |                          | B&G Foods, Inc.                                                 | $      | 911,651     |   |   |
|                                                                                                                                                                                                    | 27,500   |   |                          | Flowers Foods, Inc.                                                 |   | 905,850     |   |   |
|                                                                                                                                                                                                    | 31,100   |   |                          | Green Mountain Coffee Roasters, Inc. *                              |   | 1,765,236   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 3,582,737   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Food, Beverage & Tobacco                                  | $      | 3,582,737   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Health Care Equipment & Services - 9.2%                         |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Health Care Equipment - 4.7%                                        |   |        |   |   |
|                                                                                                                                                                                                    | 76,730   |   |                          | ABIOMED, Inc. *                                                     | $      | 1,432,549   |   |   |
|                                                                                                                                                                                                    | 49,312   |   |                          | Conceptus, Inc. *                                                   |   | 1,190,885   |   |   |
|                                                                                                                                                                                                    | 34,900   |   |                          | Hologic, Inc. *                                                     |   | 788,740     |   |   |
|                                                                                                                                                                                                    | 47,100   |   |                          | Insulet Corp. *                                                     |   | 1,218,006   |   |   |
|                                                                                                                                                                                                    | 51,000   |   |                          | Masimo Corp.                                                        |   | 1,000,620   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 5,630,800   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Health Care Supplies - 3.5%                                         |   |        |   |   |
|                                                                                                                                                                                                    | 32,700   |   |                          | Align Technology, Inc. *                                            | $      | 1,095,777   |   |   |
|                                                                                                                                                                                                    | 49,400   |   |                          | Endologix, Inc. *                                                   |   | 797,810     |   |   |
|                                                                                                                                                                                                    | 24,080   |   |                          | Haemonetics Corp. *                                                 |   | 1,003,173   |   |   |
|                                                                                                                                                                                                    | 57,848   |   |                          | Quidel Corp. *                                                      |   | 1,373,890   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 4,270,650   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Health Care Facilities - 1.0%                                       |   |        |   |   |
|                                                                                                                                                                                                    | 44,100   |   |                          | Brookdale Senior Living, Inc. *                                     | $      | 1,229,508   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Health Care Equipment & Services                          | $      | 11,130,958  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Pharmaceuticals, Biotechnology & Life Sciences - 10.1%          |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Biotechnology - 4.2%                                                |   |        |   |   |
|                                                                                                                                                                                                    | 59,900   |   |                          | Alkermes Plc *                                                      | $      | 1,420,229   |   |   |
|                                                                                                                                                                                                    | 28,100   |   |                          | Cubist Pharmaceuticals, Inc. *                                      |   | 1,315,642   |   |   |
|                                                                                                                                                                                                    | 85,200   |   |                          | Neurocrine Biosciences, Inc. *                                      |   | 1,034,328   |   |   |
|                                                                                                                                                                                                    | 130,400  |   |                          | NPS Pharmaceuticals, Inc. *                                         |   | 1,328,776   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 5,098,975   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Pharmaceuticals - 5.9%                                              |   |        |   |   |
|                                                                                                                                                                                                    | 11,000   |   |                          | Actavis, Inc. *                                                     | $      | 1,013,210   |   |   |
|                                                                                                                                                                                                    | 80,500   |   |                          | Akorn, Inc. *                                                       |   | 1,113,315   |   |   |
|                                                                                                                                                                                                    | 23,740   |   |                          | Jazz Pharmaceuticals Plc *                                          |   | 1,327,303   |   |   |
|                                                                                                                                                                                                    | 45,300   |   |                          | Salix Pharmaceuticals, Ltd. *                                       |   | 2,318,454   |   |   |
|                                                                                                                                                                                                    | 53,095   |   |                          | ViroPharma, Inc. *                                                  |   | 1,335,870   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 7,108,152   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Pharmaceuticals, Biotechnology & Life Sciences            | $      | 12,207,127  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Banks - 1.1%                                                        |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Regional Banks - 1.1%                                               |   |        |   |   |
|                                                                                                                                                                                                    | 16,400   |   |                          | Signature Bank *                                                    | $      | 1,291,664   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Banks                                                         | $      | 1,291,664   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Diversified Financials - 5.7%                                       |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Consumer Finance - 0.8%                                             |   |        |   |   |
|                                                                                                                                                                                                    | 16,500   |   |                          | First Cash Financial Services, Inc. *                               | $      | 962,610     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Asset Management & Custody Banks - 3.2%                         |   |        |   |   |
|                                                                                                                                                                                                    | 4,500    |   |                          | Affiliated Managers Group, Inc. *                                   | $      | 691,065     |   |   |
|                                                                                                                                                                                                    | 35,700   |   |                          | Ares Capital Corp.                                                  |   | 646,170     |   |   |
|                                                                                                                                                                                                    | 15,300   |   |                          | Financial Engines, Inc.                                             |   | 554,166     |   |   |
|                                                                                                                                                                                                    | 35,700   |   |                          | Walter Investment Management Corp. *                                |   | 1,329,825   |   |   |
|                                                                                                                                                                                                    | 58,100   |   |                          | WisdomTree Investments, Inc. *                                      |   | 604,240     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 3,825,466   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Investment Banking & Brokerage - 1.7%                           |   |        |   |   |
|                                                                                                                                                                                                    | 112,827  |   |                          | E*TRADE Financial Corp. *                                           | $      | 1,208,377   |   |   |
|                                                                                                                                                                                                    | 21,700   |   |                          | Evercore Partners, Inc.                                             |   | 902,720     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 2,111,097   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Diversified Financials                                        | $      | 6,899,173   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Real Estate - 0.3%                                                  |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Specialized REIT's - 0.3%                                           |   |        |   |   |
|                                                                                                                                                                                                    | 11,686   |   |                          | Sabra Health Care Real Estate Investment Trust, Inc.                | $      | 339,011     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Real Estate                                                   | $      | 339,011     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Software & Services - 11.9%                                     |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Internet Software & Services - 1.9%                             |   |        |   |   |
|                                                                                                                                                                                                    | 52,175   |   |                          | ExactTarget, Inc. *                                                 | $      | 1,214,112   |   |   |
|                                                                                                                                                                                                    | 46,200   |   |                          | SciQuest, Inc. *                                                    |   | 1,110,648   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 2,324,760   |   |   |
|                                                                                                                                                                                                    |     |   |                          | IT Consulting & Other Services - 1.6%                           |   |        |   |   |
|                                                                                                                                                                                                    | 35,900   |   |                          | Gartner, Inc. *                                                     | $      | 1,953,319   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Data Processing & Outsourced Services - 2.7%                    |   |        |   |   |
|                                                                                                                                                                                                    | 46,500   |   |                          | Vantiv, Inc. *                                                      | $      | 1,103,910   |   |   |
|                                                                                                                                                                                                    | 17,000   |   |                          | WEX, Inc. *                                                         |   | 1,334,500   |   |   |
|                                                                                                                                                                                                    | 54,300   |   |                          | WNS Holdings, Ltd. (A.D.R.) *                                       |   | 800,382     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 3,238,792   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Application Software - 4.9%                                         |   |        |   |   |
|                                                                                                                                                                                                    | 29,266   |   |                          | Aspen Technology, Inc. *                                            | $      | 944,999     |   |   |
|                                                                                                                                                                                                    | 22,100   |   |                          | Guidewire Software, Inc. *                                          |   | 849,524     |   |   |
|                                                                                                                                                                                                    | 39,300   |   |                          | Nuance Communications, Inc. *                                       |   | 793,074     |   |   |
|                                                                                                                                                                                                    | 32,600   |   |                          | QLIK Technologies, Inc. *                                           |   | 842,058     |   |   |
|                                                                                                                                                                                                    | 15,400   |   |                          | Solera Holdings, Inc. *                                             |   | 898,282     |   |   |
|                                                                                                                                                                                                    | 81,211   |   |                          | Tangoe, Inc. *                                                      |   | 1,006,204   |   |   |
|                                                                                                                                                                                                    | 5,867    |   |                          | Ultimate Software Group, Inc. *                                     |   | 611,107     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 5,945,248   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Systems Software - 0.8%                                             |   |        |   |   |
|                                                                                                                                                                                                    | 6,300    |   |                          | CommVault Systems, Inc. *                                           | $      | 516,474     |   |   |
|                                                                                                                                                                                                    | 10,800   |   |                          | Imperva, Inc. *                                                     |   | 415,800     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 932,274     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Software & Services                                       | $      | 14,394,393  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Technology Hardware & Equipment - 2.2%                          |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Communications Equipment - 1.7%                                     |   |        |   |   |
|                                                                                                                                                                                                    | 42,200   |   |                          | Aruba Networks, Inc. *                                              | $      | 1,044,028   |   |   |
|                                                                                                                                                                                                    | 37,975   |   |                          | Finisar Corp. *                                                     |   | 500,890     |   |   |
|                                                                                                                                                                                                    | 63,564   |   |                          | Meru Networks, Inc. *                                               |   | 429,057     |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,973,975   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Electronic Manufacturing Services - 0.5%                            |   |        |   |   |
|                                                                                                                                                                                                    | 9,200    |   |                          | IPG Photonics Corp.                                                 | $      | 610,972     |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Technology Hardware & Equipment                           | $      | 2,584,947   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Semiconductors & Semiconductor Equipment - 3.3%                 |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Semiconductors - 3.3%                                               |   |        |   |   |
|                                                                                                                                                                                                    | 46,600   |   |                          | Monolithic Power Systems, Inc.                                      | $      | 1,135,642   |   |   |
|                                                                                                                                                                                                    | 39,800   |   |                          | Semtech Corp. *                                                     |   | 1,408,522   |   |   |
|                                                                                                                                                                                                    | 64,000   |   |                          | Skyworks Solutions, Inc. *                                          |   | 1,409,920   |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 3,954,084   |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Semiconductors & Semiconductor Equipment                  | $      | 3,954,084   |   |   |
|                                                                                                                                                                                                    |     |   |                          | TOTAL COMMON STOCKS                                                 |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | (Cost $87,372,519)                                                  | $      | 115,026,507 |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | TOTAL INVESTMENT IN SECURITIES - 95.2%                              |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | (Cost $87,372,519) (a)                                              | $      | 115,026,507 |   |   |
|                                                                                                                                                                                                    |     |   |                          | OTHER ASSETS & LIABILITIES - 4.8%                               | $      | 5,850,720   |   |   |
|                                                                                                                                                                                                    |     |   |                          | TOTAL NET ASSETS - 100.0%                                           | $      | 120,877,227 |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
|                                                                                                                                                                                                    | *        |   |                          | Non-income producing security.                                      |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
|                                                                                                                                                                                                    | (A.D.R.) |   | American Depositary Receipts. |                                                                |   |        |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
|                                                                                                                                                                                                    | REIT     |   |                          | Real Estate Investment Trust                                        |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
|                                                                                                                                                                                                    | (a)      |   |                          | At March 28, 2013, the net unrealized gain on investments based on  |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | cost for federal income tax purposes of $88,776,332 was as follows: |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Aggregate gross unrealized gain for all investments in which        |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | there is an excess of value over tax cost                           | $      | 28,381,884  |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Aggregate gross unrealized loss for all investments in which        |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | there is an excess of tax cost over value                           |   | (2,131,709) |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          | Net unrealized gain                                                 | $      | 26,250,175  |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
| 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.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                            |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
| 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) are categorized as Level 3.                                                                                       |
| See Notes to Financial Statements - Note 1A.                                                                                                                                                            |     |   |                          |                                                                |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |        |   |   |
| The following is a summary of the inputs used as of March 28, 2013, in valuing the Fund's investments:                                                                                                  |     |   |

|                                                                                     |   | Level 1 |        |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|-------------|--------|--------------|--------|--------|--------------|--------|--------|--------|--------|
| Common Stocks                                                                            |   | $       | 115,026,507 |   |         | $      | -      |         |   | $      | -      |   |   | $ | 115,026,507 |   |
| Total                                                                                    |   | $       | 115,026,507 |   |         | $      | -      |         |   | $      | -      |   |   | $ | 115,026,507 |   |
|                                                                                     |   |    |        |   |         |   |   |         |   |   |   |   |   |   |   |   |
| During the year ended March 28, 2013, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |         |   |   |         |   |

|                                                                                                                                                                                                    |     |   |                          | Pioneer Fund VCT Portfolio                                           |   |        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------|-------------------------------|----------------------------------------------------------------------|--------|-------------|
|                                                                                                                                                                                                    |     |   |                          | Schedule of Investments 3/28/13 (unaudited)                          |   |        |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
|                                                                                                                                                                                                    | Shares   |   |                          |                                                                 |   | Value       |
|                                                                                                                                                                                                    |     |   |                          | COMMON STOCKS - 99.9%                                                |   |        |
|                                                                                                                                                                                                    |     |   |                          | Energy - 11.2%                                                       |   |        |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Drilling - 1.0%                                        |   |        |
|                                                                                                                                                                                                    | 26,727   |   |                          | Ensco Plc                                                            | $      | 1,603,620   |
|                                                                                                                                                                                                    | 7,181    |   |                          | Helmerich & Payne, Inc.                                          |   | 435,887     |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 2,039,507   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Equipment & Services - 1.9%                        |   |        |
|                                                                                                                                                                                                    | 5,944    |   |                          | Cameron International Corp. *                                        | $      | 387,549     |
|                                                                                                                                                                                                    | 7,546    |   |                          | FMC Technologies, Inc. *                                             |   | 410,427     |
|                                                                                                                                                                                                    | 16,898   |   |                          | Halliburton Co.                                                      |   | 682,848     |
|                                                                                                                                                                                                    | 14,399   |   |                          | National Oilwell Varco, Inc.                                         |   | 1,018,729   |
|                                                                                                                                                                                                    | 21,429   |   |                          | Schlumberger, Ltd.                                                   |   | 1,604,818   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 4,104,371   |
|                                                                                                                                                                                                    |     |   |                          | Integrated Oil & Gas - 2.9%                                      |   |        |
|                                                                                                                                                                                                    | 29,975   |   |                          | Chevron Corp.                                                        | $      | 3,561,630   |
|                                                                                                                                                                                                    | 26,100   |   |                          | Exxon Mobil Corp.                                                    |   | 2,351,871   |
|                                                                                                                                                                                                    | 4,584    |   |                          | Occidental Petroleum Corp.                                           |   | 359,248     |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 6,272,749   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Exploration & Production - 3.9%                    |   |        |
|                                                                                                                                                                                                    | 21,867   |   |                          | Apache Corp.                                                         | $      | 1,687,258   |
|                                                                                                                                                                                                    | 34,078   |   |                          | Cabot Oil & Gas Corp.                                            |   | 2,304,014   |
|                                                                                                                                                                                                    | 22,966   |   |                          | ConocoPhillips                                                       |   | 1,380,257   |
|                                                                                                                                                                                                    | 46,831   |   |                          | Marathon Oil Corp.                                                   |   | 1,579,141   |
|                                                                                                                                                                                                    | 38,134   |   |                          | Southwestern Energy Co. *                                            |   | 1,420,873   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 8,371,543   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Refining & Marketing - 1.5%                        |   |        |
|                                                                                                                                                                                                    | 20,262   |   |                          | Marathon Petroleum Corp.                                             | $      | 1,815,475   |
|                                                                                                                                                                                                    | 19,717   |   |                          | Phillips 66                                                          |   | 1,379,598   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 3,195,073   |
|                                                                                                                                                                                                    |     |   |                          | Total Energy                                                         | $      | 23,983,243  |
|                                                                                                                                                                                                    |     |   |                          | Materials - 2.4%                                                     |   |        |
|                                                                                                                                                                                                    |     |   |                          | Fertilizers & Agricultural Chemicals - 0.5%                      |   |        |
|                                                                                                                                                                                                    | 17,375   |   |                          | The Mosaic Co.                                                       | $      | 1,035,724   |
|                                                                                                                                                                                                    |     |   |                          | Industrial Gases - 0.8%                                              |   |        |
|                                                                                                                                                                                                    | 18,239   |   |                          | Airgas, Inc.                                                         | $      | 1,808,579   |
|                                                                                                                                                                                                    |     |   |                          | Specialty Chemicals - 0.9%                                           |   |        |
|                                                                                                                                                                                                    | 23,717   |   |                          | Ecolab, Inc.                                                         | $      | 1,901,629   |
|                                                                                                                                                                                                    |     |   |                          | Paper Products - 0.2%                                                |   |        |
|                                                                                                                                                                                                    | 9,455    |   |                          | International Paper Co.                                              | $      | 440,414     |
|                                                                                                                                                                                                    |     |   |                          | Total Materials                                                      | $      | 5,186,346   |
|                                                                                                                                                                                                    |     |   |                          | Capital Goods - 9.1%                                                 |   |        |
|                                                                                                                                                                                                    |     |   |                          | Aerospace & Defense - 1.8%                                       |   |        |
|                                                                                                                                                                                                    | 7,421    |   |                          | Raytheon Co.                                                         | $      | 436,281     |
|                                                                                                                                                                                                    | 36,905   |   |                          | United Technologies Corp.                                            |   | 3,448,034   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 3,884,315   |
|                                                                                                                                                                                                    |     |   |                          | Construction & Engineering - 0.6%                                |   |        |
|                                                                                                                                                                                                    | 36,813   |   |                          | KBR, Inc.                                                            | $      | 1,180,961   |
|                                                                                                                                                                                                    |     |   |                          | Electrical Components & Equipment - 0.3%                         |   |        |
|                                                                                                                                                                                                    | 7,476    |   |                          | Rockwell Automation, Inc.                                            | $      | 645,553     |
|                                                                                                                                                                                                    |     |   |                          | Industrial Conglomerates - 2.7%                                      |   |        |
|                                                                                                                                                                                                    | 30,117   |   |                          | 3M Co.                                                               | $      | 3,201,738   |
|                                                                                                                                                                                                    | 112,804  |   |                          | General Electric Co.                                                 |   | 2,608,028   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 5,809,766   |
|                                                                                                                                                                                                    |     |   |                          | Construction & Farm Machinery & Heavy Trucks - 2.0%          |   |        |
|                                                                                                                                                                                                    | 14,751   |   |                          | Cummins, Inc.                                                        | $      | 1,708,313   |
|                                                                                                                                                                                                    | 14,227   |   |                          | Joy Global, Inc.                                                     |   | 846,791     |
|                                                                                                                                                                                                    | 34,408   |   |                          | PACCAR, Inc.                                                         |   | 1,739,668   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 4,294,772   |
|                                                                                                                                                                                                    |     |   |                          | Industrial Machinery - 1.7%                                          |   |        |
|                                                                                                                                                                                                    | 38,147   |   |                          | Ingersoll-Rand Plc                                                   | $      | 2,098,466   |
|                                                                                                                                                                                                    | 17,489   |   |                          | SPX Corp.                                                            |   | 1,380,931   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 3,479,397   |
|                                                                                                                                                                                                    |     |   |                          | Total Capital Goods                                                  | $      | 19,294,764  |
|                                                                                                                                                                                                    |     |   |                          | Transportation - 2.3%                                                |   |        |
|                                                                                                                                                                                                    |     |   |                          | Air Freight & Logistics - 0.5%                                   |   |        |
|                                                                                                                                                                                                    | 11,772   |   |                          | United Parcel Service, Inc. (Class B)                                | $      | 1,011,215   |
|                                                                                                                                                                                                    |     |   |                          | Railroads - 1.8%                                                     |   |        |
|                                                                                                                                                                                                    | 25,565   |   |                          | Norfolk Southern Corp.                                               | $      | 1,970,550   |
|                                                                                                                                                                                                    | 12,926   |   |                          | Union Pacific Corp.                                                  |   | 1,840,792   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 3,811,342   |
|                                                                                                                                                                                                    |     |   |                          | Total Transportation                                                 | $      | 4,822,557   |
|                                                                                                                                                                                                    |     |   |                          | Automobiles & Components - 2.0%                                  |   |        |
|                                                                                                                                                                                                    |     |   |                          | Auto Parts & Equipment - 1.0%                                    |   |        |
|                                                                                                                                                                                                    | 10,741   |   |                          | BorgWarner, Inc. *                                                   | $      | 830,709     |
|                                                                                                                                                                                                    | 36,639   |   |                          | Johnson Controls, Inc.                                               |   | 1,284,930   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 2,115,639   |
|                                                                                                                                                                                                    |     |   |                          | Automobile Manufacturers - 1.0%                                      |   |        |
|                                                                                                                                                                                                    | 169,077  |   |                          | Ford Motor Co.                                                       | $      | 2,223,363   |
|                                                                                                                                                                                                    |     |   |                          | Total Automobiles & Components                                   | $      | 4,339,002   |
|                                                                                                                                                                                                    |     |   |                          | Consumer Durables & Apparel - 0.5%                               |   |        |
|                                                                                                                                                                                                    |     |   |                          | Apparel, Accessories & Luxury Goods - 0.5%                       |   |        |
|                                                                                                                                                                                                    | 22,766   |   |                          | Coach, Inc.                                                          | $      | 1,138,072   |
|                                                                                                                                                                                                    |     |   |                          | Total Consumer Durables & Apparel                                | $      | 1,138,072   |
|                                                                                                                                                                                                    |     |   |                          | Consumer Services - 1.6%                                             |   |        |
|                                                                                                                                                                                                    |     |   |                          | Hotels, Resorts & Cruise Lines - 0.2%                            |   |        |
|                                                                                                                                                                                                    | 8,823    |   |                          | Marriott International, Inc.                                         | $      | 372,595     |
|                                                                                                                                                                                                    |     |   |                          | Restaurants - 1.4%                                                   |   |        |
|                                                                                                                                                                                                    | 18,917   |   |                          | McDonald's Corp.                                                     | $      | 1,885,836   |
|                                                                                                                                                                                                    | 21,697   |   |                          | Starbucks Corp.                                                      |   | 1,235,861   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 3,121,697   |
|                                                                                                                                                                                                    |     |   |                          | Total Consumer Services                                              | $      | 3,494,292   |
|                                                                                                                                                                                                    |     |   |                          | Media - 3.9%                                                         |   |        |
|                                                                                                                                                                                                    |     |   |                          | Cable & Satellite - 0.3%                                         |   |        |
|                                                                                                                                                                                                    | 15,189   |   |                          | Comcast Corp.                                                        | $      | 638,090     |
|                                                                                                                                                                                                    |     |   |                          | Movies & Entertainment - 1.6%                                    |   |        |
|                                                                                                                                                                                                    | 48,639   |   |                          | The Walt Disney Co.                                                  | $      | 2,762,695   |
|                                                                                                                                                                                                    | 11,441   |   |                          | Time Warner, Inc.                                                    |   | 659,230     |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 3,421,925   |
|                                                                                                                                                                                                    |     |   |                          | Publishing - 2.0%                                                    |   |        |
|                                                                                                                                                                                                    | 107,861  |   |                          | John Wiley & Sons, Inc.                                          | $      | 4,202,265   |
|                                                                                                                                                                                                    |     |   |                          | Total Media                                                          | $      | 8,262,280   |
|                                                                                                                                                                                                    |     |   |                          | Retailing - 4.6%                                                     |   |        |
|                                                                                                                                                                                                    |     |   |                          | Department Stores - 1.2%                                             |   |        |
|                                                                                                                                                                                                    | 34,421   |   |                          | Macy's, Inc.                                                         | $      | 1,440,175   |
|                                                                                                                                                                                                    | 20,625   |   |                          | Nordstrom, Inc.                                                      |   | 1,139,119   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 2,579,294   |
|                                                                                                                                                                                                    |     |   |                          | General Merchandise Stores - 1.2%                                    |   |        |
|                                                                                                                                                                                                    | 36,098   |   |                          | Target Corp.                                                         | $      | 2,470,908   |
|                                                                                                                                                                                                    |     |   |                          | Apparel Retail - 1.5%                                                |   |        |
|                                                                                                                                                                                                    | 24,487   |   |                          | Ross Stores, Inc.                                                    | $      | 1,484,402   |
|                                                                                                                                                                                                    | 38,727   |   |                          | TJX Companies, Inc.                                                  |   | 1,810,487   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 3,294,889   |
|                                                                                                                                                                                                    |     |   |                          | Home Improvement Retail - 0.7%                                       |   |        |
|                                                                                                                                                                                                    | 17,999   |   |                          | Lowe's Companies, Inc.                                               | $      | 682,522     |
|                                                                                                                                                                                                    | 10,855   |   |                          | The Home Depot, Inc.                                                 |   | 757,462     |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 1,439,984   |
|                                                                                                                                                                                                    |     |   |                          | Total Retailing                                                      | $      | 9,785,075   |
|                                                                                                                                                                                                    |     |   |                          | Food & Staples Retailing - 2.7%                                  |   |        |
|                                                                                                                                                                                                    |     |   |                          | Drug Retail - 2.4%                                                   |   |        |
|                                                                                                                                                                                                    | 32,221   |   |                          | CVS Caremark Corp.                                                   | $      | 1,771,833   |
|                                                                                                                                                                                                    | 69,039   |   |                          | Walgreen Co.                                                         |   | 3,291,780   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 5,063,613   |
|                                                                                                                                                                                                    |     |   |                          | Hypermarkets & Super Centers - 0.3%                              |   |        |
|                                                                                                                                                                                                    | 9,974    |   |                          | Wal-Mart Stores, Inc.                                                | $      | 746,354     |
|                                                                                                                                                                                                    |     |   |                          | Total Food & Staples Retailing                                   | $      | 5,809,967   |
|                                                                                                                                                                                                    |     |   |                          | Food, Beverage & Tobacco - 7.7%                                  |   |        |
|                                                                                                                                                                                                    |     |   |                          | Soft Drinks - 1.0%                                                   |   |        |
|                                                                                                                                                                                                    | 15,225   |   |                          | Coca-Cola Enterprises, Inc.                                          | $      | 562,107     |
|                                                                                                                                                                                                    | 17,636   |   |                          | Dr. Pepper Snapple Group, Inc.                                       |   | 828,010     |
|                                                                                                                                                                                                    | 10,000   |   |                          | PepsiCo, Inc.                                                        |   | 791,100     |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 2,181,217   |
|                                                                                                                                                                                                    |     |   |                          | Packaged Foods & Meats - 6.7%                                    |   |        |
|                                                                                                                                                                                                    | 23,181   |   |                          | Campbell Soup Co.                                                    | $      | 1,051,490   |
|                                                                                                                                                                                                    | 32,471   |   |                          | General Mills, Inc.                                                  |   | 1,601,145   |
|                                                                                                                                                                                                    | 50,331   |   |                          | HJ Heinz Co.                                                         |   | 3,637,421   |
|                                                                                                                                                                                                    | 17,408   |   |                          | Kraft Foods Group, Inc.                                              |   | 897,034     |
|                                                                                                                                                                                                    | 53,120   |   |                          | Mondelez International, Inc.                                         |   | 1,626,003   |
|                                                                                                                                                                                                    | 60,722   |   |                          | The Hershey Co.                                                      |   | 5,314,997   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 14,128,090  |
|                                                                                                                                                                                                    |     |   |                          | Total Food, Beverage & Tobacco                                   | $      | 16,309,307  |
|                                                                                                                                                                                                    |     |   |                          | Household & Personal Products - 2.9%                             |   |        |
|                                                                                                                                                                                                    |     |   |                          | Household Products - 2.9%                                            |   |        |
|                                                                                                                                                                                                    | 37,907   |   |                          | Colgate-Palmolive Co.                                                | $      | 4,474,163   |
|                                                                                                                                                                                                    | 8,685    |   |                          | The Clorox Co.                                                       |   | 768,883     |
|                                                                                                                                                                                                    | 13,443   |   |                          | The Procter & Gamble Co.                                         |   | 1,035,918   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 6,278,964   |
|                                                                                                                                                                                                    |     |   |                          | Total Household & Personal Products                              | $      | 6,278,964   |
|                                                                                                                                                                                                    |     |   |                          | Health Care Equipment & Services - 6.7%                          |   |        |
|                                                                                                                                                                                                    |     |   |                          | Health Care Equipment - 5.3%                                         |   |        |
|                                                                                                                                                                                                    | 51,230   |   |                          | Abbott Laboratories                                                  | $      | 1,809,444   |
|                                                                                                                                                                                                    | 19,498   |   |                          | Baxter International, Inc.                                           |   | 1,416,335   |
|                                                                                                                                                                                                    | 21,487   |   |                          | Becton Dickinson and Co.                                             |   | 2,054,372   |
|                                                                                                                                                                                                    | 29,922   |   |                          | Covidien Plc                                                         |   | 2,029,908   |
|                                                                                                                                                                                                    | 29,999   |   |                          | CR Bard, Inc.                                                        |   | 3,023,299   |
|                                                                                                                                                                                                    | 83,486   |   |                          | Smith & Nephew Plc                                               |   | 963,701     |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 11,297,059  |
|                                                                                                                                                                                                    |     |   |                          | Health Care Distributors - 0.3%                                      |   |        |
|                                                                                                                                                                                                    | 16,633   |   |                          | Cardinal Health, Inc.                                                | $      | 692,265     |
|                                                                                                                                                                                                    |     |   |                          | Health Care Services - 0.6%                                          |   |        |
|                                                                                                                                                                                                    | 7,364    |   |                          | DaVita HealthCare Partners, Inc. *                                   | $      | 873,297     |
|                                                                                                                                                                                                    | 7,290    |   |                          | Express Scripts Holding Co. *                                        |   | 420,268     |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 1,293,565   |
|                                                                                                                                                                                                    |     |   |                          | Managed Health Care - 0.5%                                           |   |        |
|                                                                                                                                                                                                    | 20,637   |   |                          | Aetna, Inc.                                                          | $      | 1,054,963   |
|                                                                                                                                                                                                    |     |   |                          | Total Health Care Equipment & Services                           | $      | 14,337,852  |
|                                                                                                                                                                                                    |     |   |                          | Pharmaceuticals, Biotechnology & Life Sciences - 8.9%            |   |        |
|                                                                                                                                                                                                    |     |   |                          | Biotechnology - 2.9%                                                 |   |        |
|                                                                                                                                                                                                    | 20,786   |   |                          | Amgen, Inc.                                                          | $      | 2,130,773   |
|                                                                                                                                                                                                    | 14,562   |   |                          | Celgene Corp. *                                                      |   | 1,687,881   |
|                                                                                                                                                                                                    | 18,244   |   |                          | Gilead Sciences, Inc. *                                              |   | 892,679     |
|                                                                                                                                                                                                    | 27,346   |   |                          | Vertex Pharmaceuticals, Inc. *                                       |   | 1,503,483   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 6,214,816   |
|                                                                                                                                                                                                    |     |   |                          | Pharmaceuticals - 5.3%                                               |   |        |
|                                                                                                                                                                                                    | 51,230   |   |                          | AbbVie, Inc.                                                         | $      | 2,089,159   |
|                                                                                                                                                                                                    | 16,606   |   |                          | Eli Lilly & Co.                                                  |   | 943,055     |
|                                                                                                                                                                                                    | 45,571   |   |                          | Johnson & Johnson                                                |   | 3,715,404   |
|                                                                                                                                                                                                    | 23,452   |   |                          | Merck & Co., Inc.                                                |   | 1,037,282   |
|                                                                                                                                                                                                    | 121,051  |   |                          | Pfizer, Inc.                                                         |   | 3,493,532   |
|                                                                                                                                                                                                    | 2,100    |   |                          | Zoetis, Inc.                                                         |   | 70,140      |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 11,348,572  |
|                                                                                                                                                                                                    |     |   |                          | Life Sciences Tools & Services - 0.7%                            |   |        |
|                                                                                                                                                                                                    | 9,923    |   |                          | Agilent Technologies, Inc.                                           | $      | 416,468     |
|                                                                                                                                                                                                    | 12,339   |   |                          | Thermo Fisher Scientific, Inc.                                       |   | 943,810     |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 1,360,278   |
|                                                                                                                                                                                                    |     |   |                          | Total Pharmaceuticals, Biotechnology & Life Sciences             | $      | 18,923,666  |
|                                                                                                                                                                                                    |     |   |                          | Banks - 5.2%                                                         |   |        |
|                                                                                                                                                                                                    |     |   |                          | Diversified Banks - 3.6%                                             |   |        |
|                                                                                                                                                                                                    | 11,000   |   |                          | Canadian Imperial Bank of Commerce                                   | $      | 862,210     |
|                                                                                                                                                                                                    | 73,600   |   |                          | US Bancorp                                                           |   | 2,497,248   |
|                                                                                                                                                                                                    | 114,975  |   |                          | Wells Fargo & Co.                                                |   | 4,252,925   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 7,612,383   |
|                                                                                                                                                                                                    |     |   |                          | Regional Banks - 1.6%                                                |   |        |
|                                                                                                                                                                                                    | 52,384   |   |                          | PNC Financial Services Group, Inc.                                   | $      | 3,483,536   |
|                                                                                                                                                                                                    |     |   |                          | Total Banks                                                          | $      | 11,095,919  |
|                                                                                                                                                                                                    |     |   |                          | Diversified Financials - 6.6%                                        |   |        |
|                                                                                                                                                                                                    |     |   |                          | Other Diversified Financial Services - 2.7%                          |   |        |
|                                                                                                                                                                                                    | 103,183  |   |                          | Bank of America Corp.                                                | $      | 1,256,769   |
|                                                                                                                                                                                                    | 61,203   |   |                          | Citigroup, Inc.                                                      |   | 2,707,621   |
|                                                                                                                                                                                                    | 38,348   |   |                          | JPMorgan Chase & Co.                                             |   | 1,819,996   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 5,784,386   |
|                                                                                                                                                                                                    |     |   |                          | Consumer Finance - 1.3%                                              |   |        |
|                                                                                                                                                                                                    | 18,504   |   |                          | American Express Co.                                                 | $      | 1,248,280   |
|                                                                                                                                                                                                    | 33,109   |   |                          | Discover Financial Services                                          |   | 1,484,608   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 2,732,888   |
|                                                                                                                                                                                                    |     |   |                          | Asset Management & Custody Banks - 2.2%                          |   |        |
|                                                                                                                                                                                                    | 11,106   |   |                          | Franklin Resources, Inc.                                             | $      | 1,674,896   |
|                                                                                                                                                                                                    | 31,799   |   |                          | Invesco, Ltd.                                                        |   | 920,899     |
|                                                                                                                                                                                                    | 28,955   |   |                          | T. Rowe Price Group, Inc.                                            |   | 2,167,861   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 4,763,656   |
|                                                                                                                                                                                                    |     |   |                          | Investment Banking & Brokerage - 0.4%                            |   |        |
|                                                                                                                                                                                                    | 5,300    |   |                          | The Goldman Sachs Group, Inc.                                        | $      | 779,895     |
|                                                                                                                                                                                                    |     |   |                          | Total Diversified Financials                                         | $      | 14,060,825  |
|                                                                                                                                                                                                    |     |   |                          | Insurance - 3.2%                                                     |   |        |
|                                                                                                                                                                                                    |     |   |                          | Life & Health Insurance - 0.7%                                   |   |        |
|                                                                                                                                                                                                    | 28,489   |   |                          | Aflac, Inc.                                                          | $      | 1,481,998   |
|                                                                                                                                                                                                    |     |   |                          | Property & Casualty Insurance - 2.5%                             |   |        |
|                                                                                                                                                                                                    | 42,787   |   |                          | The Chubb Corp.                                                      | $      | 3,745,146   |
|                                                                                                                                                                                                    | 19,915   |   |                          | The Travelers Companies, Inc.                                        |   | 1,676,644   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 5,421,790   |
|                                                                                                                                                                                                    |     |   |                          | Total Insurance                                                      | $      | 6,903,788   |
|                                                                                                                                                                                                    |     |   |                          | Software & Services - 10.2%                                      |   |        |
|                                                                                                                                                                                                    |     |   |                          | Internet Software & Services - 1.8%                              |   |        |
|                                                                                                                                                                                                    | 25,830   |   |                          | eBay, Inc. *                                                         | $      | 1,400,503   |
|                                                                                                                                                                                                    | 29,835   |   |                          | Facebook, Inc. *                                                     |   | 763,179     |
|                                                                                                                                                                                                    | 2,067    |   |                          | Google, Inc. *                                                       |   | 1,641,260   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 3,804,942   |
|                                                                                                                                                                                                    |     |   |                          | IT Consulting & Other Services - 1.2%                            |   |        |
|                                                                                                                                                                                                    | 12,459   |   |                          | International Business Machines Corp.                                | $      | 2,657,505   |
|                                                                                                                                                                                                    |     |   |                          | Data Processing & Outsourced Services - 3.0%                     |   |        |
|                                                                                                                                                                                                    | 35,066   |   |                          | Automatic Data Processing, Inc.                                      | $      | 2,279,991   |
|                                                                                                                                                                                                    | 14,970   |   |                          | DST Systems, Inc.                                                    |   | 1,066,912   |
|                                                                                                                                                                                                    | 14,591   |   |                          | Fiserv, Inc. *                                                       |   | 1,281,528   |
|                                                                                                                                                                                                    | 1,454    |   |                          | Mastercard, Inc.                                                     |   | 786,803     |
|                                                                                                                                                                                                    | 5,472    |   |                          | Visa, Inc.                                                           |   | 929,364     |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 6,344,598   |
|                                                                                                                                                                                                    |     |   |                          | Application Software - 1.0%                                          |   |        |
|                                                                                                                                                                                                    | 35,335   |   |                          | Adobe Systems, Inc. *                                                | $      | 1,537,426   |
|                                                                                                                                                                                                    | 29,492   |   |                          | Nuance Communications, Inc. *                                        |   | 595,149     |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 2,132,575   |
|                                                                                                                                                                                                    |     |   |                          | Systems Software - 3.2%                                              |   |        |
|                                                                                                                                                                                                    | 128,382  |   |                          | Microsoft Corp.                                                      | $      | 3,673,009   |
|                                                                                                                                                                                                    | 55,435   |   |                          | Oracle Corp.                                                         |   | 1,792,768   |
|                                                                                                                                                                                                    | 57,180   |   |                          | Symantec Corp.                                                       |   | 1,411,202   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 6,876,979   |
|                                                                                                                                                                                                    |     |   |                          | Total Software & Services                                        | $      | 21,816,599  |
|                                                                                                                                                                                                    |     |   |                          | Technology Hardware & Equipment - 3.7%                           |   |        |
|                                                                                                                                                                                                    |     |   |                          | Communications Equipment - 1.3%                                      |   |        |
|                                                                                                                                                                                                    | 68,739   |   |                          | Cisco Systems, Inc.                                                  | $      | 1,437,332   |
|                                                                                                                                                                                                    | 5,594    |   |                          | F5 Networks, Inc. *                                                  |   | 498,314     |
|                                                                                                                                                                                                    | 12,178   |   |                          | Motorola Solutions, Inc.                                             |   | 779,757     |
|                                                                                                                                                                                                    | 71       |   |                          | Palo Alto Networks, Inc. *                                           |   | 4,019       |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 2,719,422   |
|                                                                                                                                                                                                    |     |   |                          | Computer Hardware - 1.9%                                             |   |        |
|                                                                                                                                                                                                    | 9,049    |   |                          | Apple, Inc.                                                          | $      | 4,005,359   |
|                                                                                                                                                                                                    |     |   |                          | Computer Storage & Peripherals - 0.5%                            |   |        |
|                                                                                                                                                                                                    | 32,537   |   |                          | EMC Corp. *                                                          | $      | 777,309     |
|                                                                                                                                                                                                    | 6,730    |   |                          | SanDisk Corp. *                                                      |   | 370,150     |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 1,147,459   |
|                                                                                                                                                                                                    |     |   |                          | Total Technology Hardware & Equipment                            | $      | 7,872,240   |
|                                                                                                                                                                                                    |     |   |                          | Semiconductors & Semiconductor Equipment - 3.2%                  |   |        |
|                                                                                                                                                                                                    |     |   |                          | Semiconductor Equipment - 0.4%                                       |   |        |
|                                                                                                                                                                                                    | 11,856   |   |                          | ASML Holding NV (A.D.R.)                                             | $      | 806,327     |
|                                                                                                                                                                                                    |     |   |                          | Semiconductors - 2.8%                                                |   |        |
|                                                                                                                                                                                                    | 14,729   |   |                          | Altera Corp.                                                         | $      | 522,438     |
|                                                                                                                                                                                                    | 57,605   |   |                          | Analog Devices, Inc.                                                 |   | 2,678,056   |
|                                                                                                                                                                                                    | 35,032   |   |                          | Intel Corp.                                                          |   | 765,449     |
|                                                                                                                                                                                                    | 17,258   |   |                          | Maxim Integrated Products, Inc.                                      |   | 563,474     |
|                                                                                                                                                                                                    | 40,265   |   |                          | Xilinx, Inc.                                                         |   | 1,536,915   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 6,066,332   |
|                                                                                                                                                                                                    |     |   |                          | Total Semiconductors & Semiconductor Equipment                   | $      | 6,872,659   |
|                                                                                                                                                                                                    |     |   |                          | Telecommunication Services - 0.8%                                    |   |        |
|                                                                                                                                                                                                    |     |   |                          | Integrated Telecommunication Services - 0.8%                         |   |        |
|                                                                                                                                                                                                    | 5,966    |   |                          | AT&T, Inc.                                                       | $      | 218,893     |
|                                                                                                                                                                                                    | 31,660   |   |                          | Verizon Communications, Inc.                                         |   | 1,556,089   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 | $      | 1,774,982   |
|                                                                                                                                                                                                    |     |   |                          | Total Telecommunication Services                                     | $      | 1,774,982   |
|                                                                                                                                                                                                    |     |   |                          | Utilities - 0.4%                                                     |   |        |
|                                                                                                                                                                                                    |     |   |                          | Electric Utilities - 0.4%                                            |   |        |
|                                                                                                                                                                                                    | 15,391   |   |                          | American Electric Power Co., Inc.                                    | $      | 748,464     |
|                                                                                                                                                                                                    |     |   |                          | Total Utilities                                                      | $      | 748,464     |
|                                                                                                                                                                                                    |     |   |                          | TOTAL COMMON STOCKS                                                  |   |        |
|                                                                                                                                                                                                    |     |   |                          | (Cost $146,465,440)                                                  | $      | 213,110,863 |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
|                                                                                                                                                                                                    |     |   |                          | TOTAL INVESTMENT IN SECURITIES - 99.9%                               |   |        |
|                                                                                                                                                                                                    |     |   |                          | (Cost $146,465,440) (a)                                              | $      | 213,110,863 |
|                                                                                                                                                                                                    |     |   |                          | OTHER ASSETS & LIABILITIES - 0.1%                                | $      | 135,327     |
|                                                                                                                                                                                                    |     |   |                          | TOTAL NET ASSETS - 100.0%                                            | $      | 213,246,190 |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
|                                                                                                                                                                                                    | *        |   |                          | Non-income producing security.                                       |   |        |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
|                                                                                                                                                                                                    | (A.D.R.) |   | American Depositary Receipts. |                                                                 |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
|                                                                                                                                                                                                    | (a)      |   |                          | At March 28, 2013, the net unrealized gain on investments based on   |   |        |
|                                                                                                                                                                                                    |     |   |                          | cost for federal income tax purposes of $147,253,080 was as follows: |   |        |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
|                                                                                                                                                                                                    |     |   |                          | Aggregate gross unrealized gain for all investments in which         |   |        |
|                                                                                                                                                                                                    |     |   |                          | there is an excess of value over tax cost                            | $      | 67,006,870  |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
|                                                                                                                                                                                                    |     |   |                          | Aggregate gross unrealized loss for all investments in which         |   |        |
|                                                                                                                                                                                                    |     |   |                          | there is an excess of tax cost over value                            |   | (1,149,087) |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
|                                                                                                                                                                                                    |     |   |                          | Net unrealized gain                                                  | $      | 65,857,783  |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
| Various inputs are used in determining the value of the Portfolio'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.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                       |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
| 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.  See Notes to Financial Statements - Note 1A.                                               |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |
| The following is a summary of the inputs used as of March 28, 2013, in valuing the Portfolio's investments:                                                                                             |
|                                                                                                                                                                                                    |     |   |                          |                                                                 |   |        |

|                                                                                     |   | Level 1 |        |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                            |   | $       | 213,110,863 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 213,110,863 |   |
| Total                                                                                    |   | $       | 213,110,863 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 213,110,863 |   |
|                                                                                     |   |    |        |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the year ended March 28, 2013, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |    |   |   |    |   |   |   |   |   |

|                                                                                                                                                            |     |   |   | Pioneer Fundamental Value VCT Portfolio                              |   |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------|--------|----------------------------------------------------------------------|--------|-------------|
|                                                                                                                                                            |     |   |   | Schedule of Investments 3/31/13 (unaudited)                          |   |        |
|                                                                                                                                                            |     |   |   |                                                                 |   |        |
|                                                                                                                                                            | Shares   |   |   |                                                                 |   | Value       |
|                                                                                                                                                            |     |   |   | COMMON STOCKS - 98.1%                                                |   |        |
|                                                                                                                                                            |     |   |   | Energy - 21.3%                                                       |   |        |
|                                                                                                                                                            |     |   |   | Oil & Gas Drilling - 2.0%                                        |   |        |
|                                                                                                                                                            | 75,487   |   |   | Ensco Plc                                                            | $      | 4,529,220   |
|                                                                                                                                                            |     |   |   | Oil & Gas Equipment & Services - 2.2%                        |   |        |
|                                                                                                                                                            | 124,200  |   |   | Halliburton Co.                                                      | $      | 5,018,922   |
|                                                                                                                                                            |     |   |   | Integrated Oil & Gas - 9.9%                                      |   |        |
|                                                                                                                                                            | 152,854  |   |   | BP Plc (A.D.R.)                                                      | $      | 6,473,367   |
|                                                                                                                                                            | 89,951   |   |   | Chevron Corp.                                                        |   | 10,687,978  |
|                                                                                                                                                            | 63,330   |   |   | Occidental Petroleum Corp.                                           |   | 4,963,172   |
|                                                                                                                                                            |     |   |   |                                                                 | $      | 22,124,517  |
|                                                                                                                                                            |     |   |   | Oil & Gas Exploration & Production - 3.5%                    |   |        |
|                                                                                                                                                            | 26,632   |   |   | Apache Corp.                                                         | $      | 2,054,925   |
|                                                                                                                                                            | 175,514  |   |   | Marathon Oil Corp.                                                   |   | 5,918,332   |
|                                                                                                                                                            |     |   |   |                                                                 | $      | 7,973,257   |
|                                                                                                                                                            |     |   |   | Oil & Gas Refining & Marketing - 3.7%                        |   |        |
|                                                                                                                                                            | 92,412   |   |   | Marathon Petroleum Corp. *                                           | $      | 8,280,115   |
|                                                                                                                                                            |     |   |   | Total Energy                                                         | $      | 47,926,031  |
|                                                                                                                                                            |     |   |   | Materials - 3.2%                                                     |   |        |
|                                                                                                                                                            |     |   |   | Commodity Chemicals - 2.0%                                           |   |        |
|                                                                                                                                                            | 69,649   |   |   | LyondellBasell Industries NV                                         | $      | 4,408,085   |
|                                                                                                                                                            |     |   |   | Fertilizers & Agricultural Chemicals - 1.2%                      |   |        |
|                                                                                                                                                            | 46,397   |   |   | The Mosaic Co.                                                       | $      | 2,765,725   |
|                                                                                                                                                            |     |   |   | Total Materials                                                      | $      | 7,173,810   |
|                                                                                                                                                            |     |   |   | Capital Goods - 8.1%                                                 |   |        |
|                                                                                                                                                            |     |   |   | Aerospace & Defense - 3.6%                                       |   |        |
|                                                                                                                                                            | 42,300   |   |   | Raytheon Co.                                                         | $      | 2,486,817   |
|                                                                                                                                                            | 59,101   |   |   | United Technologies Corp.                                            |   | 5,521,806   |
|                                                                                                                                                            |     |   |   |                                                                 | $      | 8,008,623   |
|                                                                                                                                                            |     |   |   | Industrial Conglomerates - 2.5%                                      |   |        |
|                                                                                                                                                            | 246,600  |   |   | General Electric Co.                                                 | $      | 5,701,392   |
|                                                                                                                                                            |     |   |   | Construction & Farm Machinery & Heavy Trucks - 2.0%          |   |        |
|                                                                                                                                                            | 38,722   |   |   | Cummins, Inc.                                                        | $      | 4,484,395   |
|                                                                                                                                                            |     |   |   | Total Capital Goods                                                  | $      | 18,194,410  |
|                                                                                                                                                            |     |   |   | Transportation - 1.9%                                                |   |        |
|                                                                                                                                                            |     |   |   | Railroads - 1.9%                                                     |   |        |
|                                                                                                                                                            | 170,857  |   |   | CSX Corp.                                                            | $      | 4,208,208   |
|                                                                                                                                                            |     |   |   | Total Transportation                                                 | $      | 4,208,208   |
|                                                                                                                                                            |     |   |   | Media - 1.9%                                                         |   |        |
|                                                                                                                                                            |     |   |   | Movies & Entertainment - 1.9%                                    |   |        |
|                                                                                                                                                            | 75,200   |   |   | Time Warner, Inc.                                                    | $      | 4,333,024   |
|                                                                                                                                                            |     |   |   | Total Media                                                          | $      | 4,333,024   |
|                                                                                                                                                            |     |   |   | Retailing - 2.2%                                                     |   |        |
|                                                                                                                                                            |     |   |   | Department Stores - 2.2%                                             |   |        |
|                                                                                                                                                            | 116,721  |   |   | Macy's, Inc.                                                         | $      | 4,883,607   |
|                                                                                                                                                            |     |   |   | Total Retailing                                                      | $      | 4,883,607   |
|                                                                                                                                                            |     |   |   | Food, Beverage & Tobacco - 1.1%                                  |   |        |
|                                                                                                                                                            |     |   |   | Soft Drinks - 1.1%                                                   |   |        |
|                                                                                                                                                            | 68,300   |   |   | Coca-Cola Enterprises, Inc.                                          | $      | 2,521,636   |
|                                                                                                                                                            |     |   |   | Total Food, Beverage & Tobacco                                   | $      | 2,521,636   |
|                                                                                                                                                            |     |   |   | Health Care Equipment & Services - 7.1%                          |   |        |
|                                                                                                                                                            |     |   |   | Health Care Equipment - 3.3%                                         |   |        |
|                                                                                                                                                            | 108,677  |   |   | Covidien Plc                                                         | $      | 7,372,648   |
|                                                                                                                                                            |     |   |   | Managed Health Care - 3.8%                                           |   |        |
|                                                                                                                                                            | 84,563   |   |   | Aetna, Inc.                                                          | $      | 4,322,861   |
|                                                                                                                                                            | 74,440   |   |   | UnitedHealth Group, Inc.                                             |   | 4,258,712   |
|                                                                                                                                                            |     |   |   |                                                                 | $      | 8,581,573   |
|                                                                                                                                                            |     |   |   | Total Health Care Equipment & Services                           | $      | 15,954,221  |
|                                                                                                                                                            |     |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 13.4%           |   |        |
|                                                                                                                                                            |     |   |   | Pharmaceuticals - 13.4%                                              |   |        |
|                                                                                                                                                            | 43,800   |   |   | AstraZeneca Plc (A.D.R.)                                             | $      | 2,189,124   |
|                                                                                                                                                            | 95,249   |   |   | Johnson & Johnson                                                |   | 7,765,651   |
|                                                                                                                                                            | 203,780  |   |   | Merck & Co., Inc.                                                |   | 9,013,189   |
|                                                                                                                                                            | 381,806  |   |   | Pfizer, Inc.                                                         |   | 11,018,921  |
|                                                                                                                                                            |     |   |   |                                                                 | $      | 29,986,885  |
|                                                                                                                                                            |     |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences             | $      | 29,986,885  |
|                                                                                                                                                            |     |   |   | Banks - 7.6%                                                         |   |        |
|                                                                                                                                                            |     |   |   | Diversified Banks - 4.5%                                             |   |        |
|                                                                                                                                                            | 271,318  |   |   | Wells Fargo & Co.                                                | $      | 10,036,053  |
|                                                                                                                                                            |     |   |   | Regional Banks - 3.1%                                                |   |        |
|                                                                                                                                                            | 68,640   |   |   | PNC Financial Services Group, Inc.                                   | $      | 4,564,560   |
|                                                                                                                                                            | 295,800  |   |   | Regions Financial Corp.                                              |   | 2,422,602   |
|                                                                                                                                                            |     |   |   |                                                                 | $      | 6,987,162   |
|                                                                                                                                                            |     |   |   | Total Banks                                                          | $      | 17,023,215  |
|                                                                                                                                                            |     |   |   | Diversified Financials - 13.9%                                       |   |        |
|                                                                                                                                                            |     |   |   | Other Diversified Financial Services - 8.0%                          |   |        |
|                                                                                                                                                            | 216,353  |   |   | Citigroup, Inc.                                                      | $      | 9,571,457   |
|                                                                                                                                                            | 177,158  |   |   | JPMorgan Chase & Co.                                             |   | 8,407,919   |
|                                                                                                                                                            |     |   |   |                                                                 | $      | 17,979,376  |
|                                                                                                                                                            |     |   |   | Consumer Finance - 2.6%                                              |   |        |
|                                                                                                                                                            | 129,489  |   |   | Discover Financial Services                                          | $      | 5,806,287   |
|                                                                                                                                                            |     |   |   | Investment Banking & Brokerage - 3.3%                            |   |        |
|                                                                                                                                                            | 50,815   |   |   | The Goldman Sachs Group, Inc.                                        | $      | 7,477,427   |
|                                                                                                                                                            |     |   |   | Total Diversified Financials                                         | $      | 31,263,090  |
|                                                                                                                                                            |     |   |   | Insurance - 6.3%                                                     |   |        |
|                                                                                                                                                            |     |   |   | Life & Health Insurance - 1.2%                                   |   |        |
|                                                                                                                                                            | 69,300   |   |   | MetLife, Inc.                                                        | $      | 2,634,786   |
|                                                                                                                                                            |     |   |   | Property & Casualty Insurance - 5.1%                             |   |        |
|                                                                                                                                                            | 61,005   |   |   | ACE, Ltd.                                                            | $      | 5,427,615   |
|                                                                                                                                                            | 122,165  |   |   | The Allstate Corp.                                                   |   | 5,994,637   |
|                                                                                                                                                            |     |   |   |                                                                 | $      | 11,422,252  |
|                                                                                                                                                            |     |   |   | Total Insurance                                                      | $      | 14,057,038  |
|                                                                                                                                                            |     |   |   | Software & Services - 4.6%                                       |   |        |
|                                                                                                                                                            |     |   |   | Systems Software - 4.6%                                              |   |        |
|                                                                                                                                                            | 202,973  |   |   | Microsoft Corp.                                                      | $      | 5,807,058   |
|                                                                                                                                                            | 142,845  |   |   | Oracle Corp.                                                         |   | 4,619,607   |
|                                                                                                                                                            |     |   |   |                                                                 | $      | 10,426,665  |
|                                                                                                                                                            |     |   |   | Total Software & Services                                        | $      | 10,426,665  |
|                                                                                                                                                            |     |   |   | Technology Hardware & Equipment - 2.3%                           |   |        |
|                                                                                                                                                            |     |   |   | Communications Equipment - 2.3%                                      |   |        |
|                                                                                                                                                            | 242,777  |   |   | Cisco Systems, Inc.                                                  | $      | 5,076,467   |
|                                                                                                                                                            |     |   |   | Total Technology Hardware & Equipment                            | $      | 5,076,467   |
|                                                                                                                                                            |     |   |   | Semiconductors & Semiconductor Equipment - 1.1%                  |   |        |
|                                                                                                                                                            |     |   |   | Semiconductors - 1.1%                                                |   |        |
|                                                                                                                                                            | 113,012  |   |   | Intel Corp.                                                          | $      | 2,469,312   |
|                                                                                                                                                            |     |   |   | Total Semiconductors & Semiconductor Equipment                   | $      | 2,469,312   |
|                                                                                                                                                            |     |   |   | Telecommunication Services - 2.1%                                    |   |        |
|                                                                                                                                                            |     |   |   | Wireless Telecommunication Services - 2.1%                           |   |        |
|                                                                                                                                                            | 163,264  |   |   | Vodafone Group Plc (A.D.R.)                                          | $      | 4,638,330   |
|                                                                                                                                                            |     |   |   | Total Telecommunication Services                                     | $      | 4,638,330   |
|                                                                                                                                                            |     |   |   | TOTAL COMMON STOCKS                                                  |   |        |
|                                                                                                                                                            |     |   |   | (Cost $188,427,491)                                                  | $      | 220,135,949 |
|                                                                                                                                                            |     |   |   |                                                                 |   |        |
|                                                                                                                                                            |     |   |   | TOTAL INVESTMENT IN SECURITIES - 98.1%                               | $      | 220,135,949 |
|                                                                                                                                                            |     |   |   | (Cost $188,427,491) (a)                                              |   |        |
|                                                                                                                                                            |     |   |   | OTHER ASSETS & LIABILITIES - 1.9%                                | $      | 4,233,719   |
|                                                                                                                                                            |     |   |   | TOTAL NET ASSETS - 100.0%                                            | $      | 224,369,668 |
|                                                                                                                                                            |     |   |   |                                                                 |   |        |
|                                                                                                                                                            | *        |   |   | Non-income producing security.                                       |   |        |
|                                                                                                                                                            |     |   |   |                                                                 |   |        |
|                                                                                                                                                            | (A.D.R.) |   |   | American Depositary Receipts.                                        |   |        |
|                                                                                                                                                            |     |   |   |                                                                 |   |        |
|                                                                                                                                                            | (a)      |   |   | At March 31, 2013, the net unrealized gain on investments based on   |   |        |
|                                                                                                                                                            |     |   |   | cost for federal income tax purposes of $188,906,093 was as follows: |   |        |
|                                                                                                                                                            |     |   |   |                                                                 |   |        |
|                                                                                                                                                            |     |   |   | Aggregate gross unrealized gain for all investments in which         |   |        |
|                                                                                                                                                            |     |   |   | there is an excess of value over tax cost                            | $      | 34,461,599  |
|                                                                                                                                                            |     |   |   |                                                                 |   |        |
|                                                                                                                                                            |     |   |   | Aggregate gross unrealized loss for all investments in which         |   |        |
|                                                                                                                                                            |     |   |   | there is an excess of tax cost over value                            |   | (3,231,743) |
|                                                                                                                                                            |     |   |   |                                                                 |   |        |
|                                                                                                                                                            |     |   |   | Net unrealized gain                                                  | $      | 31,229,856  |
|                                                                                                                                                            |     |   |   |                                                                 |   |        |
| Various inputs are used in determining the value of the Portfolio'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.)      |
| See Notes to Financial Statements - Note 1A.                                                                                                                    |     |   |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments)                            |
| See Notes to Financial Statements - Note 1A.                                                                                                                    |     |   |
|                                                                                                                                                            |     |   |   |                                                                 |   |        |
| 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.  See Notes to Financial Statements - Note 1A.       |
|                                                                                                                                                            |     |   |   |                                                                 |   |        |
| The following is a summary of the inputs used as of March 31, 2013, in valuing the Portfolio's investments:                                                     |     |   |

|          |   | Level 1 |        |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|---------------|--------|---------|-------------|--------|---------|--------|--------|---------|--------|--------|-------|--------|
| Common Stocks |   | $       | 220,135,949 |   |    | $      | -      |    |   | $      | -     |   |   | $ | 220,135,949 |   |
| Total         |   | $       | 220,135,949 |   |    | $      | -      |    |   | $      | -     |   |   | $ | 220,135,949 |   |

|                                                                                                                                                                                                    |     |   |   | Pioneer Equity Income VCT Portfolio                                  |   |        |   |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------|--------|----------------------------------------------------------------------|--------|-------------|--------|--------|--------|
|                                                                                                                                                                                                    |     |   |   | Schedule of Investments 3/31/13 (unaudited)                          |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 |   |        |   |   |   |
|                                                                                                                                                                                                    | Shares   |   |   |                                                                 |   | Value       |   |   |   |
|                                                                                                                                                                                                    |     |   |   | COMMON STOCKS - 99.1%                                                |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Energy - 5.6%                                                        |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Integrated Oil & Gas - 0.5%                                      |   |        |   |   |   |
|                                                                                                                                                                                                    | 7,071    |   |   | Chevron Corp.                                                        | $      | 840,176     |   |   |   |
|                                                                                                                                                                                                    | 2,012    |   |   | Exxon Mobil Corp.                                                    |   | 181,301     |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 1,021,477   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Oil & Gas Exploration & Production - 2.3%                    |   |        |   |   |   |
|                                                                                                                                                                                                    | 16,102   |   |   | ConocoPhillips                                                       | $      | 967,730     |   |   |   |
|                                                                                                                                                                                                    | 60,795   |   |   | Marathon Oil Corp.                                                   |   | 2,050,007   |   |   |   |
|                                                                                                                                                                                                    | 44,625   |   |   | QEP Resources, Inc.                                                  |   | 1,420,860   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 4,438,597   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Oil & Gas Refining & Marketing - 1.7%                        |   |        |   |   |   |
|                                                                                                                                                                                                    | 35,837   |   |   | Marathon Petroleum Corp.                                             | $      | 3,210,995   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Oil & Gas Storage & Transportation - 1.1%                    |   |        |   |   |   |
|                                                                                                                                                                                                    | 69,932   |   |   | Spectra Energy Corp.                                                 | $      | 2,150,409   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Energy                                                         | $      | 10,821,478  |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Materials - 8.5%                                                     |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Commodity Chemicals - 0.8%                                           |   |        |   |   |   |
|                                                                                                                                                                                                    | 23,862   |   |   | LyondellBasell Industries NV                                         | $      | 1,510,226   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Specialty Chemicals - 4.4%                                           |   |        |   |   |   |
|                                                                                                                                                                                                    | 700      |   |   | Givaudan SA                                                          | $      | 860,154     |   |   |   |
|                                                                                                                                                                                                    | 26,980   |   |   | Johnson Matthey Plc                                                  |   | 942,507     |   |   |   |
|                                                                                                                                                                                                    | 107,863  |   |   | Valspar Corp.                                                        |   | 6,714,473   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 8,517,134   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Paper Packaging - 1.1%                                               |   |        |   |   |   |
|                                                                                                                                                                                                    | 99,314   |   |   | Boise, Inc.                                                          | $      | 860,059     |   |   |   |
|                                                                                                                                                                                                    | 33,731   |   |   | Sonoco Products Co.                                                  |   | 1,180,248   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 2,040,307   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Diversified Metals & Mining - 1.4%                               |   |        |   |   |   |
|                                                                                                                                                                                                    | 35,140   |   |   | Compass Minerals International, Inc.                                 | $      | 2,772,546   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Paper Products - 0.8%                                                |   |        |   |   |   |
|                                                                                                                                                                                                    | 30,819   |   |   | International Paper Co.                                              | $      | 1,435,549   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Materials                                                      | $      | 16,275,762  |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Capital Goods - 4.9%                                                 |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Aerospace & Defense - 1.1%                                       |   |        |   |   |   |
|                                                                                                                                                                                                    | 21,955   |   |   | United Technologies Corp.                                            | $      | 2,051,256   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Industrial Conglomerates - 1.6%                                      |   |        |   |   |   |
|                                                                                                                                                                                                    | 132,746  |   |   | General Electric Co.                                                 | $      | 3,069,088   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Construction & Farm Machinery & Heavy Trucks - 0.2%          |   |        |   |   |   |
|                                                                                                                                                                                                    | 8,200    |   |   | Joy Global, Inc.                                                     | $      | 488,064     |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Industrial Machinery - 2.0%                                          |   |        |   |   |   |
|                                                                                                                                                                                                    | 56,320   |   |   | Kaydon Corp.                                                         | $      | 1,440,666   |   |   |   |
|                                                                                                                                                                                                    | 77,728   |   |   | The Gorman-Rupp Co.                                                  |   | 2,335,726   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 3,776,392   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Capital Goods                                                  | $      | 9,384,800   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Commercial Services & Supplies - 2.1%                            |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Office Services & Supplies - 1.1%                                |   |        |   |   |   |
|                                                                                                                                                                                                    | 41,056   |   |   | Mine Safety Appliances Co.                                           | $      | 2,037,199   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Diversified Support Services - 1.0%                                  |   |        |   |   |   |
|                                                                                                                                                                                                    | 42,187   |   |   | G&K Services, Inc.                                               | $      | 1,919,930   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Commercial Services & Supplies                             | $      | 3,957,129   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Automobiles & Components - 1.0%                                  |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Auto Parts & Equipment - 0.2%                                    |   |        |   |   |   |
|                                                                                                                                                                                                    | 13,808   |   |   | Johnson Controls, Inc.                                               | $      | 484,247     |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Automobile Manufacturers - 0.8%                                      |   |        |   |   |   |
|                                                                                                                                                                                                    | 115,190  |   |   | Ford Motor Co.                                                       | $      | 1,514,748   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Automobiles & Components                                   | $      | 1,998,995   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Consumer Durables & Apparel - 0.8%                               |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Household Appliances - 0.7%                                          |   |        |   |   |   |
|                                                                                                                                                                                                    | 54,800   |   |   | Electrolux AB                                                        | $      | 1,395,878   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Apparel, Accessories & Luxury Goods - 0.1%                       |   |        |   |   |   |
|                                                                                                                                                                                                    | 4,200    |   |   | Coach, Inc.                                                          | $      | 209,958     |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Consumer Durables & Apparel                                | $      | 1,605,836   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Consumer Services - 1.7%                                             |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Leisure Facilities - 1.7%                                            |   |        |   |   |   |
|                                                                                                                                                                                                    | 81,427   |   |   | Cedar Fair LP                                                        | $      | 3,238,352   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Consumer Services                                              | $      | 3,238,352   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Media - 0.9%                                                         |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Movies & Entertainment - 0.6%                                    |   |        |   |   |   |
|                                                                                                                                                                                                    | 64,275   |   |   | Regal Entertainment Group                                            | $      | 1,071,464   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Publishing - 0.3%                                                    |   |        |   |   |   |
|                                                                                                                                                                                                    | 15,900   |   |   | John Wiley & Sons, Inc. (Class A)                                | $      | 619,464     |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Media                                                          | $      | 1,690,928   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Retailing - 1.8%                                                     |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Distributors - 1.0%                                                  |   |        |   |   |   |
|                                                                                                                                                                                                    | 25,381   |   |   | Genuine Parts Co.                                                    | $      | 1,979,718   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Home Improvement Retail - 0.8%                                       |   |        |   |   |   |
|                                                                                                                                                                                                    | 20,559   |   |   | The Home Depot, Inc.                                                 | $      | 1,434,607   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Retailing                                                      | $      | 3,414,325   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Food & Staples Retailing - 1.6%                                  |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Food Retail - 0.4%                                                   |   |        |   |   |   |
|                                                                                                                                                                                                    | 143,527  |   |   | J Sainsbury Plc                                                      | $      | 825,115     |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Hypermarkets & Super Centers - 1.2%                              |   |        |   |   |   |
|                                                                                                                                                                                                    | 30,838   |   |   | Wal-Mart Stores, Inc.                                                | $      | 2,307,608   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Food & Staples Retailing                                   | $      | 3,132,723   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Food, Beverage & Tobacco - 16.7%                                 |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Soft Drinks - 1.7%                                                   |   |        |   |   |   |
|                                                                                                                                                                                                    | 49,307   |   |   | Dr. Pepper Snapple Group, Inc.                                       | $      | 2,314,964   |   |   |   |
|                                                                                                                                                                                                    | 12,900   |   |   | PepsiCo, Inc.                                                        |   | 1,020,519   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 3,335,483   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Packaged Foods & Meats - 15.0%                                   |   |        |   |   |   |
|                                                                                                                                                                                                    | 59,335   |   |   | Campbell Soup Co.                                                    | $      | 2,691,436   |   |   |   |
|                                                                                                                                                                                                    | 316,225  |   |   | DE Master Blenders 1753 NV *                                         |   | 4,885,647   |   |   |   |
|                                                                                                                                                                                                    | 63,183   |   |   | Hillshire Brands Co.                                                 |   | 2,220,882   |   |   |   |
|                                                                                                                                                                                                    | 60,970   |   |   | HJ Heinz Co.                                                         |   | 4,406,302   |   |   |   |
|                                                                                                                                                                                                    | 28,387   |   |   | Kellogg Co.                                                          |   | 1,828,974   |   |   |   |
|                                                                                                                                                                                                    | 46,248   |   |   | Kraft Foods Group, Inc.                                              |   | 2,383,159   |   |   |   |
|                                                                                                                                                                                                    | 14,256   |   |   | McCormick & Co., Inc.                                            |   | 1,048,529   |   |   |   |
|                                                                                                                                                                                                    | 107,606  |   |   | Mondelez International, Inc.                                         |   | 3,293,820   |   |   |   |
|                                                                                                                                                                                                    | 48,160   |   |   | The Hershey Co.                                                      |   | 4,215,445   |   |   |   |
|                                                                                                                                                                                                    | 44,807   |   |   | Unilever NV (A.D.R.)                                                 |   | 1,837,087   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 28,811,281  |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Food, Beverage & Tobacco                                   | $      | 32,146,764  |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Household & Personal Products - 3.5%                             |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Household Products - 3.5%                                            |   |        |   |   |   |
|                                                                                                                                                                                                    | 33,416   |   |   | Kimberly-Clark Corp.                                                 | $      | 3,274,100   |   |   |   |
|                                                                                                                                                                                                    | 31,472   |   |   | The Clorox Co.                                                       |   | 2,786,216   |   |   |   |
|                                                                                                                                                                                                    | 7,405    |   |   | The Procter & Gamble Co.                                         |   | 570,629     |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 6,630,945   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Household & Personal Products                              | $      | 6,630,945   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Health Care Equipment & Services - 5.5%                          |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Health Care Equipment - 4.4%                                         |   |        |   |   |   |
|                                                                                                                                                                                                    | 43,361   |   |   | Abbott Laboratories                                                  | $      | 1,531,511   |   |   |   |
|                                                                                                                                                                                                    | 35,400   |   |   | Becton Dickinson and Co.                                             |   | 3,384,594   |   |   |   |
|                                                                                                                                                                                                    | 39,336   |   |   | Medtronic, Inc.                                                      |   | 1,847,219   |   |   |   |
|                                                                                                                                                                                                    | 139,813  |   |   | Smith & Nephew Plc                                               |   | 1,613,898   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 8,377,222   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Health Care Distributors - 1.1%                                      |   |        |   |   |   |
|                                                                                                                                                                                                    | 68,406   |   |   | Owens & Minor, Inc.                                              | $      | 2,227,299   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Health Care Equipment & Services                           | $      | 10,604,521  |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 6.6%            |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Pharmaceuticals - 6.6%                                               |   |        |   |   |   |
|                                                                                                                                                                                                    | 43,361   |   |   | AbbVie, Inc.                                                         | $      | 1,768,262   |   |   |   |
|                                                                                                                                                                                                    | 14,500   |   |   | AstraZeneca Plc (A.D.R.)                                             |   | 724,710     |   |   |   |
|                                                                                                                                                                                                    | 36,722   |   |   | Eli Lilly & Co.                                                  |   | 2,085,442   |   |   |   |
|                                                                                                                                                                                                    | 34,217   |   |   | Johnson & Johnson                                                |   | 2,789,712   |   |   |   |
|                                                                                                                                                                                                    | 49,098   |   |   | Merck & Co., Inc.                                                |   | 2,171,605   |   |   |   |
|                                                                                                                                                                                                    | 10,400   |   |   | Novartis AG (A.D.R.)                                                 |   | 740,896     |   |   |   |
|                                                                                                                                                                                                    | 78,573   |   |   | Pfizer, Inc.                                                         |   | 2,267,617   |   |   |   |
|                                                                                                                                                                                                    | 2,000    |   |   | Zoetis, Inc.                                                         |   | 66,800      |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 12,615,044  |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences             | $      | 12,615,044  |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Banks - 9.9%                                                         |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Diversified Banks - 7.8%                                             |   |        |   |   |   |
|                                                                                                                                                                                                    | 31,074   |   |   | Bank of Montreal                                                     | $      | 1,956,108   |   |   |   |
|                                                                                                                                                                                                    | 37,860   |   |   | Canadian Imperial Bank of Commerce                                   |   | 2,967,571   |   |   |   |
|                                                                                                                                                                                                    | 139,300  |   |   | Swedbank AB                                                          |   | 3,171,624   |   |   |   |
|                                                                                                                                                                                                    | 104,781  |   |   | US Bancorp                                                           |   | 3,555,219   |   |   |   |
|                                                                                                                                                                                                    | 87,453   |   |   | Wells Fargo & Co.                                                |   | 3,234,886   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 14,885,408  |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Regional Banks - 1.0%                                                |   |        |   |   |   |
|                                                                                                                                                                                                    | 30,248   |   |   | PNC Financial Services Group, Inc.                                   | $      | 2,011,492   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Thrifts & Mortgage Finance - 1.1%                                |   |        |   |   |   |
|                                                                                                                                                                                                    | 145,279  |   |   | New York Community Bancorp, Inc.                                     | $      | 2,084,754   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Banks                                                          | $      | 18,981,654  |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Diversified Financials - 3.0%                                        |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Other Diversified Financial Services - 1.0%                          |   |        |   |   |   |
|                                                                                                                                                                                                    | 103,182  |   |   | Bank of America Corp.                                                | $      | 1,256,757   |   |   |   |
|                                                                                                                                                                                                    | 16,473   |   |   | Citigroup, Inc.                                                      |   | 728,766     |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 1,985,523   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Asset Management & Custody Banks - 2.0%                          |   |        |   |   |   |
|                                                                                                                                                                                                    | 59,720   |   |   | Ares Capital Corp.                                                   | $      | 1,080,932   |   |   |   |
|                                                                                                                                                                                                    | 57,488   |   |   | Federated Investors, Inc. (Class B)                                  |   | 1,360,741   |   |   |   |
|                                                                                                                                                                                                    | 17,491   |   |   | T. Rowe Price Group, Inc.                                            |   | 1,309,551   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 3,751,224   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Diversified Financials                                         | $      | 5,736,747   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Insurance - 3.5%                                                     |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Life & Health Insurance - 0.4%                                   |   |        |   |   |   |
|                                                                                                                                                                                                    | 17,100   |   |   | Aflac, Inc.                                                          | $      | 889,542     |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Property & Casualty Insurance - 3.1%                             |   |        |   |   |   |
|                                                                                                                                                                                                    | 20,400   |   |   | The Allstate Corp.                                                   | $      | 1,001,028   |   |   |   |
|                                                                                                                                                                                                    | 26,139   |   |   | The Chubb Corp.                                                      |   | 2,287,947   |   |   |   |
|                                                                                                                                                                                                    | 30,981   |   |   | The Travelers Companies, Inc.                                        |   | 2,608,290   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 5,897,265   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Insurance                                                      | $      | 6,786,807   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Real Estate - 0.9%                                                   |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Mortgage REIT - 0.3%                                                 |   |        |   |   |   |
|                                                                                                                                                                                                    | 34,463   |   |   | Ares Commercial Real Estate Corp.                                    | $      | 583,114     |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Office REIT - 0.6%                                                   |   |        |   |   |   |
|                                                                                                                                                                                                    | 14,829   |   |   | Alexandria Real Estate Equities, Inc.                                | $      | 1,052,562   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Real Estate                                                    | $      | 1,635,676   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Software & Services - 1.2%                                       |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Data Processing & Outsourced Services - 0.4%                     |   |        |   |   |   |
|                                                                                                                                                                                                    | 12,240   |   |   | Automatic Data Processing, Inc.                                      | $      | 795,845     |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Systems Software - 0.8%                                              |   |        |   |   |   |
|                                                                                                                                                                                                    | 55,277   |   |   | Microsoft Corp.                                                      | $      | 1,581,475   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Software & Services                                        | $      | 2,377,320   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Technology Hardware & Equipment - 1.3%                           |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Communications Equipment - 0.1%                                      |   |        |   |   |   |
|                                                                                                                                                                                                    | 12,859   |   |   | Cisco Systems, Inc.                                                  | $      | 268,882     |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Electronic Manufacturing Services - 0.7%                             |   |        |   |   |   |
|                                                                                                                                                                                                    | 59,112   |   |   | Molex, Inc. (Class A)                                                | $      | 1,425,781   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Technology Distributors - 0.5%                                       |   |        |   |   |   |
|                                                                                                                                                                                                    | 12,318   |   |   | Anixter International, Inc.                                          | $      | 861,275     |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Technology Hardware & Equipment                            | $      | 2,555,938   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Semiconductors & Semiconductor Equipment - 5.5%                  |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Semiconductor Equipment - 0.2%                                       |   |        |   |   |   |
|                                                                                                                                                                                                    | 12,062   |   |   | Cabot Microelectronics Corp. *                                       | $      | 419,154     |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Semiconductors - 5.3%                                                |   |        |   |   |   |
|                                                                                                                                                                                                    | 62,282   |   |   | Analog Devices, Inc.                                                 | $      | 2,895,490   |   |   |   |
|                                                                                                                                                                                                    | 39,400   |   |   | Intel Corp.                                                          |   | 860,890     |   |   |   |
|                                                                                                                                                                                                    | 43,028   |   |   | Linear Technology Corp.                                              |   | 1,650,984   |   |   |   |
|                                                                                                                                                                                                    | 75,579   |   |   | Microchip Technology, Inc.                                           |   | 2,778,284   |   |   |   |
|                                                                                                                                                                                                    | 50,791   |   |   | Xilinx, Inc.                                                         |   | 1,938,692   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 10,124,340  |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Semiconductors & Semiconductor Equipment                   | $      | 10,543,494  |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Telecommunication Services - 3.6%                                    |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Integrated Telecommunication Services - 3.6%                         |   |        |   |   |   |
|                                                                                                                                                                                                    | 58,550   |   |   | AT&T, Inc.                                                       | $      | 2,148,200   |   |   |   |
|                                                                                                                                                                                                    | 346,620  |   |   | Singapore Telecommunications, Ltd.                                   |   | 1,003,602   |   |   |   |
|                                                                                                                                                                                                    | 74,603   |   |   | Verizon Communications, Inc.                                         |   | 3,666,737   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 6,818,539   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Telecommunication Services                                     | $      | 6,818,539   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Utilities - 9.0%                                                     |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Electric Utilities - 2.4%                                            |   |        |   |   |   |
|                                                                                                                                                                                                    | 39,360   |   |   | American Electric Power Co., Inc.                                    | $      | 1,914,077   |   |   |   |
|                                                                                                                                                                                                    | 25,607   |   |   | Duke Energy Corp.                                                    |   | 1,858,812   |   |   |   |
|                                                                                                                                                                                                    | 9,900    |   |   | NextEra Energy, Inc.                                                 |   | 769,032     |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 4,541,921   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Gas Utilities - 3.7%                                                 |   |        |   |   |   |
|                                                                                                                                                                                                    | 53,351   |   |   | AGL Resources, Inc.                                                  | $      | 2,238,074   |   |   |   |
|                                                                                                                                                                                                    | 42,311   |   |   | National Fuel Gas Co.                                                |   | 2,595,780   |   |   |   |
|                                                                                                                                                                                                    | 93,759   |   |   | Questar Corp.                                                        |   | 2,281,156   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 7,115,010   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Multi-Utilities - 2.9%                                               |   |        |   |   |   |
|                                                                                                                                                                                                    | 12,433   |   |   | Alliant Energy Corp.                                                 | $      | 623,888     |   |   |   |
|                                                                                                                                                                                                    | 65,417   |   |   | Ameren Corp.                                                         |   | 2,290,903   |   |   |   |
|                                                                                                                                                                                                    | 45,390   |   |   | Consolidated Edison, Inc.                                            |   | 2,770,152   |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 | $      | 5,684,943   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Total Utilities                                                      | $      | 17,341,874  |   |   |   |
|                                                                                                                                                                                                    |     |   |   | TOTAL COMMON STOCKS                                                  |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | (Cost $141,507,459)                                                  | $      | 190,295,651 |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | TOTAL INVESTMENT IN SECURITIES - 99.1%                               | $      | 190,295,651 |   |   |   |
|                                                                                                                                                                                                    |     |   |   | (Cost $141,507,459) (a)                                              |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | OTHER ASSETS & LIABILITIES - 0.9%                                | $      | 1,726,105   |   |   |   |
|                                                                                                                                                                                                    |     |   |   | TOTAL NET ASSETS - 100.0%                                            | $      | 192,021,756 |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 |   |        |   |   |   |
|                                                                                                                                                                                                    | *        |   |   | Non-income producing security.                                       |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 |   |        |   |   |   |
|                                                                                                                                                                                                    | REIT     |   |   | Real Estate Investment Trust                                         |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 |   |        |   |   |   |
|                                                                                                                                                                                                    | (A.D.R.) |   |   | American Depositary Receipts.                                        |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 |   |        |   |   |   |
|                                                                                                                                                                                                    | (a)      |   |   | At March 31, 2013, the net unrealized gain on investments based on   |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | cost for federal income tax purposes of $140,607,015 was as follows: |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Aggregate gross unrealized gain for all investments in which         |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | there is an excess of value over tax cost                            | $      | 51,950,077  |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Aggregate gross unrealized loss for all investments in which         |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | there is an excess of tax cost over value                            |   | (2,261,441) |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 |   |        |   |   |   |
|                                                                                                                                                                                                    |     |   |   | Net unrealized gain                                                  | $      | 49,688,636  |   |   |   |
|                                                                                                                                                                                                    |     |   |   |                                                                 |   |        |   |   |   |
| Various inputs are used in determining the value of the Portfolio'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.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                       |
|                                                                                                                                                                                                    |     |   |   |                                                                 |   |        |   |   |   |
| 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.  See Notes to Financial Statements - Note 1A.                                               |     |
|                                                                                                                                                                                                    |     |   |   |                                                                 |   |        |   |   |   |
| The following is a summary of the inputs used as of March 31, 2013, in valuing the Portfolio's investments:                                                                                             |     |   |   |                                                                 |   |

|          |   | Level 1 |        |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|---------------|--------|---------|-------------|--------|---------|--------|--------|---------|--------|--------|-------|--------|
| Common Stocks |   | $       | 190,295,651 |   |    | $      | -      |    |   | $      | -     |   |   | $ | 190,295,651 |   |
| Total         |   | $       | 190,295,651 |   |    | $      | -      |    |   | $      | -     |   |   | $ | 190,295,651 |   |

|                                                                                                                                                                                                    |                 |   |   | Pioneer Emerging Markets VCT Portfolio                                                                                                                                                                                                                                                                                           |   |        |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|--------|--------|
|                                                                                                                                                                                                    |                 |   |   | Schedule of Investments 3/31/2013 (unaudited)                                                                                                                                                                                                                                                                                    |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    | Shares               |   |   |                                                                                                                                                                                                                                                                                                                             |   | Value       |   |   |
|                                                                                                                                                                                                    |                 |   |   | PREFERRED STOCKS - 3.5%                                                                                                                                                                                                                                                                                                          |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Energy - 0.9%                                                                                                                                                                                                                                                                                                                    |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Integrated Oil & Gas - 0.9%                                                                                                                                                                                                                                                                                                  |   |        |   |   |
|                                                                                                                                                                                                    | 84,942               |   |   | Petroleo Brasileiro SA                                                                                                                                                                                                                                                                                                           | $      | 773,405     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Energy                                                                                                                                                                                                                                                                                                                     | $      | 773,405     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Food & Staples Retailing - 1.1%                                                                                                                                                                                                                                                                                              |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Hypermarkets & Super Centers - 1.1%                                                                                                                                                                                                                                                                                          |   |        |   |   |
|                                                                                                                                                                                                    | 17,849               |   |   | Cia Brasileira de Distribuicao Grupo Pao de Acucar                                                                                                                                                                                                                                                                               | $      | 939,025     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                               | $      | 939,025     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Food, Beverage & Tobacco - 0.9%                                                                                                                                                                                                                                                                                              |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Brewers - 0.9%                                                                                                                                                                                                                                                                                                                   |   |        |   |   |
|                                                                                                                                                                                                    | 20,032               |   |   | Cia de Bebidas das Americas                                                                                                                                                                                                                                                                                                      | $      | 841,609     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                               | $      | 841,609     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Banks - 0.6%                                                                                                                                                                                                                                                                                                                     |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Diversified Banks - 0.6%                                                                                                                                                                                                                                                                                                         |   |        |   |   |
|                                                                                                                                                                                                    | 30,481               |   |   | Banco Bradesco SA                                                                                                                                                                                                                                                                                                                | $      | 514,598     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Banks                                                                                                                                                                                                                                                                                                                      | $      | 514,598     |   |   |
|                                                                                                                                                                                                    |                 |   |   | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                           |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | (Cost $2,545,478)                                                                                                                                                                                                                                                                                                                | $      | 3,068,637   |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | COMMON STOCKS - 93.7%                                                                                                                                                                                                                                                                                                            |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Energy - 10.3%                                                                                                                                                                                                                                                                                                                   |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Integrated Oil & Gas - 8.5%                                                                                                                                                                                                                                                                                                  |   |        |   |   |
|                                                                                                                                                                                                    | 1,244,000            |   |   | China Petroleum & Chemical Corp.                                                                                                                                                                                                                                                                                             | $      | 1,457,439   |   |   |
|                                                                                                                                                                                                    | 12,095               |   |   | Ecopetrol SA (A.D.R.)                                                                                                                                                                                                                                                                                                            |   | 659,419     |   |   |
|                                                                                                                                                                                                    | 123,362              |   |   | Gazprom OAO (A.D.R.)                                                                                                                                                                                                                                                                                                             |   | 1,048,577   |   |   |
|                                                                                                                                                                                                    | 22,233               |   |   | Lukoil OAO (A.D.R.)                                                                                                                                                                                                                                                                                                              |   | 1,434,028   |   |   |
|                                                                                                                                                                                                    | 920,000              |   |   | PetroChina Co., Ltd.                                                                                                                                                                                                                                                                                                             |   | 1,210,174   |   |   |
|                                                                                                                                                                                                    | 23,800               |   |   | Petroleo Brasileiro SA (A.D.R.)                                                                                                                                                                                                                                                                                                  |   | 394,366     |   |   |
|                                                                                                                                                                                                    | 45,100               |   |   | PTT PCL                                                                                                                                                                                                                                                                                                                          |   | 498,292     |   |   |
|                                                                                                                                                                                                    | 97,796               |   |   | Rosneft OAO (G.D.R.)                                                                                                                                                                                                                                                                                                             |   | 746,887     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 7,449,182   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Oil & Gas Exploration & Production - 1.2%                                                                                                                                                                                                                                                                                |   |        |   |   |
|                                                                                                                                                                                                    | 270,000              |   |   | Kunlun Energy Co, Ltd.                                                                                                                                                                                                                                                                                                           | $      | 575,019     |   |   |
|                                                                                                                                                                                                    | 20,929               |   |   | Pacific Rubiales Energy Corp.                                                                                                                                                                                                                                                                                                    |   | 441,412     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 1,016,431   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Oil & Gas Refining & Marketing - 0.6%                                                                                                                                                                                                                                                                                    |   |        |   |   |
|                                                                                                                                                                                                    | 39,661               |   |   | Reliance Industries, Ltd.                                                                                                                                                                                                                                                                                                        | $      | 569,685     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Energy                                                                                                                                                                                                                                                                                                                     | $      | 9,035,298   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Materials - 9.4%                                                                                                                                                                                                                                                                                                                 |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Fertilizers & Agricultural Chemicals - 1.9%                                                                                                                                                                                                                                                                                  |   |        |   |   |
|                                                                                                                                                                                                    | 194,000              |   |   | Taiwan Fertilizer Co., Ltd.                                                                                                                                                                                                                                                                                                      | $      | 464,036     |   |   |
|                                                                                                                                                                                                    | 32,736               |   |   | Uralkali OJSC (G.D.R.)                                                                                                                                                                                                                                                                                                           |   | 1,209,058   |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 1,673,094   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Construction Materials - 1.0%                                                                                                                                                                                                                                                                                                    |   |        |   |   |
|                                                                                                                                                                                                    | 347,300              |   |   | Indocement Tunggal Prakarsa Tbk PT                                                                                                                                                                                                                                                                                               | $      | 833,636     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Diversified Metals & Mining - 1.8%                                                                                                                                                                                                                                                                                           |   |        |   |   |
|                                                                                                                                                                                                    | 303,000              |   |   | Jiangxi Copper Co, Ltd.                                                                                                                                                                                                                                                                                                          | $      | 671,362     |   |   |
|                                                                                                                                                                                                    | 53,797               |   |   | MMC Norilsk Nickel OJSC (A.D.R.)                                                                                                                                                                                                                                                                                                 |   | 911,220     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 1,582,582   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Gold - 0.5%                                                                                                                                                                                                                                                                                                                      |   |        |   |   |
|                                                                                                                                                                                                    | 19,778               |   |   | AngloGold Ashanti, Ltd.                                                                                                                                                                                                                                                                                                          | $      | 464,724     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Steel - 4.2%                                                                                                                                                                                                                                                                                                                     |   |        |   |   |
|                                                                                                                                                                                                    | 13,247               |   |   | Novolipetsk Steel OJSC (G.D.R.)                                                                                                                                                                                                                                                                                                  | $      | 209,248     |   |   |
|                                                                                                                                                                                                    | 3,466                |   |   | POSCO                                                                                                                                                                                                                                                                                                                            |   | 1,020,250   |   |   |
|                                                                                                                                                                                                    | 37,862               |   |   | Severstal OAO (G.D.R.)                                                                                                                                                                                                                                                                                                           |   | 336,986     |   |   |
|                                                                                                                                                                                                    | 22,736               |   |   | Ternium SA (A.D.R.)                                                                                                                                                                                                                                                                                                              |   | 462,678     |   |   |
|                                                                                                                                                                                                    | 98,447               |   |   | Vale SA (A.D.R.)                                                                                                                                                                                                                                                                                                                 |   | 1,702,149   |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 3,731,311   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Materials                                                                                                                                                                                                                                                                                                                  | $      | 8,285,347   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Capital Goods - 5.6%                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Aerospace & Defense - 0.4%                                                                                                                                                                                                                                                                                                   |   |        |   |   |
|                                                                                                                                                                                                    | 10,367               |   |   | Embraer SA (A.D.R.)                                                                                                                                                                                                                                                                                                              | $      | 369,791     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Construction & Engineering - 2.9%                                                                                                                                                                                                                                                                                            |   |        |   |   |
|                                                                                                                                                                                                    | 126,683              |   |   | Astaldi S.p.A.                                                                                                                                                                                                                                                                                                                   | $      | 875,619     |   |   |
|                                                                                                                                                                                                    | 591,000              |   |   | China Communications Construction Co., Ltd.                                                                                                                                                                                                                                                                                      |   | 551,287     |   |   |
|                                                                                                                                                                                                    | 526,000              |   |   | China Railway Construction Corp, Ltd.                                                                                                                                                                                                                                                                                            |   | 500,002     |   |   |
|                                                                                                                                                                                                    | 5,699                |   |   | Samsung Engineering Co., Ltd.                                                                                                                                                                                                                                                                                                    |   | 657,247     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 2,584,155   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Heavy Electrical Equipment - 0.5%                                                                                                                                                                                                                                                                                                |   |        |   |   |
|                                                                                                                                                                                                    | 125,256              |   |   | Bharat Heavy Electricals, Ltd.                                                                                                                                                                                                                                                                                                   | $      | 412,311     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Industrial Conglomerates - 0.7%                                                                                                                                                                                                                                                                                                  |   |        |   |   |
|                                                                                                                                                                                                    | 24,231               |   |   | Bidvest Group, Ltd.                                                                                                                                                                                                                                                                                                              | $      | 638,723     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Construction & Farm Machinery & Heavy Trucks - 1.1%                                                                                                                                                                                                                                                                      |   |        |   |   |
|                                                                                                                                                                                                    | 452,000              |   |   | CSR Corp., Ltd. *                                                                                                                                                                                                                                                                                                                | $      | 321,486     |   |   |
|                                                                                                                                                                                                    | 3,332                |   |   | Hyundai Heavy Industries Co., Ltd.                                                                                                                                                                                                                                                                                               |   | 643,559     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 965,045     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Capital Goods                                                                                                                                                                                                                                                                                                              | $      | 4,970,025   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Transportation - 2.3%                                                                                                                                                                                                                                                                                                            |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Airlines - 1.5%                                                                                                                                                                                                                                                                                                                  |   |        |   |   |
|                                                                                                                                                                                                    | 11,251               |   |   | Copa Holdings SA                                                                                                                                                                                                                                                                                                                 | $      | 1,345,732   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Highways & Railtracks - 0.8%                                                                                                                                                                                                                                                                                                 |   |        |   |   |
|                                                                                                                                                                                                    | 58,249               |   |   | Arteris SA                                                                                                                                                                                                                                                                                                                       | $      | 652,133     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Transportation                                                                                                                                                                                                                                                                                                             | $      | 1,997,865   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Automobiles & Components - 3.9%                                                                                                                                                                                                                                                                                              |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Auto Parts & Equipment - 0.6%                                                                                                                                                                                                                                                                                                |   |        |   |   |
|                                                                                                                                                                                                    | 2,003                |   |   | Hyundai Mobis                                                                                                                                                                                                                                                                                                                    | $      | 560,143     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Automobile Manufacturers - 3.3%                                                                                                                                                                                                                                                                                                  |   |        |   |   |
|                                                                                                                                                                                                    | 4,914                |   |   | Hyundai Motor Co.                                                                                                                                                                                                                                                                                                                | $      | 988,561     |   |   |
|                                                                                                                                                                                                    | 278,607              |   |   | Tata Motors, Ltd.                                                                                                                                                                                                                                                                                                                |   | 1,359,575   |   |   |
|                                                                                                                                                                                                    | 76,923               |   |   | Tofas Turk Otomobil Fabrikasi AS                                                                                                                                                                                                                                                                                                 |   | 554,855     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 2,902,991   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                               | $      | 3,463,134   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Consumer Durables & Apparel - 1.1%                                                                                                                                                                                                                                                                                           |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Apparel, Accessories & Luxury Goods - 0.5%                                                                                                                                                                                                                                                                                   |   |        |   |   |
|                                                                                                                                                                                                    | 768                  |   |   | The Swatch Group AG                                                                                                                                                                                                                                                                                                              | $      | 447,330     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Footwear - 0.6%                                                                                                                                                                                                                                                                                                                  |   |        |   |   |
|                                                                                                                                                                                                    | 577,000              |   |   | Anta Sports Products, Ltd.                                                                                                                                                                                                                                                                                                       | $      | 495,618     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                            | $      | 942,948     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Consumer Services - 1.6%                                                                                                                                                                                                                                                                                                         |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Casinos & Gaming - 0.5%                                                                                                                                                                                                                                                                                                      |   |        |   |   |
|                                                                                                                                                                                                    | 176,000              |   |   | SJM Holdings, Ltd.                                                                                                                                                                                                                                                                                                               | $      | 440,610     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Restaurants - 1.1%                                                                                                                                                                                                                                                                                                               |   |        |   |   |
|                                                                                                                                                                                                    | 14,037               |   |   | Yum! Brands, Inc.                                                                                                                                                                                                                                                                                                                | $      | 1,009,822   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Consumer Services                                                                                                                                                                                                                                                                                                          | $      | 1,450,432   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Retailing - 1.4%                                                                                                                                                                                                                                                                                                                 |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Department Stores - 0.9%                                                                                                                                                                                                                                                                                                         |   |        |   |   |
|                                                                                                                                                                                                    | 106,924              |   |   | Woolworths Holdings, Ltd.                                                                                                                                                                                                                                                                                                        | $      | 821,033     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Apparel Retail - 0.5%                                                                                                                                                                                                                                                                                                            |   |        |   |   |
|                                                                                                                                                                                                    | 35,799               |   |   | Mr Price Group, Ltd.                                                                                                                                                                                                                                                                                                             | $      | 455,512     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Retailing                                                                                                                                                                                                                                                                                                                  | $      | 1,276,545   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Food & Staples Retailing - 2.2%                                                                                                                                                                                                                                                                                              |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Food Retail - 0.8%                                                                                                                                                                                                                                                                                                               |   |        |   |   |
|                                                                                                                                                                                                    | 15,682               |   |   | Magnit OJSC (G.D.R.)                                                                                                                                                                                                                                                                                                             | $      | 709,524     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Hypermarkets & Super Centers - 1.4%                                                                                                                                                                                                                                                                                          |   |        |   |   |
|                                                                                                                                                                                                    | 89,387               |   |   | Cencosud SA                                                                                                                                                                                                                                                                                                                      | $      | 555,470     |   |   |
|                                                                                                                                                                                                    | 211,584              |   |   | Wal-Mart de Mexico SAB de CV                                                                                                                                                                                                                                                                                                     |   | 690,361     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 1,245,831   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                               | $      | 1,955,355   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Food, Beverage & Tobacco - 2.8%                                                                                                                                                                                                                                                                                              |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Soft Drinks - 1.5%                                                                                                                                                                                                                                                                                                               |   |        |   |   |
|                                                                                                                                                                                                    | 9,585                |   |   | Coca-Cola Icecek AS                                                                                                                                                                                                                                                                                                              | $      | 271,459     |   |   |
|                                                                                                                                                                                                    | 9,025                |   |   | Fomento Economico Mexicano SAB de CV (A.D.R.)                                                                                                                                                                                                                                                                                    |   | 1,024,338   |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 1,295,797   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Tobacco - 1.3%                                                                                                                                                                                                                                                                                                                   |   |        |   |   |
|                                                                                                                                                                                                    | 140,961              |   |   | ITC, Ltd.                                                                                                                                                                                                                                                                                                                        | $      | 805,088     |   |   |
|                                                                                                                                                                                                    | 5,149                |   |   | KT&G Corp.                                                                                                                                                                                                                                                                                                                   |   | 348,958     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 1,154,046   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                               | $      | 2,449,843   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Household & Personal Products - 0.6%                                                                                                                                                                                                                                                                                         |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Personal Products - 0.6%                                                                                                                                                                                                                                                                                                         |   |        |   |   |
|                                                                                                                                                                                                    | 6,807                |   |   | Able C&C Co., Ltd.                                                                                                                                                                                                                                                                                                           | $      | 531,642     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Household & Personal Products                                                                                                                                                                                                                                                                                          | $      | 531,642     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 1.1%                                                                                                                                                                                                                                                                        |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Pharmaceuticals - 1.1%                                                                                                                                                                                                                                                                                                           |   |        |   |   |
|                                                                                                                                                                                                    | 23,358               |   |   | Teva Pharmaceutical Industries, Ltd. (A.D.R.)                                                                                                                                                                                                                                                                                    | $      | 926,845     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                         | $      | 926,845     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Banks - 21.9%                                                                                                                                                                                                                                                                                                                    |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Diversified Banks - 21.9%                                                                                                                                                                                                                                                                                                        |   |        |   |   |
|                                                                                                                                                                                                    | 1,693,000            |   |   | Agricultural Bank of China, Ltd.                                                                                                                                                                                                                                                                                                 | $      | 812,047     |   |   |
|                                                                                                                                                                                                    | 102,883              |   |   | Banco Santander Brasil SA (A.D.R.)                                                                                                                                                                                                                                                                                               |   | 746,931     |   |   |
|                                                                                                                                                                                                    | 351,000              |   |   | Bank Mandiri Persero Tbk PT                                                                                                                                                                                                                                                                                                      |   | 361,531     |   |   |
|                                                                                                                                                                                                    | 1,996,000            |   |   | Bank of China, Ltd.                                                                                                                                                                                                                                                                                                              |   | 929,086     |   |   |
|                                                                                                                                                                                                    | 664,000              |   |   | Bank Rakyat Indonesia Persero Tbk PT                                                                                                                                                                                                                                                                                             |   | 599,340     |   |   |
|                                                                                                                                                                                                    | 2,470,000            |   |   | China Construction Bank Corp.                                                                                                                                                                                                                                                                                                    |   | 2,022,915   |   |   |
|                                                                                                                                                                                                    | 79,956               |   |   | HDFC Bank, Ltd.                                                                                                                                                                                                                                                                                                                  |   | 924,761     |   |   |
|                                                                                                                                                                                                    | 47,974               |   |   | ICICI Bank, Ltd.                                                                                                                                                                                                                                                                                                                 |   | 931,121     |   |   |
|                                                                                                                                                                                                    | 3,034,000            |   |   | Industrial & Commercial Bank of China, Ltd.                                                                                                                                                                                                                                                                                  |   | 2,131,930   |   |   |
|                                                                                                                                                                                                    | 170,999              |   |   | Itau Unibanco Holding SA (A.D.R.)                                                                                                                                                                                                                                                                                                |   | 3,043,784   |   |   |
|                                                                                                                                                                                                    | 86,700               |   |   | Kasikornbank PCL                                                                                                                                                                                                                                                                                                                 |   | 616,389     |   |   |
|                                                                                                                                                                                                    | 42,330               |   |   | KB Financial Group, Inc.                                                                                                                                                                                                                                                                                                         |   | 1,412,783   |   |   |
|                                                                                                                                                                                                    | 289,500              |   |   | Malayan Banking Bhd                                                                                                                                                                                                                                                                                                              |   | 878,854     |   |   |
|                                                                                                                                                                                                    | 593,775              |   |   | Mega Financial Holding Co, Ltd.                                                                                                                                                                                                                                                                                                  |   | 481,892     |   |   |
|                                                                                                                                                                                                    | 96,218               |   |   | Sberbank of Russia (A.D.R.)                                                                                                                                                                                                                                                                                                      |   | 1,235,983   |   |   |
|                                                                                                                                                                                                    | 94,100               |   |   | Siam Commercial Bank PCL                                                                                                                                                                                                                                                                                                         |   | 569,574     |   |   |
|                                                                                                                                                                                                    | 151,082              |   |   | Turkiye Halk Bankasi AS                                                                                                                                                                                                                                                                                                          |   | 1,615,845   |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 19,314,766  |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Banks                                                                                                                                                                                                                                                                                                                      | $      | 19,314,766  |   |   |
|                                                                                                                                                                                                    |                 |   |   | Diversified Financials - 2.9%                                                                                                                                                                                                                                                                                                    |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Other Diversified Financial Services - 1.4%                                                                                                                                                                                                                                                                                      |   |        |   |   |
|                                                                                                                                                                                                    | 202,307              |   |   | FirstRand, Ltd.                                                                                                                                                                                                                                                                                                                  | $      | 708,814     |   |   |
|                                                                                                                                                                                                    | 31,552               |   |   | Grupo BTG Pactual *                                                                                                                                                                                                                                                                                                              |   | 527,052     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 1,235,866   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Investment Banking & Brokerage - 1.5%                                                                                                                                                                                                                                                                                        |   |        |   |   |
|                                                                                                                                                                                                    | 178,000              |   |   | CITIC Securities Co., Ltd.                                                                                                                                                                                                                                                                                                       | $      | 385,157     |   |   |
|                                                                                                                                                                                                    | 1,890,000            |   |   | Yuanta Financial Holding Co., Ltd.                                                                                                                                                                                                                                                                                               |   | 959,484     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 1,344,641   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                     | $      | 2,580,507   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Insurance - 2.0%                                                                                                                                                                                                                                                                                                                 |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Life & Health Insurance - 2.0%                                                                                                                                                                                                                                                                                               |   |        |   |   |
|                                                                                                                                                                                                    | 227,500              |   |   | Ping An Insurance Group Co. of China, Ltd.                                                                                                                                                                                                                                                                                       | $      | 1,765,979   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Insurance                                                                                                                                                                                                                                                                                                                  | $      | 1,765,979   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Real Estate - 2.5%                                                                                                                                                                                                                                                                                                               |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Industrial REIT - 0.4%                                                                                                                                                                                                                                                                                                           |   |        |   |   |
|                                                                                                                                                                                                    | 141,546              |   |   | Mexico Real Estate Management SA de CV (144A) *                                                                                                                                                                                                                                                                                  | $      | 315,093     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Real Estate Operating Companies - 0.1%                                                                                                                                                                                                                                                                                           |   |        |   |   |
|                                                                                                                                                                                                    | 10,540               |   |   | BR Malls Participacoes SA                                                                                                                                                                                                                                                                                                        | $      | 131,786     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Real Estate Development - 2.0%                                                                                                                                                                                                                                                                                                   |   |        |   |   |
|                                                                                                                                                                                                    | 300,000              |   |   | China Overseas Land & Investment, Ltd.                                                                                                                                                                                                                                                                                       | $      | 830,357     |   |   |
|                                                                                                                                                                                                    | 1,768,000            |   |   | Country Garden Holdings Co., Ltd.                                                                                                                                                                                                                                                                                                |   | 887,273     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 1,717,630   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Real Estate                                                                                                                                                                                                                                                                                                                | $      | 2,164,509   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Software & Services - 2.4%                                                                                                                                                                                                                                                                                                   |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Internet Software & Services - 1.9%                                                                                                                                                                                                                                                                                          |   |        |   |   |
|                                                                                                                                                                                                    | 38,000               |   |   | Tencent Holdings, Ltd.                                                                                                                                                                                                                                                                                                           | $      | 1,210,108   |   |   |
|                                                                                                                                                                                                    | 20,094               |   |   | Yandex NV *                                                                                                                                                                                                                                                                                                                      |   | 464,573     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 1,674,681   |   |   |
|                                                                                                                                                                                                    |                 |   |   | IT Consulting & Other Services - 0.5%                                                                                                                                                                                                                                                                                        |   |        |   |   |
|                                                                                                                                                                                                    | 8,400                |   |   | Infosys, Ltd. (A.D.R.)                                                                                                                                                                                                                                                                                                           | $      | 452,844     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Software & Services                                                                                                                                                                                                                                                                                                    | $      | 2,127,525   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Technology Hardware & Equipment - 3.6%                                                                                                                                                                                                                                                                                       |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Computer Hardware - 0.7%                                                                                                                                                                                                                                                                                                         |   |        |   |   |
|                                                                                                                                                                                                    | 597,000              |   |   | Wistron Corp.                                                                                                                                                                                                                                                                                                                    | $      | 656,497     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Electronic Manufacturing Services - 2.9%                                                                                                                                                                                                                                                                                         |   |        |   |   |
|                                                                                                                                                                                                    | 910,200              |   |   | Hon Hai Precision Industry Co., Ltd.                                                                                                                                                                                                                                                                                             | $      | 2,529,867   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                        | $      | 3,186,364   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Semiconductors & Semiconductor Equipment - 8.0%                                                                                                                                                                                                                                                                              |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Semiconductors - 8.0%                                                                                                                                                                                                                                                                                                            |   |        |   |   |
|                                                                                                                                                                                                    | 1,898                |   |   | Samsung Electronics Co., Ltd.                                                                                                                                                                                                                                                                                                    | $      | 2,583,132   |   |   |
|                                                                                                                                                                                                    | 75,390               |   |   | SK Hynix, Inc.                                                                                                                                                                                                                                                                                                                   |   | 1,994,364   |   |   |
|                                                                                                                                                                                                    | 124,630              |   |   | Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.)                                                                                                                                                                                                                                                                            |   | 2,142,390   |   |   |
|                                                                                                                                                                                                    | 189,800              |   |   | United Microelectronics Corp. (A.D.R.)                                                                                                                                                                                                                                                                                           |   | 341,640     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 7,061,526   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                               | $      | 7,061,526   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Telecommunication Services - 5.4%                                                                                                                                                                                                                                                                                                |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Integrated Telecommunication Services - 0.7%                                                                                                                                                                                                                                                                                     |   |        |   |   |
|                                                                                                                                                                                                    | 493,000              |   |   | Telekomunikasi Indonesia Persero Tbk PT                                                                                                                                                                                                                                                                                          | $      | 558,416     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Wireless Telecommunication Services - 4.7%                                                                                                                                                                                                                                                                                       |   |        |   |   |
|                                                                                                                                                                                                    | 26,728               |   |   | Millicom International Cellular SA                                                                                                                                                                                                                                                                                               | $      | 2,139,496   |   |   |
|                                                                                                                                                                                                    | 38,528               |   |   | Mobile Telesystems OJSC (A.D.R.)                                                                                                                                                                                                                                                                                                 |   | 799,071     |   |   |
|                                                                                                                                                                                                    | 384,390              |   |   | Orascom Telecom Holding SAE (G.D.R.) *                                                                                                                                                                                                                                                                                           |   | 1,222,720   |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 4,161,287   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                 | $      | 4,719,703   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Utilities - 2.7%                                                                                                                                                                                                                                                                                                                 |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Electric Utilities - 2.3%                                                                                                                                                                                                                                                                                                        |   |        |   |   |
|                                                                                                                                                                                                    | 42,034               |   |   | Enersis SA (A.D.R.)                                                                                                                                                                                                                                                                                                              | $      | 808,734     |   |   |
|                                                                                                                                                                                                    | 32,380               |   |   | Korea Electric Power Corp. *                                                                                                                                                                                                                                                                                                     |   | 887,378     |   |   |
|                                                                                                                                                                                                    | 129,700              |   |   | Tenaga Nasional Bhd                                                                                                                                                                                                                                                                                                              |   | 301,316     |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 1,997,428   |   |   |
|                                                                                                                                                                                                    |                 |   |   | Independent Power Producers & Energy Traders - 0.4%                                                                                                                                                                                                                                                                          |   |        |   |   |
|                                                                                                                                                                                                    | 132,818              |   |   | NTPC, Ltd.                                                                                                                                                                                                                                                                                                                       | $      | 347,937     |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Utilities                                                                                                                                                                                                                                                                                                                  | $      | 2,345,365   |   |   |
|                                                                                                                                                                                                    |                 |   |   | TOTAL COMMON STOCKS                                                                                                                                                                                                                                                                                                              |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | (Cost $77,534,617)                                                                                                                                                                                                                                                                                                               | $      | 82,551,523  |   |   |
|                                                                                                                                                                                                    | Principal Amount ($) |   |   |                                                                                                                                                                                                                                                                                                                             |   |
|                                                                                                                                                                                                    |                 |   |   | CORPORATE BONDS - 0.1%                                                                                                                                                                                                                                                                                                           |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Household & Personal Products - 0.1%                                                                                                                                                                                                                                                                                         |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Personal Products - 0.1%                                                                                                                                                                                                                                                                                                         |   |        |   |   |
| BRL                                                                                                                                                                                                     | 136,000              |   |   | Hypermarcas SA, 11.3%, 10/15/18                                                                                                                                                                                                                                                                                                  | $      | 47,160      |   |   |
| BRL                                                                                                                                                                                                     | 136,000              |   |   | Hypermarcas SA, 3.0%, 10/15/15                                                                                                                                                                                                                                                                                                   |   | 50,529      |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             | $      | 97,689      |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Household & Personal Products                                                                                                                                                                                                                                                                                          | $      | 97,689      |   |   |
|                                                                                                                                                                                                    |                 |   |   | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                            |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | (Cost $160,364)                                                                                                                                                                                                                                                                                                                  | $      | 97,689      |   |   |
|                                                                                                                                                                                                    | Shares               |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | EXCHANGE TRADED FUND - 1.5%                                                                                                                                                                                                                                                                                                      |   |        |   |   |
|                                                                                                                                                                                                    | 980,700              |   |   | iShares FTSE A50 China Index Exchange Traded Fund                                                                                                                                                                                                                                                                                | $      | 1,319,777   |   |   |
|                                                                                                                                                                                                    |                 |   |   | TOTAL EXCHANGE TRADED FUND                                                                                                                                                                                                                                                                                                       |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | (Cost $1,264,263)                                                                                                                                                                                                                                                                                                                | $      | 1,319,777   |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | RIGHTS / WARRANTS - 0.0%                                                                                                                                                                                                                                                                                                         |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Household & Personal Products - 0.0%                                                                                                                                                                                                                                                                                         |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Personal Products - 0.0%                                                                                                                                                                                                                                                                                                         |   |        |   |   |
|                                                                                                                                                                                                    | 136                  |   |   | Hypermarcas SA, 10/15/15                                                                                                                                                                                                                                                                                                         | $      | 0           |   |   |
|                                                                                                                                                                                                    |                 |   |   | Total Household & Personal Products                                                                                                                                                                                                                                                                                          | $      | 0           |   |   |
|                                                                                                                                                                                                    |                 |   |   | TOTAL RIGHTS / WARRANTS                                                                                                                                                                                                                                                                                                          |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | (Cost $0)                                                                                                                                                                                                                                                                                                                        | $      | 0           |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | TOTAL INVESTMENT IN SECURITIES - 98.8%                                                                                                                                                                                                                                                                                           | $      | 87,037,626  |   |   |
|                                                                                                                                                                                                    |                 |   |   | (Cost $81,504,722) (a)                                                                                                                                                                                                                                                                                                           |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | OTHER ASSETS & LIABILITIES - 1.2%                                                                                                                                                                                                                                                                                            | $      | 1,056,991   |   |   |
|                                                                                                                                                                                                    |                 |   |   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                        | $      | 88,094,617  |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    | *                    |   |   | Non-income producing security.                                                                                                                                                                                                                                                                                                   |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    | REIT                 |   |   | Real Estate Investment Trust                                                                                                                                                                                                                                                                                                     |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    | (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 March 28, 2013, the value of these securities amounted to $315,093 or 0.4% of total net assets. |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    | (A.D.R.)             |   |   | American Depositary Receipts.                                                                                                                                                                                                                                                                                                    |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    | (G.D.R.)             |   |   | Global Depositary Receipts.                                                                                                                                                                                                                                                                                                      |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    | (a)                  |   |   | At March 31, 2013, the net unrealized gain on investments based on                                                                                                                                                                                                                                                               |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | cost for federal income tax purposes of $82,568,800 was as follows:                                                                                                                                                                                                                                                              |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Aggregate gross unrealized gain for all investments in which                                                                                                                                                                                                                                                                     |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                        | $      | 13,423,989  |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Aggregate gross unrealized loss for all investments in which                                                                                                                                                                                                                                                                     |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                        |   | (8,955,163) |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Net unrealized gain                                                                                                                                                                                                                                                                                                              | $      | 4,468,826   |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                                                                                                                                                                                                        |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
|                                                                                                                                                                                                    | BRL                  |   |   | Brazilian Real                                                                                                                                                                                                                                                                                                                   |   |        |   |   |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
| 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.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                            |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
| 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.  See Notes to Financial Statements - Note 1A.                                               |
|                                                                                                                                                                                                    |                 |   |   |                                                                                                                                                                                                                                                                                                                             |   |        |   |   |
| The following is a summary of the inputs used as of March 31, 2013, in valuing the Fund's investments:                                                                                                  |                 |   |   |                                                                                                                                                                                                                                                                                                                             |

|                                                                                              |   | Level 1 |       |   | Level 2 |   |       | Level 3 |   |   | Total  |   |
|---------------------------------------------------------------------------------------------------|--------|---------|------------|--------|---------|--------|------------|---------|--------|--------|--------|--------|
| Preferred Stocks                                                                                  |   | $       | 3,068,637  |   |    | $      | -          |    |   | $      | -      |   |   | $ | 3,068,637 |   |
| Common Stocks                                                                                     |   |    | 20,718,134 |   |    |   | 61,833,389 |    |   |   | -      |   |   |   | 82,551,523 |   |
| Corporate Bonds                                                                                   |   |    | -          |   |    |   | -          |    |   |   | 97,689 |   |   |   | 97,689 |   |
| Exchange Traded Funds                                                                             |   |    | -          |   |    |   | 1,319,777  |    |   |   | -      |   |   |   | 1,319,777 |   |
| Rights/Warrants                                                                                   |   |    | -          |   |    |   | -          |    |   |   | -      |   |   |   | - |   |
| Total                                                                                             |   | $       | 23,786,771 |   |    | $      | 63,153,166 |    |   | $      | 97,689 |   |   | $ | 87,037,626 |   |
|                                                                                              |   |    |       |   |    |   |       |    |   |   |   |   |   |   |   |   |
| The following is a reconciliation of assets valued using significant observable inputs (Level 3): |   |    |       |   |    |   |       |    |   |   |   |   |   |   |   |   |

|   |   |                                              |                                                                                                                                                          | Corporate Bonds |
|--------|--------|---------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|
|   |   |                                              |                                                                                                                                                          |            |   |
|   |   | Balance as of 12/31/12                            |                                                                                                                                                          | $               | 96,266 |   |
|   |   | Realized gain (loss)                              |                                                                                                                                                          |            | - |   |
|   |   | Change in unrealized appreciation (depreciation)1 |                                                                                                                                                          |            | 1,423 |   |
|   |   | Purchases*                                        |                                                                                                                                                          |            | - |   |
|   |   | Sales                                             |                                                                                                                                                          |            | - |   |
|   |   | Transfers in to Level 3**                         |                                                                                                                                                          |            | - |   |
|   |   | Transfers out of Level 3**                        |                                                                                                                                                          |            | - |   |
|   |   | Balance as of 3/31/13                             |                                                                                                                                                          | $               | 97,689 |   |
|   |   |                                              |                                                                                                                                                          |            |   |   |
|   | 1      |                                              | Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations.                         |
|   | 2      |                                              | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized gain (loss) on investments in the Statement of Operations. |
|   |   |                                              |                                                                                                                                                          |            |   |   |   |
|   | *      |                                              | A portion of the total purchases includes payment-in-kind transactions.                                                                                       |            |   |   |   |
|   |   |                                              |                                                                                                                                                          |            |   |   |   |
|   | **     |                                              | Transfers are calculated on the beginning of period values. During the six months ended March 31, 2013, there were                                       |
|   |   |                                              | no transters between Levels 1, 2 and 3.                                                                                                                       |            |   |   |   |
|   |   |                                              |                                                                                                                                                          |            |   |   |   |
|   |   |                                              | Net change in unrealized appreciation (depreciation) of investments                                                                                           |            |   |   |   |
|   |   |                                              | still held as of 3/31/13                                                                                                                                      |            | $ | 1,423.00 |   |

|                                                                                                                                                                                                    |                 |             |   | Pioneer Bond VCT Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|------------|--------|
|                                                                                                                                                                                                    |                 |             |   | Schedule of Investments 3/31/13 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | Principal Amount ($) | FloatingRate (b) |   | Value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |
|                                                                                                                                                                                                    |                 |             |   | CONVERTIBLE CORPORATE BONDS - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment & Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Managed Health Care - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    | 180,000              |             |   | WellPoint, Inc., 2.75%, 10/15/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 196,650    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 196,650    |   |
|                                                                                                                                                                                                    |                 |             |   | Semiconductors & Semiconductor Equipment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Semiconductors - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 175,000              |             |   | Intel Corp., 2.95%, 12/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 185,719    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 185,719    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL CONVERTIBLE CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $358,305)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 382,369    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | PREFERRED STOCKS - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Banks - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Banks - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 1,800                | 6.50             |   | US Bancorp, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 53,748     |   |
|                                                                                                                                                                                                    | 3,000                | 6.00             |   | US Bancorp, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 83,520     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 137,268    |   |
|                                                                                                                                                                                                    |                 |             |   | Regional Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 1,000                | 6.25             |   | CoBank ACB, Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 106,781    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 244,049    |   |
|                                                                                                                                                                                                    |                 |             |   | Insurance - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Life & Health Insurance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 4,800                | 7.38             |   | Delphi Financial Group, Inc., Floating Rate Note, 5/15/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 120,150    |   |
|                                                                                                                                                                                                    |                 |             |   | Property & Casualty Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 2,900                | 5.10             |   | The Allstate Corp., Floating Rate Note, 1/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 75,922     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 196,072    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $412,816)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 440,121    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | CONVERTIBLE PREFERRED STOCKS - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Banks - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Banks - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 155                  |             |   | Wells Fargo & Co., 7.5%, 12/31/99 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 199,756    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 199,756    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL CONVERTIBLE PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $152,770)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 199,756    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | ASSET BACKED SECURITIES - 6.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Materials - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Metals & Mining - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    | 30,100               |             |   | BCMSC Trust 1998-A, 6.65%, 4/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 31,303     |   |
|                                                                                                                                                                                                    | 21,049               |             |   | Lehman ABS Manufactured Housing Contract Trust 2001-B, 5.873%, 4/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 23,010     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 54,313     |   |
|                                                                                                                                                                                                    |                 |             |   | Precious Metals & Minerals - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 23,437               | 6.50             |   | ACE Securities Corp Manufactured Housing Trust Series 2003-MH1, Floating Rate Note, 8/15/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 23,638     |   |
|                                                                                                                                                                                                    | 65,941               | 0.90             |   | Credit-Based Asset Servicing and Securitization LLC, Floating Rate Note, 5/25/50 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 64,550  |       |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 88,188     |   |
|                                                                                                                                                                                                    |                 |             |   | Steel - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 3,608                | 0.86             |   | Asset Backed Securities Corp. Home Equity, Floating Rate Note, 4/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 3,600      |   |
|                                                                                                                                                                                                    | 65,433               | 0.70             |   | Bear Stearns Asset Backed Securities I Trust 2005-FR1, Floating Rate Note, 6/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 63,903     |   |
|                                                                                                                                                                                                    | 21,410               | 0.45             |   | GSAA Home Equity Trust 2005-11, Floating Rate Note, 10/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 20,975     |   |
|                                                                                                                                                                                                    | 38,230               |             |   | HSBC Home Equity Loan Trust USA 2006-3, 5.63%, 3/20/36 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 38,561     |   |
|                                                                                                                                                                                                    | 17,169               | 0.39             |   | HSBC Home Equity Loan Trust USA 2007-2, Floating Rate Note, 7/20/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 16,798     |   |
|                                                                                                                                                                                                    | 40,921               | 0.90             |   | Irwin Whole Loan Home Equity Trust 2005-C, Floating Rate Note, 3/25/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 35,336     |   |
|                                                                                                                                                                                                    | 20,612               | 0.26             |   | Morgan Stanley ABS Capital I Inc Trust 2007-HE3, Floating Rate Note, 12/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 10,880     |   |
|                                                                                                                                                                                                    | 63,724               | 0.55             |   | New Century Home Equity Loan Trust Series 2005-1, Floating Rate Note, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 62,022     |   |
|                                                                                                                                                                                                    | 133,498              | 0.46             |   | Option One Mortgage Loan Trust 2005-4 Asset-Backed Certificates Series 2005-4, Floating Rate Note, 11/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 131,183 |       |
|                                                                                                                                                                                                    | 3,644                | 0.32             |   | Option One Mortgage Loan Trust 2007-HL1, Floating Rate Note, 2/25/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 3,633      |   |
|                                                                                                                                                                                                    | 61,912               | 0.64             |   | RASC Series 2005-KS7 Trust, Floating Rate Note, 8/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 60,333     |   |
|                                                                                                                                                                                                    | 87,072               |             |   | Terwin Mortgage Trust Series TMTS 2005-16HE, 4.335%, 9/25/36 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 89,441     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 536,665    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 679,166    |   |
|                                                                                                                                                                                                    |                 |             |   | Automobiles & Components - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Automobile Manufacturers - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 25,000               |             |   | AmeriCredit Automobile Receivables Trust 2013-1, 1.57%, 1/8/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 25,060     |   |
|                                                                                                                                                                                                    | 34,963               |             |   | Santander Drive Auto Receivables Trust 2011-S2, 3.35%, 6/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 35,235     |   |
|                                                                                                                                                                                                    | 40,000               |             |   | Santander Drive Auto Receivables Trust 2012-1, 3.78%, 11/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 41,856     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Santander Drive Auto Receivables Trust 2012-5, 2.7%, 8/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 26,092     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 128,243    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 128,243    |   |
|                                                                                                                                                                                                    |                 |             |   | Food & Staples Retailing - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Food Retail - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | CKE Restaurant Holdings, Inc., 4.474%, 3/20/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 50,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 50,000     |   |
|                                                                                                                                                                                                    |                 |             |   | Banks - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Banks - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 24,579               | 0.29             |   | Wells Fargo Home Equity Asset-Backed Securities 2007-2 Trust, Floating Rate Note, 4/25/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 24,195     |   |
|                                                                                                                                                                                                    |                 |             |   | Thrifts & Mortgage Finance - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 18,830               | 0.38             |   | ACE Securities Corp Home Equity Loan Trust Series 2006-ASAP2, Floating Rate Note, 3/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 18,191     |   |
|                                                                                                                                                                                                    | 50,089               | 0.51             |   | Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Ctfs Ser 2004-R11, Floating Rate Note, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 49,726  |       |
|                                                                                                                                                                                                    | 14,344               | 0.60             |   | Carrington Mortgage Loan Trust Series 2005-NC4, Floating Rate Note, 9/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 14,063     |   |
|                                                                                                                                                                                                    | 71,737               |             |   | Citicorp Residential Mortgage Trust Series 2006-3, 5.703%, 11/25/36 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 71,569     |   |
|                                                                                                                                                                                                    | 121,971              | 5.07             |   | Countrywide Asset-Backed Certificates, Floating Rate Note, 2/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 123,557    |   |
|                                                                                                                                                                                                    | 12,898               | 0.31             |   | Countrywide Asset-Backed Certificates, Floating Rate Note, 5/25/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 12,861     |   |
|                                                                                                                                                                                                    | 14,505               | 0.74             |   | First Franklin Mortgage Loan Trust 2004-FF10, Floating Rate Note, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 14,440     |   |
|                                                                                                                                                                                                    | 31,931               |             |   | First Investors Auto Owner Trust 2012-2, 1.47%, 5/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 31,974     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | First Investors Auto Owner Trust 2013-1, 2.02%, 1/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 24,961     |   |
|                                                                                                                                                                                                    | 35,834               | 0.66             |   | Fremont Home Loan Trust 2005-2, Floating Rate Note, 6/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 35,266     |   |
|                                                                                                                                                                                                    | 21,369               | 0.85             |   | GSAMP Trust 2005-HE2, Floating Rate Note, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 20,924     |   |
|                                                                                                                                                                                                    | 21,458               |             |   | Leaf Receivables Funding 4 LLC, 4.9%, 2/20/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 21,458     |   |
|                                                                                                                                                                                                    | 25,000               | 5.46             |   | Origen Manufactured Housing Contract Trust 2004-B, Floating Rate Note, 11/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 26,280     |   |
|                                                                                                                                                                                                    | 13,534               | 0.90             |   | PFS Financing Corp., Floating Rate Note, 10/17/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 13,599     |   |
|                                                                                                                                                                                                    | 19,945               | 1.70             |   | PFS Financing Corp., Floating Rate Note, 10/17/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 20,104     |   |
|                                                                                                                                                                                                    | 38,829               | 0.45             |   | RAAC Series 2006-RP2 Trust, Floating Rate Note, 2/25/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 37,311     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | SNAAC Auto Receivables Trust, 3.11%, 6/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 50,777     |   |
|                                                                                                                                                                                                    | 45,983               | 0.60             |   | Structured Asset Investment Loan Trust 2005-4, Floating Rate Note, 5/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 45,680     |   |
|                                                                                                                                                                                                    | 71,504               | 0.42             |   | Structured Asset Securities Corp Mortgage Loan Trust 2006-GEL4, Floating Rate Note, 10/25/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 68,934  |       |
|                                                                                                                                                                                                    | 29,322               |             |   | Structured Asset Securities Corp., 4.77%, 10/25/34 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 29,958     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 731,633    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 755,828    |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Other Diversified Financial Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Capital Auto Receivables Asset Trust 2013-1, 1.74%, 10/22/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 50,093     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | DT Auto Owner Trust 2012-1, 2.26%, 10/16/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 25,138     |   |
|                                                                                                                                                                                                    | 10,503               | 0.44             |   | JP Morgan Mortgage Acquisition Corp 2005-OPT2, Floating Rate Note, 12/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 10,467     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 85,698     |   |
|                                                                                                                                                                                                    |                 |             |   | Specialized Finance - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    | 118,200              |             |   | Domino's Pizza Master Issuer LLC, 5.216%, 1/25/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 132,649    |   |
|                                                                                                                                                                                                    | 100,000              | 0.64             |   | GE Dealer Floorplan Master Note Trust, Floating Rate Note, 10/20/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 100,206    |   |
|                                                                                                                                                                                                    | 60,212               |             |   | JG Wentworth XXII LLC, 3.82%, 12/15/48 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 65,121     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 297,976    |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Finance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    | 11,000               |             |   | American Credit Acceptance Receivables Trust 2012-2, 4.05%, 2/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 11,012     |   |
|                                                                                                                                                                                                    | 42,507               |             |   | American Credit Acceptance Receivables Trust, 1.64%, 11/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 42,504     |   |
|                                                                                                                                                                                                    | 35,000               |             |   | Santander Drive Auto Receivables Trust 2011-2, 2.66%, 1/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 35,585     |   |
|                                                                                                                                                                                                    | 70,000               | 1.05             |   | SLM Student Loan Trust 2004-10, Floating Rate Note, 4/27/26 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 69,698     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 158,799    |   |
|                                                                                                                                                                                                    |                 |             |   | Asset Management & Custody Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 114,583              |             |   | Triton Container Finance LLC, 4.21%, 5/14/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 118,129    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 660,602    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $2,208,110)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 2,273,839  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | COLLATERALIZED MORTGAGE OBLIGATIONS - 20.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Banks - 14.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Thrifts & Mortgage Finance - 14.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    | 87,705               |             |   | Alternative Loan Trust 2003-21T1, 5.75%, 12/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 90,359     |   |
|                                                                                                                                                                                                    | 37,162               |             |   | Alternative Loan Trust 2003-J1, 4.75%, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 37,972     |   |
|                                                                                                                                                                                                    | 70,470               |             |   | Alternative Loan Trust 2004-14T2, 5.5%, 8/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 69,727     |   |
|                                                                                                                                                                                                    | 53,312               |             |   | Alternative Loan Trust 2004-28CB, 5.5%, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 54,267     |   |
|                                                                                                                                                                                                    | 27,386               |             |   | Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 27,557     |   |
|                                                                                                                                                                                                    | 56,022               |             |   | Banc of America Alternative Loan Trust 2003-2, 5.75%, 4/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 60,791     |   |
|                                                                                                                                                                                                    | 106,597              |             |   | Banc of America Alternative Loan Trust 2003-7, 5.5%, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 108,501    |   |
|                                                                                                                                                                                                    | 28,708               |             |   | Banc of America Alternative Loan Trust 2004-2, 5.5%, 3/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 29,514     |   |
|                                                                                                                                                                                                    | 32,723               |             |   | Banc of America Alternative Loan Trust 2004-2, 6.0%, 3/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 33,754     |   |
|                                                                                                                                                                                                    | 67,352               |             |   | Banc of America Alternative Loan Trust 2004-4, 5.25%, 5/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 68,477     |   |
|                                                                                                                                                                                                    | 34,073               |             |   | Banc of America Funding 2003-3 Trust, 5.5%, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 35,815     |   |
|                                                                                                                                                                                                    | 8,656                | 0.30             |   | Banc of America Funding 2010-R4 Trust, Floating Rate Note, 9/26/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 8,584      |   |
|                                                                                                                                                                                                    | 77,781               | 0.95             |   | Banc of America Large Loan Trust 2007-BMB1, Floating Rate Note, 8/15/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 76,623     |   |
|                                                                                                                                                                                                    | 499,287              |             |   | Bayview Commercial Asset Trust, 3.89%, 9/25/37 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 46,184     |   |
|                                                                                                                                                                                                    | 733,963              | 4.28             |   | Bayview Commercial Asset Trust, Floating Rate Note, 7/25/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 38,386     |   |
|                                                                                                                                                                                                    | 84,331               | 0.80             |   | Bear Stearns ALT-A Trust 2004-4, Floating Rate Note, 6/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 78,661     |   |
|                                                                                                                                                                                                    | 33,566               | 2.34             |   | Bear Stearns ARM Trust 2003-5, Floating Rate Note, 8/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 33,355     |   |
|                                                                                                                                                                                                    | 67,544               | 4.79             |   | CHL Mortgage Pass-Through Trust 2003-56, Floating Rate Note, 12/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 67,643     |   |
|                                                                                                                                                                                                    | 50,000               | 0.37             |   | Citigroup Commercial Mortgage Trust 2007-FL3A, Floating Rate Note, 4/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 48,624  |       |
|                                                                                                                                                                                                    | 61,008               |             |   | Citigroup Mortgage Loan Trust, Inc., 6.75%, 8/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 65,010     |   |
|                                                                                                                                                                                                    | 67,189               | 2.64             |   | Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 9/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 66,769     |   |
|                                                                                                                                                                                                    | 41,763               | 0.54             |   | COMM 2005-FL11 Mortgage Trust, Floating Rate Note, 11/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 38,788     |   |
|                                                                                                                                                                                                    | 30,622               | 0.30             |   | COMM 2006-FL12 Mortgage Trust, Floating Rate Note, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 30,211     |   |
|                                                                                                                                                                                                    | 130,000              | 0.33             |   | COMM 2006-FL12 Mortgage Trust, Floating Rate Note, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 124,573    |   |
|                                                                                                                                                                                                    | 79,651               | 0.38             |   | COMM 2007-FL14 Mortgage Trust, Floating Rate Note, 6/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 78,480     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | COMM 2012-CCRE2 Mortgage Trust, 3.147%, 8/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 25,936     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | COMM 2012-CCRE2 Mortgage Trust, 3.791%, 8/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 26,682     |   |
|                                                                                                                                                                                                    | 23,000               |             |   | COMM 2012-CCRE4 Mortgage Trust, 2.436%, 10/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 23,295     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | COMM 2012-LC4 Mortgage Trust, 4.063%, 12/10/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 108,374    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | COMM 2013-LC6 Mortgage Trust, 2.941%, 1/10/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 50,550     |   |
|                                                                                                                                                                                                    | 99,434               | 2.14             |   | Commercial Mortgage Pass Through Certificates, Floating Rate Note, 11/17/26 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 100,826 |       |
|                                                                                                                                                                                                    | 9,645                | 1.45             |   | Deutsche Mortgage Securities Inc REMIC Trust Series 2010-RS2, Floating Rate Note, 6/28/47 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 9,790   |       |
|                                                                                                                                                                                                    | 10,336               |             |   | First Horizon Mortgage Pass-Through Trust 2006-1, 6.0%, 5/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 10,345     |   |
|                                                                                                                                                                                                    | 42,254               |             |   | GE Capital Commercial Mortgage Corp., 5.145%, 7/10/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 42,471     |   |
|                                                                                                                                                                                                    | 50,000               | 5.31             |   | GMAC Commercial Mortgage Securities Inc Series 2003-C3 Trust, Floating Rate Note, 4/10/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 50,845  |       |
|                                                                                                                                                                                                    | 25,000               |             |   | GS Mortgage Securities Corp. II, 3.682%, 2/10/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 25,644     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | GS Mortgage Securities Corp. II, 3.377%, 5/10/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 53,096     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | GS Mortgage Securities Corp. II, 4.209%, 2/10/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 100,890    |   |
|                                                                                                                                                                                                    | 150,000              | 1.26             |   | GS Mortgage Securities Corp. II, Floating Rate Note, 3/6/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 150,233    |   |
|                                                                                                                                                                                                    | 39,524               | 0.92             |   | Impac CMB Trust Series 2004-5, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 37,752     |   |
|                                                                                                                                                                                                    | 55,139               | 0.94             |   | Impac CMB Trust Series 2004-7, Floating Rate Note, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 52,923     |   |
|                                                                                                                                                                                                    | 58,345               | 1.00             |   | Impac Secured Assets CMN Owner Trust, Floating Rate Note, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 56,885     |   |
|                                                                                                                                                                                                    | 69,776               | 0.55             |   | Impac Secured Assets Trust 2006-1, Floating Rate Note, 5/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 68,871     |   |
|                                                                                                                                                                                                    | 100,000              | 2.57             |   | JP Morgan Chase Commercial Mortgage Securities Corp., Floating Rate Note, 10/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 101,376 |       |
|                                                                                                                                                                                                    | 12,808               | 2.20             |   | JP Morgan Mortgage Trust 2003-A1, Floating Rate Note, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 13,021     |   |
|                                                                                                                                                                                                    | 44,928               | 4.44             |   | JP Morgan Mortgage Trust 2003-A1, Floating Rate Note, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 45,939     |   |
|                                                                                                                                                                                                    | 69,805               | 2.52             |   | JP Morgan Mortgage Trust 2004-A1, Floating Rate Note, 2/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 72,023     |   |
|                                                                                                                                                                                                    | 51,231               | 4.89             |   | JP Morgan Mortgage Trust 2004-A1, Floating Rate Note, 2/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 52,211     |   |
|                                                                                                                                                                                                    | 44,354               |             |   | LB-UBS Commercial Mortgage Trust 2004-C1, 4.568%, 1/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 45,470     |   |
|                                                                                                                                                                                                    | 30,685               |             |   | LB-UBS Commercial Mortgage Trust 2005-C3, 4.664%, 7/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 31,189     |   |
|                                                                                                                                                                                                    | 16,018               | 0.90             |   | Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5, Floating Rate Note, 6/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 15,946  |       |
|                                                                                                                                                                                                    | 15,000               | 1.10             |   | Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5, Floating Rate Note, 6/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 14,558  |       |
|                                                                                                                                                                                                    | 6,358                | 5.41             |   | Lehman Brothers Small Balance Commercial Mortgage Trust 2006-3, Floating Rate Note, 12/25/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 6,438   |       |
|                                                                                                                                                                                                    | 10,838               | 1.15             |   | Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3 Class 1A4, Floating Rate Note, 10/25/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 10,783  |       |
|                                                                                                                                                                                                    | 64,293               | 2.29             |   | MASTR Adjustable Rate Mortgages Trust 2003-3, Floating Rate Note, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 63,267     |   |
|                                                                                                                                                                                                    | 44,031               |             |   | MASTR Alternative Loan Trust 2004-10, 5.5%, 10/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 45,279     |   |
|                                                                                                                                                                                                    | 173,247              |             |   | MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 176,202    |   |
|                                                                                                                                                                                                    | 127,084              |             |   | MASTR Alternative Loan Trust 2005-1, 5.5%, 2/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 126,879    |   |
|                                                                                                                                                                                                    | 65,329               | 6.60             |   | MASTR Seasoned Securitization Trust 2005-1, Floating Rate Note, 9/25/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 68,486     |   |
|                                                                                                                                                                                                    | 17,915               | 0.66             |   | Merrill Lynch Mortgage Investors Trust Series MLCC 2005-A, Floating Rate Note, 3/25/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 17,862  |       |
|                                                                                                                                                                                                    | 193,785              | 1.40             |   | NorthStar 2012-1 Mortgage Trust, Floating Rate Note, 8/25/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 193,785    |   |
|                                                                                                                                                                                                    | 49,548               |             |   | PHH Mortgage Capital LLC, 6.6%, 12/25/27 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 48,487     |   |
|                                                                                                                                                                                                    | 247,531              |             |   | RALI Series 2003-QR24 Trust, 4.0%, 7/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 246,383    |   |
|                                                                                                                                                                                                    | 66,841               |             |   | Residential Asset Securitization Trust 2005-A9, 5.5%, 7/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 66,668     |   |
|                                                                                                                                                                                                    | 89,699               |             |   | RFMSI Series 2005-S6 Trust, 5.25%, 8/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 92,469     |   |
|                                                                                                                                                                                                    | 100,000              | 5.53             |   | SASCO 2007-BHC1 Trust, Floating Rate Note, 12/18/49 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 17,406     |   |
|                                                                                                                                                                                                    | 70,281               | 0.52             |   | Sequoia Mortgage Trust 2004-10, Floating Rate Note, 11/20/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 69,097     |   |
|                                                                                                                                                                                                    | 89,302               | 0.42             |   | Sequoia Mortgage Trust 2005-2, Floating Rate Note, 3/20/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 83,107     |   |
|                                                                                                                                                                                                    | 85,745               | 2.22             |   | Springleaf Mortgage Loan Trust 2012-2, Floating Rate Note, 10/25/57 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 86,886     |   |
|                                                                                                                                                                                                    | 7,756                | 0.94             |   | Structured Asset Mortgage Investments Trust 2003-AR2, Floating Rate Note, 12/19/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 7,259   |       |
|                                                                                                                                                                                                    | 23,195               | 3.17             |   | Thornburg Mortgage Securities Trust 2003-3, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 23,313     |   |
|                                                                                                                                                                                                    | 32,560               | 4.11             |   | Thornburg Mortgage Securities Trust Class II4A, Floating Rate Note, 3/25/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 32,620     |   |
|                                                                                                                                                                                                    | 40,000               |             |   | Timberstar Trust, 5.747%, 10/15/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 44,766     |   |
|                                                                                                                                                                                                    | 400,000              |             |   | Wachovia Bank Commercial Mortgage Trust Series 2004-C15, 4.803%, 10/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 421,903    |   |
|                                                                                                                                                                                                    | 43,886,338           | 0.01             |   | Wachovia Bank Commercial Mortgage Trust Series 2006-C26, Floating Rate Note, 6/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 6,056   |       |
|                                                                                                                                                                                                    | 75,000               | 5.30             |   | WAMU Commercial Mortgage Securities Trust, Floating Rate Note, 5/25/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 76,867     |   |
|                                                                                                                                                                                                    | 34,564               | 2.44             |   | WaMu Mortgage Pass Through Certificates, Floating Rate Note, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 34,618     |   |
|                                                                                                                                                                                                    | 5,308                | 2.21             |   | WaMu Mortgage Pass Through Certificates, Floating Rate Note, 2/27/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 4,271      |   |
|                                                                                                                                                                                                    | 143,290              | 2.50             |   | WaMu Mortgage Pass Through Certificates, Floating Rate Note, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 142,138    |   |
|                                                                                                                                                                                                    | 22,907               | 4.51             |   | Wells Fargo Mortgage Backed Securities 2003-L Trust, Floating Rate Note, 11/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 22,831     |   |
|                                                                                                                                                                                                    | 31,841               | 2.65             |   | Wells Fargo Mortgage Backed Securities 2004-V Trust, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 32,706     |   |
|                                                                                                                                                                                                    | 37,577               |             |   | Wells Fargo Mortgage Backed Securities 2006-16 Trust, 5.0%, 11/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 38,922     |   |
|                                                                                                                                                                                                    | 114,618              |             |   | Wells Fargo Mortgage Backed Securities 2006-2 Trust, 5.75%, 3/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 114,661    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 5,228,181  |   |
|                                                                                                                                                                                                    |                 |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 5,228,181  |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 3.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Other Diversified Financial Services - 3.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 83,991               | 3.13             |   | Banc of America Mortgage 2003-F Trust, Floating Rate Note, 7/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 84,684     |   |
|                                                                                                                                                                                                    | 82,311               | 3.00             |   | Banc of America Mortgage 2004-E Trust, Floating Rate Note, 6/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 82,245     |   |
|                                                                                                                                                                                                    | 33,915               |             |   | Banc of America Mortgage Trust 2004-11, 5.75%, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 34,765     |   |
|                                                                                                                                                                                                    | 4,503                |             |   | Banc of America Mortgage Trust 2004-7, 4.5%, 8/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 4,576      |   |
|                                                                                                                                                                                                    | 78,123               |             |   | Banc of America Mortgage Trust 2004-9, 5.5%, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 81,541     |   |
|                                                                                                                                                                                                    | 13,006               |             |   | Banc of America Mortgage Trust 2005-9, 4.75%, 10/25/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 13,107     |   |
|                                                                                                                                                                                                    | 40,980               |             |   | Citicorp Mortgage Securities Trust Series 2006-1, 5.0%, 2/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 43,402     |   |
|                                                                                                                                                                                                    | 27,827               | 0.32             |   | Commercial Mortgage Pass-Through Certificates Series 2007-TFL1, Floating Rate Note, 2/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 27,553  |       |
|                                                                                                                                                                                                    | 709                  |             |   | Commercial Mortgage Trust 2003-C1, 4.111%, 7/5/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 709        |   |
|                                                                                                                                                                                                    | 39,067               | 0.40             |   | Impac Secured Assets Trust 2006-5, Floating Rate Note, 12/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 35,787     |   |
|                                                                                                                                                                                                    | 1,552                | 5.95             |   | JP Morgan Alternative Loan Trust, Floating Rate Note, 9/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,552      |   |
|                                                                                                                                                                                                    | 150,709              |             |   | JP Morgan Mortgage Trust 2004-S1, 6.0%, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 154,742    |   |
|                                                                                                                                                                                                    | 83,152               | 3.00             |   | La Hipotecaria Panamanian Mortgage Trust 2010-1, Floating Rate Note, 9/8/39 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 86,894  |       |
|                                                                                                                                                                                                    | 50,000               |             |   | Morgan Stanley Capital I Trust 2007-HQ13, 5.569%, 12/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 55,846     |   |
|                                                                                                                                                                                                    | 34,288               | 0.30             |   | Morgan Stanley Capital I, Inc., Floating Rate Note, 10/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 33,966     |   |
|                                                                                                                                                                                                    | 57,319               |             |   | ORES NPL LLC, 4.0%, 9/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 57,366     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | RALI Series 2003-QS15 Trust, 5.5%, 8/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 51,543     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | RALI Series 2003-QS17 Trust, 5.5%, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 77,052     |   |
|                                                                                                                                                                                                    | 197,067              |             |   | RALI Series 2004-QS13 Trust, 5.0%, 9/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 202,665    |   |
|                                                                                                                                                                                                    | 61,088               |             |   | RALI Series 2004-QS5 Trust, 4.75%, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 63,450     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,193,445  |   |
|                                                                                                                                                                                                    |                 |             |   | Specialized Finance - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    | 1,679                |             |   | COBALT CMBS Commercial Mortgage Trust 2006-C1, 5.174%, 8/15/48                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 1,683      |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Finance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    | 41,846               | 4.54             |   | GMACM Mortgage Loan Trust 2003-AR1, Floating Rate Note, 10/19/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 43,152     |   |
|                                                                                                                                                                                                    |                 |             |   | Asset Management & Custody Banks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 39,227               | 2.81             |   | Jefferies & Co., Inc., Floating Rate Note, 5/26/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 39,345     |   |
|                                                                                                                                                                                                    |                 |             |   | Investment Banking & Brokerage - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 160,000              | 4.88             |   | Banc of America Merrill Lynch Commercial Mortgage, Inc., Floating Rate Note, 7/10/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 166,525    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 1,444,150  |   |
|                                                                                                                                                                                                    |                 |             |   | Real Estate - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Mortgage REITs - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 19,032               | 2.69             |   | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 11/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 18,719     |   |
|                                                                                                                                                                                                    | 200,000              | 6.45             |   | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 9/15/34 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 95,107  |       |
|                                                                                                                                                                                                    | 25,000               | 3.49             |   | FREMF Mortgage Trust Class B, Floating Rate Note, 11/25/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 26,233     |   |
|                                                                                                                                                                                                    | 25,000               | 3.82             |   | FREMF Mortgage Trust Class B, Floating Rate Note, 6/25/47 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 26,254     |   |
|                                                                                                                                                                                                    | 35,000               | 3.76             |   | FREMF Mortgage Trust, Floating Rate Note, 2/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 35,586     |   |
|                                                                                                                                                                                                    | 50,000               | 4.77             |   | FREMF Mortgage Trust, Floating Rate Note, 4/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 55,042     |   |
|                                                                                                                                                                                                    | 50,000               | 4.89             |   | FREMF Mortgage Trust, Floating Rate Note, 7/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 55,767     |   |
|                                                                                                                                                                                                    | 25,000               | 4.16             |   | FREMF Mortgage Trust, Floating Rate Note, 9/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 25,820     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 338,528    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 338,528    |   |
|                                                                                                                                                                                                    |                 |             |   | Government - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Government - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Fannie Mae REMICS, 4.5%, 6/25/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 27,792     |   |
|                                                                                                                                                                                                    | 7,359                |             |   | Fannie Mae REMICS, 5.0%, 9/25/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 7,555      |   |
|                                                                                                                                                                                                    | 94,399               |             |   | Freddie Mac REMICS, 4.0%, 6/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 100,705    |   |
|                                                                                                                                                                                                    | 38,548               |             |   | Freddie Mac REMICS, 5.0%, 6/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 39,850     |   |
|                                                                                                                                                                                                    | 49,322               |             |   | Government National Mortgage Association, 3.0%, 4/20/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 51,707     |   |
|                                                                                                                                                                                                    | 22,316               |             |   | Government National Mortgage Association, 5.25%, 8/16/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 26,254     |   |
|                                                                                                                                                                                                    | 1,945,305            | 0.56             |   | Government National Mortgage Association, Floating Rate Note, 11/16/51                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 75,575     |   |
|                                                                                                                                                                                                    | 345,620              | 1.03             |   | Government National Mortgage Association, Floating Rate Note, 2/16/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 30,588     |   |
|                                                                                                                                                                                                    | 394,092              | 1.10             |   | Government National Mortgage Association, Floating Rate Note, 8/16/52                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 30,864     |   |
|                                                                                                                                                                                                    | 345,365              | 1.07             |   | Government National Mortgage Association, Floating Rate Note, 9/16/52                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 31,134     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 422,024    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Government                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 422,024    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $7,572,252)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 7,432,883  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | CORPORATE BONDS - 35.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Energy - 3.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Drilling - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Pride International, Inc., 6.875%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 62,684     |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Equipment & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 51,536     |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Exploration & Production - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Newfield Exploration Co., 5.625%, 7/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 103,250    |   |
|                                                                                                                                                                                                    | 100,000              |             |   | TNK-BP Finance SA, 6.625%, 3/20/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 113,000    |   |
|                                                                                                                                                                                                    | 65,000               |             |   | TNK-BP Finance SA, 7.5%, 7/18/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 74,477     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 290,727    |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Refining & Marketing - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Spectra Energy Capital LLC, 6.2%, 4/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 241,574    |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Storage & Transportation - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Boardwalk Pipelines LP, 5.5%, 2/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 55,819     |   |
|                                                                                                                                                                                                    | 90,000               |             |   | Buckeye Partners LP, 6.05%, 1/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 102,551    |   |
|                                                                                                                                                                                                    | 265,000              |             |   | Questar Pipeline Co., 5.83%, 2/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 309,426    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Spectra Energy Capital LLC, 6.75%, 7/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 58,868     |   |
|                                                                                                                                                                                                    | 70,000               |             |   | Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 79,472     |   |
|                                                                                                                                                                                                    | 69,000               |             |   | The Williams Companies, Inc., 7.75%, 6/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 85,969     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 692,105    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 1,338,626  |   |
|                                                                                                                                                                                                    |                 |             |   | Materials - 2.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Chemicals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 30,000               |             |   | Eastman Chemical Co., 4.8%, 9/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 31,149     |   |
|                                                                                                                                                                                                    |                 |             |   | Construction Materials - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 166,000              |             |   | Cemex Espana Luxembourg, 9.875%, 4/30/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 191,099    |   |
|                                                                                                                                                                                                    |                 |             |   | Aluminum - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Alcoa, Inc., 6.15%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 163,314    |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Metals & Mining - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    | 185,000              |             |   | AngloGold Ashanti Holdings Plc, 5.375%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 195,818    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Freeport-McMoRan Copper & Gold, Inc., 3.875%, 3/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 50,145     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 245,963    |   |
|                                                                                                                                                                                                    |                 |             |   | Gold - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 40,000               |             |   | Goldcorp, Inc., 3.7%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 40,169     |   |
|                                                                                                                                                                                                    |                 |             |   | Steel - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 115,000              |             |   | ArcelorMittal, 6.0%, 3/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 120,906    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 792,600    |   |
|                                                                                                                                                                                                    |                 |             |   | Capital Goods - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Aerospace & Defense - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Bombardier, Inc., 4.25%, 1/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 51,875     |   |
|                                                                                                                                                                                                    |                 |             |   | Building Products - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Masco Corp., 5.95%, 3/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 28,121     |   |
|                                                                                                                                                                                                    | 110,000              |             |   | Masco Corp., 7.125%, 3/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 128,416    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 156,537    |   |
|                                                                                                                                                                                                    |                 |             |   | Construction & Farm Machinery & Heavy Trucks - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 70,000               |             |   | Cummins, Inc., 5.65%, 3/1/98                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 71,245     |   |
|                                                                                                                                                                                                    | 65,000               |             |   | Cummins, Inc., 6.75%, 2/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 81,197     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 152,442    |   |
|                                                                                                                                                                                                    |                 |             |   | Trading Companies & Distributors - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 170,000              |             |   | Aviation Capital Group Corp., 6.75%, 4/6/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 189,049    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 549,903    |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Services - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Education Services - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 10,000               |             |   | Amherst College, 3.794%, 11/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 9,704      |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Massachusetts Institute of Technology, 5.6%, 7/1/11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 33,345     |   |
|                                                                                                                                                                                                    | 105,000              |             |   | President and Fellows of Harvard College, 6.3%, 10/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 120,922    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | The George Washington University, 1.827%, 9/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 51,096     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Tufts University, 5.017%, 4/15/12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 108,535    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 323,602    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 323,602    |   |
|                                                                                                                                                                                                    |                 |             |   | Media - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Cable & Satellite - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | British Sky Broadcasting Group Plc, 6.1%, 2/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 118,385    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 118,385    |   |
|                                                                                                                                                                                                    |                 |             |   | Food & Staples Retailing - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Drug Retail - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 46,067               |             |   | CVS Pass-Through Trust, 5.298%, 1/11/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 51,972     |   |
|                                                                                                                                                                                                    | 85,310               |             |   | CVS Pass-Through Trust, 5.773%, 1/10/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 99,238     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 151,210    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 151,210    |   |
|                                                                                                                                                                                                    |                 |             |   | Food, Beverage & Tobacco - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Packaged Foods & Meats - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 85,000               |             |   | Kraft Foods Group, Inc., 3.5%, 6/6/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 88,878     |   |
|                                                                                                                                                                                                    | 120,000              |             |   | Mondelez International, Inc., 6.5%, 2/9/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 155,829    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 244,707    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 244,707    |   |
|                                                                                                                                                                                                    |                 |             |   | Household & Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 80,000               |             |   | Avon Products, Inc., 5.0%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 82,086     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Household & Personal Products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 82,086     |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment & Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Catholic Health Initiatives, 4.35%, 11/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 75,568     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 75,568     |   |
|                                                                                                                                                                                                    |                 |             |   | Pharmaceuticals, Biotechnology & Life Sciences - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Life Sciences Tools & Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 135,000              |             |   | Agilent Technologies, Inc., 6.5%, 11/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 161,675    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 161,675    |   |
|                                                                                                                                                                                                    |                 |             |   | Banks - 4.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Banks - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 220,000              |             |   | Barclays Bank Plc, 6.05%, 12/4/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 245,215    |   |
|                                                                                                                                                                                                    | 90,000               |             |   | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 3.875%, 2/8/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 94,937     |   |
|                                                                                                                                                                                                    | 150,000              |             |   | HSBC Bank Plc, 7.65%, 5/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 203,606    |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 103,041    |   |
|                                                                                                                                                                                                    | 60,000               | 4.50             |   | Scotiabank Peru SA, Floating Rate Note, 12/13/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 57,840     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 704,639    |   |
|                                                                                                                                                                                                    |                 |             |   | Regional Banks - 2.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 145,000              |             |   | Mellon Funding Corp., 5.5%, 11/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 171,114    |   |
|                                                                                                                                                                                                    | 250,000              | 8.25             |   | PNC Financial Services Group, Inc., Floating Rate Note, 5/29/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 251,524    |   |
|                                                                                                                                                                                                    | 75,000               | 6.75             |   | PNC Financial Services Group, Inc., Floating Rate Note, 7/29/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 85,780     |   |
|                                                                                                                                                                                                    | 125,000              |             |   | SunTrust Banks, Inc., 3.5%, 1/20/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 133,844    |   |
|                                                                                                                                                                                                    | 210,000              |             |   | Wachovia Bank NA, 6.0%, 11/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 250,700    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 892,962    |   |
|                                                                                                                                                                                                    |                 |             |   | Thrifts & Mortgage Finance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Astoria Financial Corp., 5.0%, 6/19/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 80,315     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 1,677,916  |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 6.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Other Diversified Financial Services - 2.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 125,000              |             |   | Alterra Finance LLC, 6.25%, 9/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 147,040    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Carlyle Holdings Finance LLC, 3.875%, 2/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 51,214     |   |
|                                                                                                                                                                                                    | 30,000               |             |   | Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 30,020     |   |
|                                                                                                                                                                                                    | 50,000               | 5.95             |   | Citigroup, Inc., Floating Rate Note, 12/29/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 51,875     |   |
|                                                                                                                                                                                                    | 140,000              |             |   | General Electric Capital Corp., 5.3%, 2/11/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 160,493    |   |
|                                                                                                                                                                                                    | 100,000              | 7.12             |   | General Electric Capital Corp., Floating Rate Note, 12/29/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 116,306    |   |
|                                                                                                                                                                                                    | 165,000              | 7.90             |   | JPMorgan Chase & Co., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 189,557    |   |
|                                                                                                                                                                                                    | 100,000              |             |   | KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 96,307     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 842,812    |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Finance - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    | 415,000              | 4.00             |   | SLM Corp., Floating Rate Note, 7/25/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 419,358    |   |
|                                                                                                                                                                                                    |                 |             |   | Asset Management & Custody Banks - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Blackstone Holdings Finance Co LLC, 6.25%, 8/15/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 170,355    |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Prospect Capital Corp., 5.875%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 75,142     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 245,497    |   |
|                                                                                                                                                                                                    |                 |             |   | Investment Banking & Brokerage - 2.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 300,000              | 4.00             |   | Goldman Sachs Capital II, Floating Rate Note, 6/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 252,375    |   |
|                                                                                                                                                                                                    | 125,000              |             |   | Jefferies Group LLC, 6.875%, 4/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 145,918    |   |
|                                                                                                                                                                                                    | 190,000              |             |   | Macquarie Group, Ltd., 6.0%, 1/14/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 208,449    |   |
|                                                                                                                                                                                                    | 185,000              |             |   | Morgan Stanley, 5.5%, 1/26/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 211,965    |   |
|                                                                                                                                                                                                    | 115,000              |             |   | Scottrade Financial Services, Inc., 6.125%, 7/11/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 119,644    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 938,351    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 2,446,018  |   |
|                                                                                                                                                                                                    |                 |             |   | Insurance - 5.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Life & Health Insurance - 2.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Delphi Financial Group, Inc., 7.875%, 1/31/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 92,409     |   |
|                                                                                                                                                                                                    | 210,000              | 6.05             |   | Lincoln National Corp., Floating Rate Note, 4/20/67                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 211,050    |   |
|                                                                                                                                                                                                    | 160,000              |             |   | MetLife, Inc., 10.75%, 8/1/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 248,400    |   |
|                                                                                                                                                                                                    | 145,000              |             |   | Protective Life Corp., 7.375%, 10/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 177,986    |   |
|                                                                                                                                                                                                    | 100,000              | 5.88             |   | Prudential Financial, Inc., Floating Rate Note, 9/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 106,500    |   |
|                                                                                                                                                                                                    | 30,000               | 5.88             |   | Wilton Re Finance LLC, Floating Rate Note, 3/30/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 30,302     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 866,647    |   |
|                                                                                                                                                                                                    |                 |             |   | Multi-line Insurance - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 90,000               |             |   | AXA SA, 8.6%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 115,405    |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Liberty Mutual Group, Inc., 7.3%, 6/15/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 106,378    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 221,783    |   |
|                                                                                                                                                                                                    |                 |             |   | Property & Casualty Insurance - 2.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Sirius International Group, Ltd., 6.375%, 3/20/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 112,504    |   |
|                                                                                                                                                                                                    | 100,000              | 7.51             |   | Sirius International Group, Ltd., Floating Rate Note, 5/29/49 (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 105,841    |   |
|                                                                                                                                                                                                    | 145,000              | 6.50             |   | The Allstate Corp., Floating Rate Note, 5/15/57                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 158,775    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | The Hanover Insurance Group, Inc., 7.5%, 3/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 58,858     |   |
|                                                                                                                                                                                                    | 365,000              |             |   | The Hanover Insurance Group, Inc., 7.625%, 10/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 426,267    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 862,245    |   |
|                                                                                                                                                                                                    |                 |             |   | Reinsurance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 65,000               |             |   | Montpelier Re Holdings, Ltd., 4.7%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 66,713     |   |
|                                                                                                                                                                                                    | 45,000               | 6.75             |   | Reinsurance Group of America, Inc., Floating Rate Note, 12/15/65                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 45,450     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 112,163    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 2,062,838  |   |
|                                                                                                                                                                                                    |                 |             |   | Real Estate - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified REITs - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 60,000               |             |   | Digital Realty Trust LP, 4.5%, 7/15/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 63,751     |   |
|                                                                                                                                                                                                    | 45,000               |             |   | Digital Realty Trust LP, 5.875%, 2/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 51,266     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 115,017    |   |
|                                                                                                                                                                                                    |                 |             |   | Office REITs - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    | 45,000               |             |   | Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 48,495     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | BioMed Realty LP, 4.25%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 26,128     |   |
|                                                                                                                                                                                                    | 30,000               |             |   | Mack-Cali Realty LP, 4.5%, 4/18/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 31,965     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 106,588    |   |
|                                                                                                                                                                                                    |                 |             |   | Retail REITs - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    | 15,000               |             |   | DDR Corp., 4.625%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 16,226     |   |
|                                                                                                                                                                                                    |                 |             |   | Specialized REITs - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 20,000               |             |   | CubeSmart LP, 4.8%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 21,903     |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Healthcare Realty Trust, Inc., 6.5%, 1/17/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 172,640    |   |
|                                                                                                                                                                                                    | 55,000               |             |   | Hospitality Properties Trust, 5.0%, 8/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 58,608     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 253,151    |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Real Estate Activities - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 200,000              |             |   | WEA Finance LLC, 7.125%, 4/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 246,741    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 737,723    |   |
|                                                                                                                                                                                                    |                 |             |   | Software & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Data Processing & Outsourced Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    | 22,000               |             |   | First Data Corp., 8.25%, 1/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 22,880     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 22,880     |   |
|                                                                                                                                                                                                    |                 |             |   | Telecommunication Services - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Integrated Telecommunication Services - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 100,000              |             |   | GTP Acquisition Partners I LLC, 4.347%, 6/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 106,178    |   |
|                                                                                                                                                                                                    | 25,000               |             |   | GTP Cellular Sites LLC, 3.721%, 3/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 25,858     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Telefonica Emisiones SAU, 6.221%, 7/3/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 83,916     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 215,952    |   |
|                                                                                                                                                                                                    |                 |             |   | Wireless Telecommunication Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    | 180,000              |             |   | Crown Castle Towers LLC, 4.883%, 8/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 207,184    |   |
|                                                                                                                                                                                                    | 75,000               |             |   | WCP Wireless Site Funding, 6.829%, 11/15/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 80,682     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 287,866    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 503,818    |   |
|                                                                                                                                                                                                    |                 |             |   | Utilities - 5.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Electric Utilities - 2.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 30,000               |             |   | Commonwealth Edison Co., 6.15%, 9/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 36,192     |   |
|                                                                                                                                                                                                    | 75,985               |             |   | Crockett Cogeneration LP, 5.869%, 3/30/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 84,372     |   |
|                                                                                                                                                                                                    | 125,000              | 5.25             |   | Electricite de France SA, Floating Rate Note, 1/29/49 (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 124,180    |   |
|                                                                                                                                                                                                    | 45,387               |             |   | FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 39,993     |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Israel Electric Corp, Ltd., 7.25%, 1/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 229,633    |   |
|                                                                                                                                                                                                    | 30,155               |             |   | Orcal Geothermal, Inc., 6.21%, 12/30/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 29,552     |   |
|                                                                                                                                                                                                    | 100,000              |             |   | Public Service Co. of New Mexico, 7.95%, 5/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 124,360    |   |
|                                                                                                                                                                                                    | 75,000               | 6.25             |   | Southern California Edison Co., Floating Rate Note, 8/1/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 82,521     |   |
|                                                                                                                                                                                                    | 225,000              |             |   | West Penn Power Co., 5.95%, 12/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 264,616    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,015,419  |   |
|                                                                                                                                                                                                    |                 |             |   | Gas Utilities - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | 241,942              |             |   | Nakilat, Inc., 6.267%, 12/31/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 290,903    |   |
|                                                                                                                                                                                                    |                 |             |   | Multi-Utilities - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    | 215,000              |             |   | New York State Electric & Gas Corp., 6.15%, 12/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 240,420    |   |
|                                                                                                                                                                                                    |                 |             |   | Independent Power Producers & Energy Traders - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    | 88,967               |             |   | Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 95,401     |   |
|                                                                                                                                                                                                    | 140,000              |             |   | Kiowa Power Partners LLC, 5.737%, 3/30/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 147,937    |   |
|                                                                                                                                                                                                    | 145,830              |             |   | Panoche Energy Center LLC, 6.885%, 7/31/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 158,637    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 401,975    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,948,717  |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $11,587,114)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 13,238,272 |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 14.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    | 22,540               |             |   | Fannie Mae, 4.0%, 11/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 24,049     |   |
|                                                                                                                                                                                                    | 39,966               |             |   | Fannie Mae, 4.0%, 12/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 42,640     |   |
|                                                                                                                                                                                                    | 46,580               |             |   | Fannie Mae, 4.5%, 12/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 50,281     |   |
|                                                                                                                                                                                                    | 18,252               |             |   | Fannie Mae, 4.5%, 4/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 19,691     |   |
|                                                                                                                                                                                                    | 25,123               |             |   | Fannie Mae, 5.0%, 6/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 27,596     |   |
|                                                                                                                                                                                                    | 38,982               |             |   | Fannie Mae, 5.0%, 7/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 42,312     |   |
|                                                                                                                                                                                                    | 18,427               |             |   | Fannie Mae, 5.0%, 7/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 20,241     |   |
|                                                                                                                                                                                                    | 27,542               |             |   | Fannie Mae, 5.5%, 12/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 30,583     |   |
|                                                                                                                                                                                                    | 6,994                |             |   | Fannie Mae, 5.5%, 2/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 7,525      |   |
|                                                                                                                                                                                                    | 43,860               |             |   | Fannie Mae, 5.5%, 3/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 47,149     |   |
|                                                                                                                                                                                                    | 56,168               |             |   | Fannie Mae, 5.5%, 9/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 61,843     |   |
|                                                                                                                                                                                                    | 99,339               |             |   | Fannie Mae, 5.9%, 7/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 111,805    |   |
|                                                                                                                                                                                                    | 6,912                |             |   | Fannie Mae, 6.0%, 1/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 7,744      |   |
|                                                                                                                                                                                                    | 8,245                |             |   | Fannie Mae, 6.0%, 10/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 9,280      |   |
|                                                                                                                                                                                                    | 13,284               |             |   | Fannie Mae, 6.0%, 11/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 14,911     |   |
|                                                                                                                                                                                                    | 33,095               |             |   | Fannie Mae, 6.0%, 11/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 37,246     |   |
|                                                                                                                                                                                                    | 26,074               |             |   | Fannie Mae, 6.0%, 12/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 29,214     |   |
|                                                                                                                                                                                                    | 27,347               |             |   | Fannie Mae, 6.0%, 4/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 30,777     |   |
|                                                                                                                                                                                                    | 57,465               |             |   | Fannie Mae, 6.0%, 5/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 64,924     |   |
|                                                                                                                                                                                                    | 2,483                |             |   | Fannie Mae, 6.0%, 6/1/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 2,534      |   |
|                                                                                                                                                                                                    | 40,161               |             |   | Fannie Mae, 6.0%, 6/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 45,199     |   |
|                                                                                                                                                                                                    | 51,848               |             |   | Fannie Mae, 6.0%, 7/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 58,578     |   |
|                                                                                                                                                                                                    | 12,702               |             |   | Fannie Mae, 6.0%, 7/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 13,930     |   |
|                                                                                                                                                                                                    | 19,647               |             |   | Fannie Mae, 6.0%, 9/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 22,014     |   |
|                                                                                                                                                                                                    | 20,197               |             |   | Fannie Mae, 6.0%, 9/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 22,522     |   |
|                                                                                                                                                                                                    | 2,559                |             |   | Fannie Mae, 6.5%, 1/1/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 2,631      |   |
|                                                                                                                                                                                                    | 7,724                |             |   | Fannie Mae, 6.5%, 1/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 9,104      |   |
|                                                                                                                                                                                                    | 5,930                |             |   | Fannie Mae, 6.5%, 10/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 6,990      |   |
|                                                                                                                                                                                                    | 2,788                |             |   | Fannie Mae, 6.5%, 10/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 3,286      |   |
|                                                                                                                                                                                                    | 10,205               |             |   | Fannie Mae, 6.5%, 11/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 11,959     |   |
|                                                                                                                                                                                                    | 6,172                |             |   | Fannie Mae, 6.5%, 2/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 7,275      |   |
|                                                                                                                                                                                                    | 21,408               |             |   | Fannie Mae, 6.5%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 24,430     |   |
|                                                                                                                                                                                                    | 3,825                |             |   | Fannie Mae, 6.5%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 4,313      |   |
|                                                                                                                                                                                                    | 11,812               |             |   | Fannie Mae, 6.5%, 4/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 13,280     |   |
|                                                                                                                                                                                                    | 5,544                |             |   | Fannie Mae, 6.5%, 4/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 6,543      |   |
|                                                                                                                                                                                                    | 6,366                |             |   | Fannie Mae, 6.5%, 7/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 7,079      |   |
|                                                                                                                                                                                                    | 41,877               |             |   | Fannie Mae, 6.5%, 7/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 48,539     |   |
|                                                                                                                                                                                                    | 11,401               |             |   | Fannie Mae, 6.5%, 8/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 13,072     |   |
|                                                                                                                                                                                                    | 21,371               |             |   | Fannie Mae, 6.5%, 8/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 25,222     |   |
|                                                                                                                                                                                                    | 10,160               |             |   | Fannie Mae, 6.5%, 8/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 11,991     |   |
|                                                                                                                                                                                                    | 1,765                |             |   | Fannie Mae, 6.5%, 9/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 2,083      |   |
|                                                                                                                                                                                                    | 5,773                |             |   | Fannie Mae, 7.0%, 1/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 6,722      |   |
|                                                                                                                                                                                                    | 1,016                |             |   | Fannie Mae, 7.0%, 11/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 1,213      |   |
|                                                                                                                                                                                                    | 2,640                |             |   | Fannie Mae, 7.0%, 7/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 3,148      |   |
|                                                                                                                                                                                                    | 5,330                |             |   | Fannie Mae, 7.0%, 8/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 5,919      |   |
|                                                                                                                                                                                                    | 7,001                |             |   | Fannie Mae, 7.0%, 9/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 7,832      |   |
|                                                                                                                                                                                                    | 19,249               |             |   | Fannie Mae, 7.0%, 9/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 22,966     |   |
|                                                                                                                                                                                                    | 3,339                |             |   | Fannie Mae, 7.5%, 2/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 4,070      |   |
|                                                                                                                                                                                                    | 12,045               |             |   | Fannie Mae, 8.0%, 10/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 14,867     |   |
|                                                                                                                                                                                                    | 15,432               |             |   | Fannie Mae, 8.0%, 2/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 17,949     |   |
|                                                                                                                                                                                                    | 47,685               |             |   | Fannie Mae, 8.0%, 3/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 56,898     |   |
|                                                                                                                                                                                                    | 1,521                |             |   | Fannie Mae, 8.0%, 4/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 1,812      |   |
|                                                                                                                                                                                                    | 2,081                |             |   | Fannie Mae, 8.0%, 5/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 2,422      |   |
|                                                                                                                                                                                                    | 5,485                |             |   | Fannie Mae, 8.0%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 6,499      |   |
|                                                                                                                                                                                                    | 6,379                |             |   | Fannie Mae, 9.5%, 2/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 6,493      |   |
|                                                                                                                                                                                                    | 31,450               |             |   | Federal Home Loan Mortgage Corp., 5.0%, 10/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 33,827     |   |
|                                                                                                                                                                                                    | 20,686               |             |   | Federal Home Loan Mortgage Corp., 5.0%, 12/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 22,176     |   |
|                                                                                                                                                                                                    | 28,517               |             |   | Federal Home Loan Mortgage Corp., 5.0%, 9/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 30,672     |   |
|                                                                                                                                                                                                    | 49,996               |             |   | Federal Home Loan Mortgage Corp., 5.5%, 9/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 54,585     |   |
|                                                                                                                                                                                                    | 17,513               |             |   | Federal Home Loan Mortgage Corp., 6.0%, 1/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 19,558     |   |
|                                                                                                                                                                                                    | 5,479                |             |   | Federal Home Loan Mortgage Corp., 6.0%, 10/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 6,119      |   |
|                                                                                                                                                                                                    | 20,190               |             |   | Federal Home Loan Mortgage Corp., 6.0%, 11/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 22,548     |   |
|                                                                                                                                                                                                    | 23,443               |             |   | Federal Home Loan Mortgage Corp., 6.0%, 12/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 26,182     |   |
|                                                                                                                                                                                                    | 7,299                |             |   | Federal Home Loan Mortgage Corp., 6.0%, 12/1/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 7,990      |   |
|                                                                                                                                                                                                    | 37,579               |             |   | Federal Home Loan Mortgage Corp., 6.0%, 2/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 41,968     |   |
|                                                                                                                                                                                                    | 11,390               |             |   | Federal Home Loan Mortgage Corp., 6.5%, 1/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 13,358     |   |
|                                                                                                                                                                                                    | 22,323               |             |   | Federal Home Loan Mortgage Corp., 6.5%, 10/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 25,259     |   |
|                                                                                                                                                                                                    | 7,342                |             |   | Federal Home Loan Mortgage Corp., 6.5%, 2/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 8,506      |   |
|                                                                                                                                                                                                    | 4,893                |             |   | Federal Home Loan Mortgage Corp., 6.5%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 5,669      |   |
|                                                                                                                                                                                                    | 5,723                |             |   | Federal Home Loan Mortgage Corp., 6.5%, 4/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 6,630      |   |
|                                                                                                                                                                                                    | 40,781               |             |   | Federal Home Loan Mortgage Corp., 6.5%, 4/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 47,024     |   |
|                                                                                                                                                                                                    | 13,859               |             |   | Federal Home Loan Mortgage Corp., 6.5%, 7/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 15,918     |   |
|                                                                                                                                                                                                    | 30,538               |             |   | Federal Home Loan Mortgage Corp., 7.0%, 10/1/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 34,255     |   |
|                                                                                                                                                                                                    | 4,341                |             |   | Federal Home Loan Mortgage Corp., 7.0%, 2/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 5,136      |   |
|                                                                                                                                                                                                    | 5,021                |             |   | Federal Home Loan Mortgage Corp., 7.0%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 5,730      |   |
|                                                                                                                                                                                                    | 619                  |             |   | Federal Home Loan Mortgage Corp., 7.0%, 4/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 732        |   |
|                                                                                                                                                                                                    | 7,518                |             |   | Federal Home Loan Mortgage Corp., 7.0%, 4/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 8,895      |   |
|                                                                                                                                                                                                    | 5,995                |             |   | Federal Home Loan Mortgage Corp., 7.0%, 8/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 6,532      |   |
|                                                                                                                                                                                                    | 15,976               |             |   | Federal Home Loan Mortgage Corp., 7.0%, 9/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 17,406     |   |
|                                                                                                                                                                                                    | 6,304                |             |   | Federal Home Loan Mortgage Corp., 7.5%, 8/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 7,519      |   |
|                                                                                                                                                                                                    | 101,462              |             |   | Government National Mortgage Association I, 4.5%, 12/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 111,286    |   |
|                                                                                                                                                                                                    | 40,664               |             |   | Government National Mortgage Association I, 4.5%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 44,516     |   |
|                                                                                                                                                                                                    | 43,718               |             |   | Government National Mortgage Association I, 4.5%, 8/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 47,805     |   |
|                                                                                                                                                                                                    | 55,749               |             |   | Government National Mortgage Association I, 5.0%, 7/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 59,693     |   |
|                                                                                                                                                                                                    | 42,699               |             |   | Government National Mortgage Association I, 5.0%, 7/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 46,667     |   |
|                                                                                                                                                                                                    | 49,655               |             |   | Government National Mortgage Association I, 5.0%, 9/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 54,506     |   |
|                                                                                                                                                                                                    | 46,857               |             |   | Government National Mortgage Association I, 5.5%, 10/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 51,573     |   |
|                                                                                                                                                                                                    | 28,019               |             |   | Government National Mortgage Association I, 5.5%, 3/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 30,883     |   |
|                                                                                                                                                                                                    | 34,112               |             |   | Government National Mortgage Association I, 5.5%, 4/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 37,599     |   |
|                                                                                                                                                                                                    | 42,101               |             |   | Government National Mortgage Association I, 5.5%, 7/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 46,404     |   |
|                                                                                                                                                                                                    | 80,757               |             |   | Government National Mortgage Association I, 5.5%, 8/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 89,012     |   |
|                                                                                                                                                                                                    | 78,221               |             |   | Government National Mortgage Association I, 5.72%, 10/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 85,997     |   |
|                                                                                                                                                                                                    | 19,996               |             |   | Government National Mortgage Association I, 6.0%, 1/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 22,757     |   |
|                                                                                                                                                                                                    | 31,875               |             |   | Government National Mortgage Association I, 6.0%, 10/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 36,247     |   |
|                                                                                                                                                                                                    | 23,081               |             |   | Government National Mortgage Association I, 6.0%, 10/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 26,290     |   |
|                                                                                                                                                                                                    | 6,423                |             |   | Government National Mortgage Association I, 6.0%, 10/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 7,276      |   |
|                                                                                                                                                                                                    | 67,860               |             |   | Government National Mortgage Association I, 6.0%, 11/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 77,559     |   |
|                                                                                                                                                                                                    | 48,774               |             |   | Government National Mortgage Association I, 6.0%, 11/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 55,464     |   |
|                                                                                                                                                                                                    | 35,136               |             |   | Government National Mortgage Association I, 6.0%, 12/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 39,790     |   |
|                                                                                                                                                                                                    | 49,541               |             |   | Government National Mortgage Association I, 6.0%, 2/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 52,633     |   |
|                                                                                                                                                                                                    | 33,166               |             |   | Government National Mortgage Association I, 6.0%, 2/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 37,508     |   |
|                                                                                                                                                                                                    | 507                  |             |   | Government National Mortgage Association I, 6.0%, 4/15/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 525        |   |
|                                                                                                                                                                                                    | 36,885               |             |   | Government National Mortgage Association I, 6.0%, 4/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 41,674     |   |
|                                                                                                                                                                                                    | 20,321               |             |   | Government National Mortgage Association I, 6.0%, 5/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 21,458     |   |
|                                                                                                                                                                                                    | 295                  |             |   | Government National Mortgage Association I, 6.0%, 8/15/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 295        |   |
|                                                                                                                                                                                                    | 23,646               |             |   | Government National Mortgage Association I, 6.0%, 8/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 25,581     |   |
|                                                                                                                                                                                                    | 34,066               |             |   | Government National Mortgage Association I, 6.0%, 8/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 40,134     |   |
|                                                                                                                                                                                                    | 69,481               |             |   | Government National Mortgage Association I, 6.0%, 8/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 79,272     |   |
|                                                                                                                                                                                                    | 29,117               |             |   | Government National Mortgage Association I, 6.0%, 9/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 33,279     |   |
|                                                                                                                                                                                                    | 7,773                |             |   | Government National Mortgage Association I, 6.5%, 10/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 9,190      |   |
|                                                                                                                                                                                                    | 14,001               |             |   | Government National Mortgage Association I, 6.5%, 12/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 15,851     |   |
|                                                                                                                                                                                                    | 5,724                |             |   | Government National Mortgage Association I, 6.5%, 12/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 6,734      |   |
|                                                                                                                                                                                                    | 57,116               |             |   | Government National Mortgage Association I, 6.5%, 12/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 65,331     |   |
|                                                                                                                                                                                                    | 7,583                |             |   | Government National Mortgage Association I, 6.5%, 2/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 8,920      |   |
|                                                                                                                                                                                                    | 4,432                |             |   | Government National Mortgage Association I, 6.5%, 3/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 4,989      |   |
|                                                                                                                                                                                                    | 16,643               |             |   | Government National Mortgage Association I, 6.5%, 4/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 17,711     |   |
|                                                                                                                                                                                                    | 1,013                |             |   | Government National Mortgage Association I, 6.5%, 4/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 1,109      |   |
|                                                                                                                                                                                                    | 5,533                |             |   | Government National Mortgage Association I, 6.5%, 4/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 6,379      |   |
|                                                                                                                                                                                                    | 6,015                |             |   | Government National Mortgage Association I, 6.5%, 4/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 7,127      |   |
|                                                                                                                                                                                                    | 34,579               |             |   | Government National Mortgage Association I, 6.5%, 5/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 39,936     |   |
|                                                                                                                                                                                                    | 13,582               |             |   | Government National Mortgage Association I, 6.5%, 5/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 15,428     |   |
|                                                                                                                                                                                                    | 8,934                |             |   | Government National Mortgage Association I, 6.5%, 5/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 10,081     |   |
|                                                                                                                                                                                                    | 8,209                |             |   | Government National Mortgage Association I, 6.5%, 6/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 8,994      |   |
|                                                                                                                                                                                                    | 9,098                |             |   | Government National Mortgage Association I, 6.5%, 6/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 10,202     |   |
|                                                                                                                                                                                                    | 11,780               |             |   | Government National Mortgage Association I, 6.5%, 6/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 13,615     |   |
|                                                                                                                                                                                                    | 32,368               |             |   | Government National Mortgage Association I, 6.5%, 6/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 38,272     |   |
|                                                                                                                                                                                                    | 6,131                |             |   | Government National Mortgage Association I, 6.5%, 6/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 7,236      |   |
|                                                                                                                                                                                                    | 3,657                |             |   | Government National Mortgage Association I, 6.5%, 6/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 4,333      |   |
|                                                                                                                                                                                                    | 7,473                |             |   | Government National Mortgage Association I, 6.5%, 6/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 8,856      |   |
|                                                                                                                                                                                                    | 23,408               |             |   | Government National Mortgage Association I, 6.5%, 7/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 27,677     |   |
|                                                                                                                                                                                                    | 8,411                |             |   | Government National Mortgage Association I, 6.5%, 7/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 9,547      |   |
|                                                                                                                                                                                                    | 10,272               |             |   | Government National Mortgage Association I, 6.5%, 9/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 11,641     |   |
|                                                                                                                                                                                                    | 5,075                |             |   | Government National Mortgage Association I, 7.0%, 1/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 6,007      |   |
|                                                                                                                                                                                                    | 7,569                |             |   | Government National Mortgage Association I, 7.0%, 1/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 9,029      |   |
|                                                                                                                                                                                                    | 12,797               |             |   | Government National Mortgage Association I, 7.0%, 11/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 15,273     |   |
|                                                                                                                                                                                                    | 4,519                |             |   | Government National Mortgage Association I, 7.0%, 11/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 5,385      |   |
|                                                                                                                                                                                                    | 1,662                |             |   | Government National Mortgage Association I, 7.0%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 1,981      |   |
|                                                                                                                                                                                                    | 21,452               |             |   | Government National Mortgage Association I, 7.0%, 2/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 25,603     |   |
|                                                                                                                                                                                                    | 2,308                |             |   | Government National Mortgage Association I, 7.0%, 2/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 2,746      |   |
|                                                                                                                                                                                                    | 17,143               |             |   | Government National Mortgage Association I, 7.0%, 4/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 20,460     |   |
|                                                                                                                                                                                                    | 2,665                |             |   | Government National Mortgage Association I, 7.0%, 4/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 2,742      |   |
|                                                                                                                                                                                                    | 6,339                |             |   | Government National Mortgage Association I, 7.0%, 5/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 7,542      |   |
|                                                                                                                                                                                                    | 42,189               |             |   | Government National Mortgage Association I, 7.0%, 5/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 50,092     |   |
|                                                                                                                                                                                                    | 13,724               |             |   | Government National Mortgage Association I, 7.0%, 6/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 16,371     |   |
|                                                                                                                                                                                                    | 25,856               |             |   | Government National Mortgage Association I, 7.0%, 7/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 30,604     |   |
|                                                                                                                                                                                                    | 2,293                |             |   | Government National Mortgage Association I, 7.0%, 7/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 2,735      |   |
|                                                                                                                                                                                                    | 9,726                |             |   | Government National Mortgage Association I, 7.0%, 7/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 11,475     |   |
|                                                                                                                                                                                                    | 6,115                |             |   | Government National Mortgage Association I, 7.0%, 8/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 7,275      |   |
|                                                                                                                                                                                                    | 2,297                |             |   | Government National Mortgage Association I, 7.0%, 9/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 2,731      |   |
|                                                                                                                                                                                                    | 2,040                |             |   | Government National Mortgage Association I, 7.5%, 1/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 2,210      |   |
|                                                                                                                                                                                                    | 1,363                |             |   | Government National Mortgage Association I, 7.5%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 1,533      |   |
|                                                                                                                                                                                                    | 6,917                |             |   | Government National Mortgage Association I, 7.5%, 10/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 7,985      |   |
|                                                                                                                                                                                                    | 7,902                |             |   | Government National Mortgage Association I, 7.5%, 11/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 8,168      |   |
|                                                                                                                                                                                                    | 804                  |             |   | Government National Mortgage Association I, 7.5%, 6/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 905        |   |
|                                                                                                                                                                                                    | 594                  |             |   | Government National Mortgage Association I, 7.5%, 8/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 640        |   |
|                                                                                                                                                                                                    | 0                    |             |   | Government National Mortgage Association I, 7.5%, 8/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 0          |   |
|                                                                                                                                                                                                    | 41,148               |             |   | Government National Mortgage Association II, 4.5%, 9/20/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 45,517     |   |
|                                                                                                                                                                                                    | 31,401               |             |   | Government National Mortgage Association II, 5.0%, 1/20/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 34,290     |   |
|                                                                                                                                                                                                    | 48,193               |             |   | Government National Mortgage Association II, 5.0%, 11/20/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 52,649     |   |
|                                                                                                                                                                                                    | 124,823              |             |   | Government National Mortgage Association II, 5.9%, 2/20/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 136,920    |   |
|                                                                                                                                                                                                    | 40,108               |             |   | Government National Mortgage Association II, 6.0%, 11/20/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 45,559     |   |
|                                                                                                                                                                                                    | 11,269               |             |   | Government National Mortgage Association II, 6.0%, 12/20/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 12,030     |   |
|                                                                                                                                                                                                    | 8,905                |             |   | Government National Mortgage Association II, 6.0%, 6/20/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 9,276      |   |
|                                                                                                                                                                                                    | 22,660               |             |   | Government National Mortgage Association II, 6.0%, 7/20/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 24,420     |   |
|                                                                                                                                                                                                    | 9,613                |             |   | Government National Mortgage Association II, 6.5%, 12/20/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 11,260     |   |
|                                                                                                                                                                                                    | 6,891                |             |   | Government National Mortgage Association II, 6.5%, 8/20/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 8,261      |   |
|                                                                                                                                                                                                    | 5,950                |             |   | Government National Mortgage Association II, 6.5%, 9/20/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 7,064      |   |
|                                                                                                                                                                                                    | 3,183                |             |   | Government National Mortgage Association II, 7.0%, 1/20/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 3,833      |   |
|                                                                                                                                                                                                    | 18,649               |             |   | Government National Mortgage Association II, 7.0%, 2/20/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 22,325     |   |
|                                                                                                                                                                                                    | 9,754                |             |   | Government National Mortgage Association II, 7.0%, 5/20/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 11,540     |   |
|                                                                                                                                                                                                    | 1,747                |             |   | Government National Mortgage Association II, 7.5%, 8/20/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 2,178      |   |
|                                                                                                                                                                                                    | 729                  |             |   | Government National Mortgage Association II, 8.0%, 8/20/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 881        |   |
|                                                                                                                                                                                                    | 127,273              |             |   | New Valley Generation I, 7.299%, 3/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 150,182    |   |
|                                                                                                                                                                                                    | 250,000              |             |   | U.S. Treasury Bonds, 4.375%, 5/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 313,633    |   |
|                                                                                                                                                                                                    | 300,000              |             |   | U.S. Treasury Bonds, 4.5%, 2/15/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 381,047    |   |
|                                                                                                                                                                                                    | 200,000              |             |   | U.S. Treasury Notes, 0.75%, 2/28/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 199,953    |   |
|                                                                                                                                                                                                    | 400,000              |             |   | U.S. Treasury Notes, 0.875%, 1/31/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 402,594    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $4,963,724)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 5,443,135  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | FOREIGN GOVERNMENT BONDS - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 200,000              |             |   | Russian Foreign Bond - Eurobond, 4.5%, 4/4/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 217,900    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL FOREIGN GOVERNMENT BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $198,670)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 217,900    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | MUNICIPAL BONDS - 8.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Airport - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Indianapolis Airport Authority, 5.1%, 1/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 84,970     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Development - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    | 135,000              |             |   | Selma Industrial Development Board, 5.8%, 5/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 152,223    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal General - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 90,000               |             |   | JobsOhio Beverage System, 3.985%, 1/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 92,300     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | JobsOhio Beverage System, 4.532%, 1/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 25,947     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | New Jersey Transportation Trust Fund Authority, 5.5%, 6/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 86,375     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | New York City Transitional Finance Authority Future Tax Secured Revenue, 5.0%, 11/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 28,774  |       |
|                                                                                                                                                                                                    | 25,000               |             |   | State of California, 2.5%, 6/20/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 25,132     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 26,683     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 52,998     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 338,209    |   |
|                                                                                                                                                                                                    |                 |             |   | Higher Municipal Education - 3.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Baylor University, 4.313%, 3/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 25,918     |   |
|                                                                                                                                                                                                    | 150,000              |             |   | Connecticut State Health & Educational Facility Authority, 5.0%, 7/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 173,649    |   |
|                                                                                                                                                                                                    | 35,000               |             |   | Houston Higher Education Finance Corp., 4.5%, 11/15/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 37,503     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Houston Higher Education Finance Corp., 5.0%, 5/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 84,562     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | Illinois Finance Authority, 5.0%, 10/1/51                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 27,278     |   |
|                                                                                                                                                                                                    | 70,000               |             |   | Massachusetts Development Finance Agency, 5.0%, 10/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 80,771     |   |
|                                                                                                                                                                                                    | 75,000               |             |   | Massachusetts Health & Educational Facilities Authority, 5.5%, 7/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 104,160    |   |
|                                                                                                                                                                                                    | 60,000               |             |   | Massachusetts Health & Educational Facilities Authority, 6.0%, 7/1/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 72,454     |   |
|                                                                                                                                                                                                    | 170,000              |             |   | Missouri State Health & Educational Facilities Authority, 5.0%, 11/15/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 200,940    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | New York State Dormitory Authority Series A, 5.0%, 7/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 56,686     |   |
|                                                                                                                                                                                                    | 65,000               |             |   | New York State Dormitory Authority, 5.0%, 10/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 74,742     |   |
|                                                                                                                                                                                                    | 25,000               |             |   | New York State Dormitory Authority, 5.0%, 7/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 28,589     |   |
|                                                                                                                                                                                                    | 200,000              |             |   | New York State Dormitory Authority, 5.0%, 7/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 229,908    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Permanent University Fund, 5.0%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 60,822     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | University of California, 3.38%, 5/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 51,072     |   |
|                                                                                                                                                                                                    | 15,000               |             |   | University of Texas System, 5.0%, 8/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 17,278     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,326,332  |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Medical - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Massachusetts Development Finance Agency, 5.25%, 4/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 55,954     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Utility District - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 105,000              |             |   | South Carolina State Public Service Authority, 5.0%, 12/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 115,446    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Pollution - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    | 60,000               |             |   | County of Sweetwater Wyoming, 5.6%, 12/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 65,131     |   |
|                                                                                                                                                                                                    | 60,000               |             |   | Courtland Industrial Development Board, 5.0%, 8/1/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 60,185     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 125,316    |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Transportation - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Harris County Metropolitan Transit Authority, 5.0%, 11/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 55,876     |   |
|                                                                                                                                                                                                    | 10,000               |             |   | Port Authority of New York & New Jersey, 4.458%, 10/1/62                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 9,990      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 65,866     |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Water - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    | 25,000               |             |   | City of Charleston South Carolina Waterworks & Sewer System Revenue, 5.0%, 1/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 28,679     |   |
|                                                                                                                                                                                                    | 150,000              |             |   | City of Charleston South Carolina Waterworks & Sewer System Revenue, 5.0%, 1/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 169,182 |       |
|                                                                                                                                                                                                    | 85,000               |             |   | City of San Francisco California Public Utilities Commission Water Revenue, 5.0%, 11/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 96,268  |       |
|                                                                                                                                                                                                    | 50,000               |             |   | Hampton Roads Sanitation District, 5.0%, 4/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 55,989     |   |
|                                                                                                                                                                                                    | 40,000               |             |   | Metropolitan Water Reclamation District of Greater Chicago, 5.0%, 12/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 46,334     |   |
|                                                                                                                                                                                                    | 35,000               |             |   | Metropolitan Water Reclamation District of Greater Chicago, 5.0%, 12/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 40,224     |   |
|                                                                                                                                                                                                    | 50,000               |             |   | Tarrant Regional Water District, 5.0%, 3/1/52                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 55,503     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 492,179    |   |
|                                                                                                                                                                                                    |                 |             |   | Municipal Obligation - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 35,000               |             |   | State of Florida, 4.0%, 6/1/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 38,099     |   |
|                                                                                                                                                                                                    | 10,000               |             |   | State of Washington, 3.0%, 7/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 9,669      |   |
|                                                                                                                                                                                                    | 100,000              |             |   | State of Washington, 5.0%, 7/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 120,211    |   |
|                                                                                                                                                                                                    | 50,000               |             |   | State of Washington, 5.0%, 8/1/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 56,463     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 224,442    |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $2,712,150)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 2,980,937  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | SENIOR FLOATING RATE LOAN INTERESTS - 9.4%**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Energy - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Oil & Gas Refining & Marketing - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 106,316              | 3.75             |   | Pilot Travel Centers LLC, Refinancing Tranche B Term Loan, 3/30/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 107,525    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 107,525    |   |
|                                                                                                                                                                                                    |                 |             |   | Materials - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Precious Metals & Minerals - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    | 122,250              | 5.25             |   | Fairmount Minerals, Ltd., Tranche B Term Loan, 3/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 123,192    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 123,192    |   |
|                                                                                                                                                                                                    |                 |             |   | Capital Goods - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Trading Companies & Distributors - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    | 54,863               | 4.50             |   | WESCO International, Inc., Tranche B-1 Loan, 12/4/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 55,473     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 55,473     |   |
|                                                                                                                                                                                                    |                 |             |   | Commercial Services & Supplies - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Environmental & Facilities Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    | 170,443              | 2.28             |   | Synagro Technologies, Inc., Term Loan (First Lien), 4/2/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 164,052    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 164,052    |   |
|                                                                                                                                                                                                    |                 |             |   | Transportation - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Air Freight & Logistics - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 19,383               | 5.28             |   | CEVA Group Plc, Dollar Tranche B Pre Funded Term Loan, 8/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 18,935     |   |
|                                                                                                                                                                                                    | 25,103               | 5.30             |   | CEVA Group Plc, EGL Tranche B Term Loan, 8/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 24,426     |   |
|                                                                                                                                                                                                    | 31,645               | 5.30             |   | CEVA Group Plc, US Tranche B Term Loan, 8/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 30,913     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 74,274     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 74,274     |   |
|                                                                                                                                                                                                    |                 |             |   | Automobiles & Components - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Auto Parts & Equipment - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 31,831               | 3.21             |   | Allison Transmission, Inc., New Term B-2 Loan, 8/7/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 31,984     |   |
|                                                                                                                                                                                                    | 119,151              | 4.25             |   | Allison Transmission, Inc., Term B-3 Loan, 8/23/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 120,804    |   |
|                                                                                                                                                                                                    | 70,439               | 2.14             |   | Federal-Mogul Corp., Tranche B Term Loan, 12/29/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 66,027     |   |
|                                                                                                                                                                                                    | 35,938               | 2.14             |   | Federal-Mogul Corp., Tranche C Term Loan, 12/28/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 33,687     |   |
|                                                                                                                                                                                                    | 216,965              | 3.75             |   | Tomkins LLC, Term B-2 Loan, 9/29/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 219,677    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 472,179    |   |
|                                                                                                                                                                                                    |                 |             |   | Tires & Rubber - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 205,000              | 4.75             |   | The Goodyear Tire & Rubber Co., Loan (Second Lien), 3/27/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 207,561    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 679,740    |   |
|                                                                                                                                                                                                    |                 |             |   | Consumer Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Restaurants - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    | 114,425              | 3.75             |   | Burger King Corp., Tranche B Term Loan (2012), 9/28/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 116,129    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 116,129    |   |
|                                                                                                                                                                                                    |                 |             |   | Media - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Broadcasting - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    | 139,768              | 4.75             |   | Univision Communications, Inc., 2013 Converted Extended First-Lien Term Loan, 2/22/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 140,764    |   |
|                                                                                                                                                                                                    |                 |             |   | Movies & Entertainment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 124,714              | 3.75             |   | Cinedigm Digital Funding I LLC, Term Loan, 3/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 125,494    |   |
|                                                                                                                                                                                                    | 97,002               | 4.50             |   | Live Nation Entertainment, Inc., Term B Loan, 10/20/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 97,890     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 223,384    |   |
|                                                                                                                                                                                                    |                 |             |   | Publishing - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 142,990              | 0.00             |   | Interactive Data Corp., Refinanced Term Loan, 2/11/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 144,822    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 508,970    |   |
|                                                                                                                                                                                                    |                 |             |   | Household & Personal Products - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Personal Products - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 215,357              | 3.50             |   | NBTY, Inc., Term B-2 Loan, 10/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 218,291    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Household & Personal Products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 218,291    |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Equipment & Services - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Facilities - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 30,953               | 3.45             |   | HCA Holdings, Inc., Tranche B-3 Term Loan, 5/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 31,249     |   |
|                                                                                                                                                                                                    | 74,231               | 3.53             |   | HCA, Inc., Tranche B-2 Term Loan, 3/17/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 74,973     |   |
|                                                                                                                                                                                                    | 116,547              | 3.75             |   | Universal Health Services, Inc., Tranche B Term Loan 2011, 11/30/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 117,761    |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 223,983    |   |
|                                                                                                                                                                                                    |                 |             |   | Health Care Technology - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    | 240,945              | 3.75             |   | IMS Health, Inc., Tranche B-1 Dollar Term Loan, 8/26/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 243,856    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 467,839    |   |
|                                                                                                                                                                                                    |                 |             |   | Pharmaceuticals, Biotechnology & Life Sciences - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Life Sciences Tools & Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 186,715              | 3.70             |   | Catalent Pharma Solutions, Inc., Refinancing Dollar Term-1 (2016), 9/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 188,232    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 188,232    |   |
|                                                                                                                                                                                                    |                 |             |   | Diversified Financials - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Investment Banking & Brokerage - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 99,000               | 4.00             |   | LPL Holdings, Inc., Initial Tranche B Term Loan, 3/6/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 99,990     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 99,990     |   |
|                                                                                                                                                                                                    |                 |             |   | Insurance - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Insurance Brokers - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    | 265,972              | 4.70             |   | HUB International Holdings, Inc., 2017 Initial Term Loan (Extended), 6/13/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 268,698    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 268,698    |   |
|                                                                                                                                                                                                    |                 |             |   | Software & Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | IT Consulting & Other Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    | 62,266               | 3.96             |   | SunGard Data Systems, Inc., Tranche C Term Loan, 2/28/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 62,694     |   |
|                                                                                                                                                                                                    |                 |             |   | Data Processing & Outsourced Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |   |
|                                                                                                                                                                                                    | 3,383                | 5.20             |   | First Data Corp., 2017 Dollar Term Loan, 3/24/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 3,412      |   |
|                                                                                                                                                                                                    | 44,590               | 4.20             |   | First Data Corp., 2018 Dollar Term Loan, 3/24/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 44,528     |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 47,940     |   |
|                                                                                                                                                                                                    |                 |             |   | Systems Software - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    | 16,339               | 3.75             |   | The Reynolds & Reynolds Co., Tranche B Term Loan, 3/9/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 16,477     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 127,111    |   |
|                                                                                                                                                                                                    |                 |             |   | Technology Hardware & Equipment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Communications Equipment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |   |
|                                                                                                                                                                                                    | 182,603              | 4.00             |   | Riverbed Technology, Inc., Term Loan, 10/29/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 184,886    |   |
|                                                                                                                                                                                                    |                 |             |   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 184,886    |   |
|                                                                                                                                                                                                    |                 |             |   | Telecommunication Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Wireless Telecommunication Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |   |
|                                                                                                                                                                                                    | 90,000               | 3.20             |   | Intelsat Jackson Holdings SA, Term Loan (Unsecured), 2/1/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 90,070     |   |
|                                                                                                                                                                                                    |                 |             |   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 90,070     |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL SENIOR FLOATING RATE LOAN INTERESTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $3,363,106)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 3,474,472  |   |
|                                                                                                                                                                                                    | Shares               |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | RIGHTS / WARRANTS - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Automobiles & Components - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Auto Parts & Equipment - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |   |
|                                                                                                                                                                                                    | 37                   |             |   | Lear Corp., 11/9/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 4,103      |   |
|                                                                                                                                                                                                    |                 |             |   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 4,103      |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL RIGHTS / WARRANTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $1,998)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 4,103      |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL INVESTMENT IN SECURITIES - 97.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 36,087,787 |   |
|                                                                                                                                                                                                    |                 |             |   | (Cost $33,531,016) (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | OTHER ASSETS & LIABILITIES - 2.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 1,018,743  |   |
|                                                                                                                                                                                                    |                 |             |   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 37,106,530 |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | (Step)               |             |   | Bond issued with an initial coupon rate which converts to a higher rate at a later date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | (Perpetual)          |             |   | Security with no stated maturity date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | REIT                 |             |   | Real Estate Investment Trust                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | **                   |             |   | Senior floating rate loan interests in which the Portfolio invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders.  The rate shown is the coupon rate at period end. |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | (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 March 28, 2013, the value of these securities amounted to $8,259,710 or 22.3% of total net assets.                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | (a)                  |             |   | At March 31, 2013, the net unrealized gain on investments based on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | cost for federal income tax purposes of $33,563,680 was as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Aggregate gross unrealized gain for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 3,075,518  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Aggregate gross unrealized loss for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | (551,411)  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    |                 |             |   | Net unrealized gain                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 2,524,107  |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
|                                                                                                                                                                                                    | (b)                  |             |   | Debt obligation with a variable interest rate.  Rate shown is rate at end of period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |   |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
| Various inputs are used in determining the value of the Portfolio'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.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                       |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
| 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.  See Notes to Financial Statements - Note 1A.                                               |
|                                                                                                                                                                                                    |                 |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |   |
| The following is a summary of the inputs used as of March 31, 2013, in valuing the Portfolio's investments:                                                                                             |                 |             |   |

|                                     |   | Level 1 |    |   | Level 2 |   |       | Level 3 |   |   | Total  |   |
|------------------------------------------|--------|---------|---------|--------|---------|--------|------------|---------|--------|--------|--------|--------|
| Convertible Corporate Bonds              |   | $       | -       |   |    | $      | 382,369    |    |   | $      | -      |   |   | $ | 382,369 |   |
| Preferred Stock                          |   |    | 333,340 |   |    |   | 106,781    |    |   |   | -      |   |   |   | 440,121 |   |
| Convertible Preferred Stock              |   |    | 199,756 |   |    |   | -          |    |   |   | -      |   |   |   | 199,756 |   |
| Asset Backed Securities                  |   |    | -       |   |    |   | 2,273,839  |    |   |   | -      |   |   |   | 2,273,839 |   |
| Collateralized Mortgage Obligations      |   |    | -       |   |    |   | 7,432,883  |    |   |   | -      |   |   |   | 7,432,883 |   |
| Corporate Bonds                          |   |    | -       |   |    |   | 13,238,272 |    |   |   | -      |   |   |   | 13,238,272 |   |
| U.S. Government & Agency Obligations |   |    | -       |   |    |   | 5,443,135  |    |   |   | -      |   |   |   | 5,443,135 |   |
| Foreign Government Bonds                 |   |    | -       |   |    |   | 217,900    |    |   |   | -      |   |   |   | 217,900 |   |
| Municipal Bonds                          |   |    | -       |   |    |   | 2,980,937  |    |   |   | -      |   |   |   | 2,980,937 |   |
| Senior Floating Rate Loan Interests      |   |    | -       |   |    |   | 3,474,472  |    |   |   | -      |   |   |   | 3,474,472 |   |
| Rights/Warrants                          |   |    | 4,103   |   |    |   | -          |    |   |   | -      |   |   |   | 4,103 |   |
| Total                                    |   | $       | 537,199 |   |    | $      | 35,550,588 |    |   | $      | -      |   |   | $ | 36,087,787 |   |
|                                     |   |    |    |   |    |   |       |    |   |   |   |   |   |   |   |   |
| Other Financial Instruments              |   |    |    |   |    |   |       |    |   |   |   |   |   |   |   |   |
| Net unrealized loss on futures contracts |   | $       | (7,919  | )      |    | $      | -          |    |   | $      | -      |   |   | $ | (7,919 | ) |
| Total                                    |   | $       | (7,919  | )      |    | $      | -          |    |   | $      | -      |   |   | $ | (7,919 | ) |

----

| Pioneer Ibbotson Moderate Allocation VCT Portfolio     | PIONEER VARIABLE CONTRACTS TRUST |
|--------------------------------------------------------|----------------------------------|
| SCHEDULE OF INVESTMENTS 3/31/13  (UNAUDITED) |

| Shares    |                                                                | Value                        |
|-----------|---------------------------------------------------------------------|------------------------------|
|      | MUTUAL FUNDS - 99.9%                                                |
|      | NON-PIONEER FUNDS - 24.3%                                           |
| 143,545   | BlackRock Capital Appreciation Fund Institutional Class             | $ 3,760,890        |
| 189,429   | BlackRock Global SmallCap Fund Institutional Class                  |   4,832,339   |
| 171,343   | BlackRock International Index Fund Institutional Class              |   1,977,294   |
| 84,574    | BlackRock International Opportunities Portfolio Institutional Class |   3,051,424   |
| 186,777   | BlackRock Value Opportunities Fund Institutional Class              |   4,564,828   |
| 220,240   | INVESCO Global Real Estate Fund Institutional Class                 |   2,695,736   |
| 189,802   | INVESCO Global Small & Mid Cap Growth Fund Institutional Class  |   3,689,746   |
| 275,230   | INVESCO International Growth Fund Institutional Class               |   8,336,721   |
| 164,003   | INVESCO Select Companies Fund Institutional Class                   |   3,644,142   |
| 686,701   | Oppenheimer Commodity Strategy Total Return Fund Class Y            |   2,238,645   |
|      | TOTAL INVESTMENTS IN NON-PIONEER FUNDS                              |                         |
|      | (Cost $29,835,223)                                                  | $ 38,791,765       |
|      | PIONEER FUNDS - 75.6%                                               |
| 399,697   | Pioneer Absolute Return Credit Fund Class Y                         | $ 4,028,948        |
| 1,790,938 | Pioneer Bond Fund Class Y                                           |   17,640,742  |
| 336,063   | Pioneer Disciplined Growth Fund Class Y                             |   3,693,331   |
| 712,129   | Pioneer Disciplined Value FundClass Y                               |   6,850,679   |
| 174,748   | Pioneer Emerging Markets Fund Class Y                               |   4,463,053   |
| 120,997   | Pioneer Equity Income Fund Class Y                                  |   3,808,972   |
| 39,460    | Pioneer Floating Rate Fund Class Y                                  |   276,223     |
| 134,623   | Pioneer Fund Class Y                                                |   4,881,431   |
| 247,563   | Pioneer Fundamental Growth Fund Class Y                             |   3,567,377   |
| 197,138   | Pioneer Fundamental Value Fund Class Y                              |   3,980,214   |
| 229,334   | Pioneer Global Aggregate Bond Fund Class Y                          |   2,616,704   |
| 472,505   | Pioneer Global Equity Fund Class Y                                  |   5,235,359   |
| 829,303   | Pioneer Global High Yield FundClass Y                               |   8,483,772   |
| 74,055    | Pioneer Growth Opportunities Fund Class Y                           |   2,516,391   |
| 312,187   | Pioneer High Yield Fund Class Y                                     |   3,359,134   |
| 249,008   | Pioneer International Value Fund Class Y                            |   5,049,873   |
| 333,224   | Pioneer Mid Cap Value Fund Class Y                                  |   8,360,579   |
| 139,287   | Pioneer Multi-Asset Ultrashort Income Fund Class Y                  |   1,405,406   |

| Shares                                                                                                                                                                                                                                                                               |                                            | Value                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|------------------------------|
|                                                                                                                                                                                                                                                                                 | PIONEER FUNDS - (continued)                     |
| 23,811                                                                                                                                                                                                                                                                               | Pioneer Oak Ridge Small Cap Growth Fund Class Y | $ 795,272          |
| 40,655                                                                                                                                                                                                                                                                               | Pioneer Real Estate Shares Class Y              |   1,067,592   |
| 295,546                                                                                                                                                                                                                                                                              | Pioneer Research Fund Class Y                   |   3,519,949   |
| 137,950                                                                                                                                                                                                                                                                              | Pioneer Select Mid Cap Growth Fund Class Y      |   2,953,509   |
| 1,869,953                                                                                                                                                                                                                                                                            | Pioneer Short Term Income Fund Class Y          |   18,157,239  |
| 366,989                                                                                                                                                                                                                                                                              | Pioneer Strategic Income FundClass Y            |   4,168,993   |
|                                                                                                                                                                                                                                                                                 | TOTAL INVESTMENTS IN PIONEER FUNDS              |                         |
|                                                                                                                                                                                                                                                                                 | (Cost $101,102,923)                             | $ 120,880,742      |
|                                                                                                                                                                                                                                                                                 |                                            |                         |
|                                                                                                                                                                                                                                                                                 | TOTAL INVESTMENTS IN SECURITIES - 99.9%         |                         |
|                                                                                                                                                                                                                                                                                 | (Cost $130,938,146) (a)                         | $ 159,672,507      |
|                                                                                                                                                                                                                                                                                 |                                            |                         |
|                                                                                                                                                                                                                                                                                 | OTHER ASSETS AND LIABILITIES - 0.1%             | $ 217,692          |
|                                                                                                                                                                                                                                                                                 |                                            |                         |
|                                                                                                                                                                                                                                                                                 | TOTAL NET ASSETS - 100.0%                       | $ 159,890,199      |
|                                                                                                                                                                                                                                                                                 |
| (a)     At March 31, 2013, the net unrealized gain on investments           based on cost for federal tax purposes of $130,938,146 was as           follows: |
|                                                                                                                                                                                                                                                                                 |                                            |                         |
| Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost                                                                                                                                                                               | $ 29,480,342                          |
| Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value                                                                                                                                                                               |   (745,981)                           |
|                                                                                                                                                                                                                                                                                 |                                            |
|                                                                                                                                                                                                                                                                                 | Net unrealized gain                             | $ 28,734,361       |
|                                                                                                                                                                                                                                                                                 |

| Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels 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 risks, etc.).                                                                                                                                                            |
| Level 3 - significant unobservable inputs (including the Portfolio's own                                                                                                                                                                                             |
|                assumptions in determining fair value of investments).                                                                                                                          |
|                                                                                                                                                                                                                                                                 |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans are categorized as Level 2 and securities valued using fair value methods (other than prices supplied by independent pricing services) are categorized as Level 3. |
|                                                                                                                                                                                                                                                                 |
| The following is a summary of the inputs used as of March 31, 2013, in valuing the Portfolio's assets:                                                                                                                                                               |
|                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Mutual Funds                                                                                                                                                                                                                                                         | $159,672,507 |   | $– |   | $– |   | $159,672,507 |
| Total                                                                                                                                                                                                                                                                | $159,672,507 |   | $ – |   | $– |   | $159,672,507 |
|                                                                                                                                                                                                                                                                 |

----

| Pioneer Ibbotson Growth Allocation VCT Portfolio             | PIONEER VARIABLE CONTRACTS TRUST |
|--------------------------------------------------------------|----------------------------------|
| SCHEDULE OF INVESTMENTS 3/31/13  (UNAUDITED)  |

| Shares    |                                                                | Value                        |
|-----------|---------------------------------------------------------------------|------------------------------|
|      | MUTUAL FUNDS - 99.9%                                                |
|      | NON-PIONEER FUNDS - 25.4%                                           |
| 217,195   | BlackRock Capital Appreciation Fund Institutional Class             | $ 5,690,504        |
| 252,115   | BlackRock Global SmallCap Fund Institutional Class                  |   6,431,450   |
| 261,603   | BlackRock International Index Fund Institutional Class              |   3,018,900   |
| 110,948   | BlackRock International Opportunities Portfolio Institutional Class |   4,002,990   |
| 352,075   | BlackRock Value Opportunities Fund Institutional Class              |   8,604,721   |
| 478,065   | INVESCO Global Real Estate Fund Institutional Class                 |   5,851,516   |
| 379,704   | INVESCO Global Small & Mid Cap Growth Fund Institutional Class  |   7,381,447   |
| 423,550   | INVESCO International Growth Fund Institutional Class               |   12,829,341  |
| 300,119   | INVESCO Select Companies Fund Institutional Class                   |   6,668,636   |
| 1,401,806 | Oppenheimer Commodity Strategy Total Return Fund Class Y            |   4,569,887   |
|      | TOTAL INVESTMENTS IN NON-PIONEER FUNDS                              |                         |
|      | (Cost $54,415,468)                                                  | $ 65,049,392       |
|      | PIONEER FUNDS - 74.5%                                               |
| 3,036     | Pioneer Absolute Return Credit Fund Class Y                         | $ 30,604           |
| 2,077,126 | Pioneer Bond Fund Class Y                                           |   20,459,694  |
| 783,461   | Pioneer Disciplined Growth Fund Class Y                             |   8,610,239   |
| 1,252,168 | Pioneer Disciplined Value Fund Class Y                         |   12,045,856  |
| 442,202   | Pioneer Emerging Markets Fund Class Y                               |   11,293,833  |
| 298,335   | Pioneer Equity Income Fund Class Y                                  |   9,391,584   |
| 231,157   | Pioneer Fund Class Y                                                |   8,381,767   |
| 592,162   | Pioneer Fundamental Growth Fund Class Y                             |   8,533,060   |
| 443,274   | Pioneer Fundamental Value Fund Class Y                              |   8,949,699   |
| 314,436   | Pioneer Global Aggregate Bond Fund Class Y                          |   3,587,710   |
| 970,415   | Pioneer Global Equity Fund Class Y                                  |   10,752,202  |
| 515,408   | Pioneer Global High Yield FundClass Y                               |   5,272,622   |
| 1,999     | Pioneer Government Income Fund Class Y                              |   20,070      |
| 93,626    | Pioneer Growth Opportunities Fund Class Y                           |   3,181,406   |
| 248,188   | Pioneer High Yield Fund Class Y                                     |   2,670,503   |
| 2,149     | Pioneer Independence Fund Class Y                                   |   29,528      |
| 733,497   | Pioneer International Value Fund Class Y                            |   14,875,323  |
| 596,657   | Pioneer Mid Cap Value Fund Class Y                                  |   14,970,123  |

| Shares                                                                                                                                                                                                                                                                               |                                            | Value                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|------------------------------|
|                                                                                                                                                                                                                                                                                 | PIONEER FUNDS - (continued)                     |
| 1,935                                                                                                                                                                                                                                                                                | Pioneer Oak Ridge Large Cap Growth Fund Class Y | $ 28,868           |
| 148,747                                                                                                                                                                                                                                                                              | Pioneer Oak Ridge Small Cap Growth Fund Class Y |   4,968,156   |
| 110,446                                                                                                                                                                                                                                                                              | Pioneer Real Estate Shares Class Y              |   2,900,318   |
| 564,674                                                                                                                                                                                                                                                                              | Pioneer Research Fund Class Y                   |   6,725,262   |
| 280,264                                                                                                                                                                                                                                                                              | Pioneer Select Mid Cap Growth Fund Class Y      |   6,000,452   |
| 2,172,172                                                                                                                                                                                                                                                                            | Pioneer Short Term Income Fund Class Y          |   21,091,793  |
| 502,093                                                                                                                                                                                                                                                                              | Pioneer Strategic Income FundClass Y            |   5,703,776   |
| 2,143                                                                                                                                                                                                                                                                                | Pioneer Value Fund Class Y                      |   28,441      |
|                                                                                                                                                                                                                                                                                 | TOTAL INVESTMENTS IN PIONEER FUNDS              |                         |
|                                                                                                                                                                                                                                                                                 | (Cost $157,073,330)                             | $ 190,502,889      |
|                                                                                                                                                                                                                                                                                 |                                            |                         |
|                                                                                                                                                                                                                                                                                 | TOTAL INVESTMENTS IN SECURITIES - 99.9%         |                         |
|                                                                                                                                                                                                                                                                                 | (Cost $211,488,798) (a)                         | $ 255,552,281      |
|                                                                                                                                                                                                                                                                                 |                                            |                         |
|                                                                                                                                                                                                                                                                                 | OTHER ASSETS AND LIABILITIES - 0.1%             | $ 206,800          |
|                                                                                                                                                                                                                                                                                 |                                            |                         |
|                                                                                                                                                                                                                                                                                 | TOTAL NET ASSETS - 100.0%                       | $ 255,759,081      |
|                                                                                                                                                                                                                                                                                 |
| (a)     At March 31, 2013, the net unrealized gain on investments           based on cost for federal tax purposes of $211,488,798 was as           follows: |
|                                                                                                                                                                                                                                                                                 |                                            |                         |
| Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost                                                                                                                                                                               | $ 47,189,845                          |
| Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value                                                                                                                                                                               |   (3,126,362)                         |
|                                                                                                                                                                                                                                                                                 |                                            |
|                                                                                                                                                                                                                                                                                 | Net unrealized gain                             | $ 44,063,483       |
|                                                                                                                                                                                                                                                                                 |

| Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels below.                                                                                                                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                 |
| Level 1 - unadjusted 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 risks, etc.).                                                                                                                                                            |
| Level 3 - significant unobservable inputs (including the Portfolio's own                                                                                                                                                                                             |
|                assumptions in determining fair value of investments).                                                                                                                          |
|                                                                                                                                                                                                                                                                 |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans are categorized as Level 2 and securities valued using fair value methods (other than prices supplied by independent pricing services) are categorized as Level 3. |
|                                                                                                                                                                                                                                                                 |
| The following is a summary of the inputs used as of March 31, 2013, in valuing the Portfolio's assets:                                                                                                                                                               |
|                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Mutual Funds                                                                                                                                                                                                                                                         | $255,552,281 |   |  $–   |   | $–  |   | $255,552,281 |
| Total                                                                                                                                                                                                                                                                | $255,552,281 |   | $ –  |   | $–  |   | $255,552,281 |
|                                                                                                                                                                                                                                                                 |