```

                                                             OMB APPROVAL
                                                     OMB Number:       3235-0578
                                                     Expires:  January 31, 2016
                                                     Estimated average burden
                                                     hours per response.....
                                                     10.5

                                 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 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, 2014

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.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.
```

```

```

|                                                                                                                                                            |                 |                         |                               | Pioneer Select Mid Cap Growth VCT Portfolio                                                                                                                                                                                                                                                                                      |   |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------------------|------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|
|                                                                                                                                                            |                 |                         |                               | Schedule of Investments 3/31/14 (unaudited)                                                                                                                                                                                                                                                                                      |   |        |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            | Shares               |                         |                               |                                                                                                                                                                                                                                                                                                                             |   | Value       |
|                                                                                                                                                            |                 |                         |                               | COMMON STOCKS - 99.8%                                                                                                                                                                                                                                                                                                            |   |        |
|                                                                                                                                                            |                 |                         |                               | Energy - 8.0%                                                                                                                                                                                                                                                                                                                    |   |        |
|                                                                                                                                                            |                 |                         |                               | Oil & Gas Equipment & Services - 0.5%                                                                                                                                                                                                                                                                                    |   |        |
|                                                                                                                                                            | 24,831               |                         |                               | Basic Energy Services, Inc. *                                                                                                                                                                                                                                                                                                    | $      | 680,618     |
|                                                                                                                                                            |                 |                         |                               | Oil & Gas Exploration & Production - 6.1%                                                                                                                                                                                                                                                                                |   |        |
|                                                                                                                                                            | 72,694               |                         |                               | Cabot Oil & Gas Corp.                                                                                                                                                                                                                                                                                                        | $      | 2,462,868   |
|                                                                                                                                                            | 7,089                |                         |                               | Cimarex Energy Co.                                                                                                                                                                                                                                                                                                               |   | 844,371     |
|                                                                                                                                                            | 1,885                |                         |                               | EQT Corp.                                                                                                                                                                                                                                                                                                                        |   | 182,788     |
|                                                                                                                                                            | 59,793               |                         |                               | Goodrich Petroleum Corp. *                                                                                                                                                                                                                                                                                                       |   | 945,925     |
|                                                                                                                                                            | 24,732               |                         |                               | Gulfport Energy Corp. *                                                                                                                                                                                                                                                                                                          |   | 1,760,424   |
|                                                                                                                                                            | 5,147                |                         |                               | Laredo Petroleum, Inc. *                                                                                                                                                                                                                                                                                                         |   | 133,101     |
|                                                                                                                                                            | 73,473               |                         |                               | Penn Virginia Corp. *                                                                                                                                                                                                                                                                                                            |   | 1,285,043   |
|                                                                                                                                                            | 22,269               |                         |                               | Rice Energy, Inc.                                                                                                                                                                                                                                                                                                                |   | 587,679     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 8,202,199   |
|                                                                                                                                                            |                 |                         |                               | Oil & Gas Refining & Marketing - 0.9%                                                                                                                                                                                                                                                                                    |   |        |
|                                                                                                                                                            | 14,819               |                         |                               | Marathon Petroleum Corp. *                                                                                                                                                                                                                                                                                                       | $      | 1,289,846   |
|                                                                                                                                                            |                 |                         |                               | Oil & Gas Storage & Transportation - 0.5%                                                                                                                                                                                                                                                                                |   |        |
|                                                                                                                                                            | 9,893                |                         |                               | SemGroup Corp.                                                                                                                                                                                                                                                                                                                   | $      | 649,772     |
|                                                                                                                                                            |                 |                         |                               | Total Energy                                                                                                                                                                                                                                                                                                                     | $      | 10,822,435  |
|                                                                                                                                                            |                 |                         |                               | Materials - 6.0%                                                                                                                                                                                                                                                                                                                 |   |        |
|                                                                                                                                                            |                 |                         |                               | Commodity Chemicals - 1.2%                                                                                                                                                                                                                                                                                                       |   |        |
|                                                                                                                                                            | 11,339               |                         |                               | Methanex Corp.                                                                                                                                                                                                                                                                                                                   | $      | 725,016     |
|                                                                                                                                                            | 13,389               |                         |                               | Westlake Chemical Corp.                                                                                                                                                                                                                                                                                                          |   | 886,084     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,611,100   |
|                                                                                                                                                            |                 |                         |                               | Industrial Gases - 0.3%                                                                                                                                                                                                                                                                                                          |   |        |
|                                                                                                                                                            | 4,186                |                         |                               | Airgas, Inc.                                                                                                                                                                                                                                                                                                                     | $      | 445,851     |
|                                                                                                                                                            |                 |                         |                               | Specialty Chemicals - 1.6%                                                                                                                                                                                                                                                                                                       |   |        |
|                                                                                                                                                            | 34,735               |                         |                               | Flotek Industries, Inc. *                                                                                                                                                                                                                                                                                                        | $      | 967,370     |
|                                                                                                                                                            | 12,486               |                         |                               | WR Grace & Co. *                                                                                                                                                                                                                                                                                                             |   | 1,238,237   |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 2,205,607   |
|                                                                                                                                                            |                 |                         |                               | Construction Materials - 1.1%                                                                                                                                                                                                                                                                                                    |   |        |
|                                                                                                                                                            | 11,974               |                         |                               | Eagle Materials, Inc.                                                                                                                                                                                                                                                                                                            | $      | 1,061,615   |
|                                                                                                                                                            | 3,454                |                         |                               | Martin Marietta Materials, Inc.                                                                                                                                                                                                                                                                                                  |   | 443,321     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,504,936   |
|                                                                                                                                                            |                 |                         |                               | Paper Packaging - 0.6%                                                                                                                                                                                                                                                                                                           |   |        |
|                                                                                                                                                            | 7,220                |                         |                               | Rock-Tenn Co.                                                                                                                                                                                                                                                                                                                    | $      | 762,215     |
|                                                                                                                                                            |                 |                         |                               | Paper Products - 1.2%                                                                                                                                                                                                                                                                                                            |   |        |
|                                                                                                                                                            | 8,197                |                         |                               | Domtar Corp.                                                                                                                                                                                                                                                                                                                     | $      | 919,867     |
|                                                                                                                                                            | 24,008               |                         |                               | KapStone Paper and Packaging Corp.                                                                                                                                                                                                                                                                                               |   | 692,391     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,612,258   |
|                                                                                                                                                            |                 |                         |                               | Total Materials                                                                                                                                                                                                                                                                                                                  | $      | 8,141,967   |
|                                                                                                                                                            |                 |                         |                               | Capital Goods - 5.9%                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            |                 |                         |                               | Aerospace & Defense - 0.9%                                                                                                                                                                                                                                                                                                   |   |        |
|                                                                                                                                                            | 7,482                |                         |                               | B/E Aerospace, Inc. *                                                                                                                                                                                                                                                                                                            | $      | 649,363     |
|                                                                                                                                                            | 5,328                |                         |                               | Huntington Ingalls Industries, Inc.                                                                                                                                                                                                                                                                                              |   | 544,841     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,194,204   |
|                                                                                                                                                            |                 |                         |                               | Building Products - 0.3%                                                                                                                                                                                                                                                                                                         |   |        |
|                                                                                                                                                            | 10,058               |                         |                               | Fortune Brands Home & Security, Inc.                                                                                                                                                                                                                                                                                         | $      | 423,241     |
|                                                                                                                                                            |                 |                         |                               | Construction & Engineering - 0.9%                                                                                                                                                                                                                                                                                            |   |        |
|                                                                                                                                                            | 5,127                |                         |                               | Chicago Bridge & Iron Co. NV                                                                                                                                                                                                                                                                                                 | $      | 446,818     |
|                                                                                                                                                            | 20,997               |                         |                               | Quanta Services, Inc. *                                                                                                                                                                                                                                                                                                          |   | 774,789     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,221,607   |
|                                                                                                                                                            |                 |                         |                               | Electrical Components & Equipment - 0.4%                                                                                                                                                                                                                                                                                     |   |        |
|                                                                                                                                                            | 4,317                |                         |                               | Roper Industries, Inc.                                                                                                                                                                                                                                                                                                           | $      | 576,363     |
|                                                                                                                                                            |                 |                         |                               | Construction & Farm Machinery & Heavy Trucks - 1.3%                                                                                                                                                                                                                                                                      |   |        |
|                                                                                                                                                            | 17,075               |                         |                               | Terex Corp. *                                                                                                                                                                                                                                                                                                                    | $      | 756,422     |
|                                                                                                                                                            | 30,760               |                         |                               | The Manitowoc Co., Inc.                                                                                                                                                                                                                                                                                                          |   | 967,402     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,723,824   |
|                                                                                                                                                            |                 |                         |                               | Industrial Machinery - 1.6%                                                                                                                                                                                                                                                                                                      |   |        |
|                                                                                                                                                            | 6,218                |                         |                               | Chart Industries, Inc. *                                                                                                                                                                                                                                                                                                         | $      | 494,642     |
|                                                                                                                                                            | 15,063               |                         |                               | Ingersoll-Rand Plc                                                                                                                                                                                                                                                                                                               |   | 862,206     |
|                                                                                                                                                            | 11,924               |                         |                               | Lincoln Electric Holdings, Inc.                                                                                                                                                                                                                                                                                                  |   | 858,647     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 2,215,495   |
|                                                                                                                                                            |                 |                         |                               | Trading Companies & Distributors - 0.5%                                                                                                                                                                                                                                                                                      |   |        |
|                                                                                                                                                            | 2,542                |                         |                               | WW Grainger, Inc.                                                                                                                                                                                                                                                                                                                | $      | 642,262     |
|                                                                                                                                                            |                 |                         |                               | Total Capital Goods                                                                                                                                                                                                                                                                                                              | $      | 7,996,996   |
|                                                                                                                                                            |                 |                         |                               | Commercial Services & Supplies - 4.5%                                                                                                                                                                                                                                                                                        |   |        |
|                                                                                                                                                            |                 |                         |                               | Environmental & Facilities Services - 0.5%                                                                                                                                                                                                                                                                                   |   |        |
|                                                                                                                                                            | 5,827                |                         |                               | Stericycle, Inc. *                                                                                                                                                                                                                                                                                                               | $      | 662,064     |
|                                                                                                                                                            |                 |                         |                               | Diversified Support Services - 1.4%                                                                                                                                                                                                                                                                                              |   |        |
|                                                                                                                                                            | 15,157               |                         |                               | Mobile Mini, Inc. *                                                                                                                                                                                                                                                                                                              | $      | 657,208     |
|                                                                                                                                                            | 12,720               |                         |                               | United Rentals, Inc. *                                                                                                                                                                                                                                                                                                           |   | 1,207,637   |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,864,845   |
|                                                                                                                                                            |                 |                         |                               | Human Resource & Employment Services - 2.0%                                                                                                                                                                                                                                                                                  |   |        |
|                                                                                                                                                            | 2,558                |                         |                               | Paylocity Holding Corp.                                                                                                                                                                                                                                                                                                          | $      | 61,520      |
|                                                                                                                                                            | 15,579               |                         |                               | Towers Watson & Co.                                                                                                                                                                                                                                                                                                          |   | 1,776,785   |
|                                                                                                                                                            | 15,804               |                         |                               | WageWorks, Inc. *                                                                                                                                                                                                                                                                                                                |   | 886,762     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 2,725,067   |
|                                                                                                                                                            |                 |                         |                               | Research & Consulting Services - 0.6%                                                                                                                                                                                                                                                                                        |   |        |
|                                                                                                                                                            | 16,438               |                         |                               | Mistras Group, Inc. *                                                                                                                                                                                                                                                                                                            | $      | 374,293     |
|                                                                                                                                                            | 7,895                |                         |                               | The Advisory Board Co. *                                                                                                                                                                                                                                                                                                         |   | 507,254     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 881,547     |
|                                                                                                                                                            |                 |                         |                               | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                         | $      | 6,133,523   |
|                                                                                                                                                            |                 |                         |                               | Transportation - 5.8%                                                                                                                                                                                                                                                                                                            |   |        |
|                                                                                                                                                            |                 |                         |                               | Airlines - 4.1%                                                                                                                                                                                                                                                                                                                  |   |        |
|                                                                                                                                                            | 60,108               |                         |                               | American Airlines Group, Inc.                                                                                                                                                                                                                                                                                                    | $      | 2,199,953   |
|                                                                                                                                                            | 7,054                |                         |                               | Copa Holdings SA                                                                                                                                                                                                                                                                                                                 |   | 1,024,170   |
|                                                                                                                                                            | 42,980               |                         |                               | Delta Air Lines, Inc.                                                                                                                                                                                                                                                                                                            |   | 1,489,257   |
|                                                                                                                                                            | 18,930               |                         |                               | United Continental Holdings, Inc. *                                                                                                                                                                                                                                                                                              |   | 844,846     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 5,558,226   |
|                                                                                                                                                            |                 |                         |                               | Marine - 1.3%                                                                                                                                                                                                                                                                                                                    |   |        |
|                                                                                                                                                            | 89,888               |                         |                               | Diana Shipping, Inc. *                                                                                                                                                                                                                                                                                                           | $      | 1,077,757   |
|                                                                                                                                                            | 27,096               |                         |                               | Safe Bulkers, Inc.                                                                                                                                                                                                                                                                                                               |   | 257,954     |
|                                                                                                                                                            | 27,370               |                         |                               | Star Bulk Carriers Corp.                                                                                                                                                                                                                                                                                                         |   | 390,570     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,726,281   |
|                                                                                                                                                            |                 |                         |                               | Railroads - 0.4%                                                                                                                                                                                                                                                                                                                 |   |        |
|                                                                                                                                                            | 5,530                |                         |                               | Kansas City Southern                                                                                                                                                                                                                                                                                                             | $      | 564,392     |
|                                                                                                                                                            |                 |                         |                               | Total Transportation                                                                                                                                                                                                                                                                                                             | $      | 7,848,899   |
|                                                                                                                                                            |                 |                         |                               | Automobiles & Components - 2.4%                                                                                                                                                                                                                                                                                              |   |        |
|                                                                                                                                                            |                 |                         |                               | Auto Parts & Equipment - 1.7%                                                                                                                                                                                                                                                                                                |   |        |
|                                                                                                                                                            | 27,021               |                         |                               | Lear Corp.                                                                                                                                                                                                                                                                                                                       | $      | 2,262,198   |
|                                                                                                                                                            |                 |                         |                               | Motorcycle Manufacturers - 0.7%                                                                                                                                                                                                                                                                                                  |   |        |
|                                                                                                                                                            | 15,567               |                         |                               | Harley-Davidson, Inc.                                                                                                                                                                                                                                                                                                            | $      | 1,036,918   |
|                                                                                                                                                            |                 |                         |                               | Total Automobiles & Components                                                                                                                                                                                                                                                                                               | $      | 3,299,116   |
|                                                                                                                                                            |                 |                         |                               | Consumer Durables & Apparel - 5.3%                                                                                                                                                                                                                                                                                           |   |        |
|                                                                                                                                                            |                 |                         |                               | Home Furnishings - 0.6%                                                                                                                                                                                                                                                                                                          |   |        |
|                                                                                                                                                            | 5,987                |                         |                               | Mohawk Industries, Inc. *                                                                                                                                                                                                                                                                                                        | $      | 814,112     |
|                                                                                                                                                            |                 |                         |                               | Homebuilding - 0.7%                                                                                                                                                                                                                                                                                                              |   |        |
|                                                                                                                                                            | 13,018               |                         |                               | Lennar Corp.                                                                                                                                                                                                                                                                                                                     | $      | 515,773     |
|                                                                                                                                                            | 12,351               |                         |                               | Toll Brothers, Inc. *                                                                                                                                                                                                                                                                                                            |   | 443,401     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 959,174     |
|                                                                                                                                                            |                 |                         |                               | Household Appliances - 0.6%                                                                                                                                                                                                                                                                                                      |   |        |
|                                                                                                                                                            | 5,672                |                         |                               | Whirlpool Corp.                                                                                                                                                                                                                                                                                                                  | $      | 847,737     |
|                                                                                                                                                            |                 |                         |                               | Apparel, Accessories & Luxury Goods - 3.1%                                                                                                                                                                                                                                                                                   |   |        |
|                                                                                                                                                            | 6,077                |                         |                               | Carter's, Inc.                                                                                                                                                                                                                                                                                                                   | $      | 471,879     |
|                                                                                                                                                            | 12,603               |                         |                               | G-III Apparel Group, Ltd. *                                                                                                                                                                                                                                                                                                      |   | 902,123     |
|                                                                                                                                                            | 18,145               |                         |                               | Hanesbrands, Inc.                                                                                                                                                                                                                                                                                                                |   | 1,387,730   |
|                                                                                                                                                            | 7,460                |                         |                               | Michael Kors Holdings, Ltd. *                                                                                                                                                                                                                                                                                                    |   | 695,794     |
|                                                                                                                                                            | 5,753                |                         |                               | PVH Corp.                                                                                                                                                                                                                                                                                                                        |   | 717,802     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 4,175,328   |
|                                                                                                                                                            |                 |                         |                               | Textiles - 0.3%                                                                                                                                                                                                                                                                                                                  |   |        |
|                                                                                                                                                            | 10,666               |                         |                               | Kate Spade & Co.                                                                                                                                                                                                                                                                                                             | $      | 395,602     |
|                                                                                                                                                            |                 |                         |                               | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                            | $      | 7,191,953   |
|                                                                                                                                                            |                 |                         |                               | Consumer Services - 4.3%                                                                                                                                                                                                                                                                                                         |   |        |
|                                                                                                                                                            |                 |                         |                               | Casinos & Gaming - 1.7%                                                                                                                                                                                                                                                                                                      |   |        |
|                                                                                                                                                            | 17,718               |                         |                               | Las Vegas Sands Corp.                                                                                                                                                                                                                                                                                                            | $      | 1,431,260   |
|                                                                                                                                                            | 21,869               |                         |                               | Melco Crown Entertainment, Ltd. (A.D.R.) *                                                                                                                                                                                                                                                                                       |   | 845,237     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 2,276,497   |
|                                                                                                                                                            |                 |                         |                               | Hotels, Resorts & Cruise Lines - 0.8%                                                                                                                                                                                                                                                                                        |   |        |
|                                                                                                                                                            | 34,160               |                         |                               | Norwegian Cruise Line Holdings, Ltd. *                                                                                                                                                                                                                                                                                           | $      | 1,102,343   |
|                                                                                                                                                            |                 |                         |                               | Restaurants - 0.8%                                                                                                                                                                                                                                                                                                               |   |        |
|                                                                                                                                                            | 1,148                |                         |                               | Chipotle Mexican Grill, Inc. *                                                                                                                                                                                                                                                                                                   | $      | 652,121     |
|                                                                                                                                                            | 8,111                |                         |                               | Dunkin' Brands Group, Inc. *                                                                                                                                                                                                                                                                                                     |   | 407,010     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,059,131   |
|                                                                                                                                                            |                 |                         |                               | Specialized Consumer Services - 1.0%                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            | 34,487               |                         |                               | H&R Block, Inc.                                                                                                                                                                                                                                                                                                              | $      | 1,041,163   |
|                                                                                                                                                            | 17,127               |                         |                               | LifeLock, Inc. *                                                                                                                                                                                                                                                                                                                 |   | 293,043     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,334,206   |
|                                                                                                                                                            |                 |                         |                               | Total Consumer Services                                                                                                                                                                                                                                                                                                          | $      | 5,772,177   |
|                                                                                                                                                            |                 |                         |                               | Media - 1.4%                                                                                                                                                                                                                                                                                                                     |   |        |
|                                                                                                                                                            |                 |                         |                               | Broadcasting - 0.7%                                                                                                                                                                                                                                                                                                              |   |        |
|                                                                                                                                                            | 10,238               |                         |                               | Discovery Communications, Inc. *                                                                                                                                                                                                                                                                                                 | $      | 846,683     |
|                                                                                                                                                            |                 |                         |                               | Cable & Satellite - 0.7%                                                                                                                                                                                                                                                                                                     |   |        |
|                                                                                                                                                            | 11,761               |                         |                               | Liberty Global Plc *                                                                                                                                                                                                                                                                                                             | $      | 489,258     |
|                                                                                                                                                            | 11,797               |                         |                               | Liberty Global Plc *                                                                                                                                                                                                                                                                                                             |   | 480,256     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 969,514     |
|                                                                                                                                                            |                 |                         |                               | Total Media                                                                                                                                                                                                                                                                                                                      | $      | 1,816,197   |
|                                                                                                                                                            |                 |                         |                               | Retailing - 9.1%                                                                                                                                                                                                                                                                                                                 |   |        |
|                                                                                                                                                            |                 |                         |                               | Distributors - 0.5%                                                                                                                                                                                                                                                                                                              |   |        |
|                                                                                                                                                            | 26,392               |                         |                               | LKQ Corp. *                                                                                                                                                                                                                                                                                                                      | $      | 695,429     |
|                                                                                                                                                            |                 |                         |                               | Internet Retail - 2.0%                                                                                                                                                                                                                                                                                                           |   |        |
|                                                                                                                                                            | 27,897               |                         |                               | HomeAway, Inc. *                                                                                                                                                                                                                                                                                                                 | $      | 1,050,880   |
|                                                                                                                                                            | 1,354                |                         |                               | Netflix, Inc. *                                                                                                                                                                                                                                                                                                                  |   | 476,649     |
|                                                                                                                                                            | 948                  |                         |                               | The Priceline Group, Inc. *                                                                                                                                                                                                                                                                                                      |   | 1,129,912   |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 2,657,441   |
|                                                                                                                                                            |                 |                         |                               | General Merchandise Stores - 1.3%                                                                                                                                                                                                                                                                                                |   |        |
|                                                                                                                                                            | 11,052               |                         |                               | Dollar General Corp. *                                                                                                                                                                                                                                                                                                           | $      | 613,165     |
|                                                                                                                                                            | 22,651               |                         |                               | Dollar Tree, Inc. *                                                                                                                                                                                                                                                                                                              |   | 1,181,929   |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,795,094   |
|                                                                                                                                                            |                 |                         |                               | Apparel Retail - 1.6%                                                                                                                                                                                                                                                                                                            |   |        |
|                                                                                                                                                            | 17,334               |                         |                               | Ross Stores, Inc.                                                                                                                                                                                                                                                                                                                | $      | 1,240,248   |
|                                                                                                                                                            | 15,289               |                         |                               | The TJX Companies, Inc.                                                                                                                                                                                                                                                                                                          |   | 927,278     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 2,167,526   |
|                                                                                                                                                            |                 |                         |                               | Home Improvement Retail - 0.7%                                                                                                                                                                                                                                                                                                   |   |        |
|                                                                                                                                                            | 18,483               |                         |                               | Lowe's Companies, Inc.                                                                                                                                                                                                                                                                                                           | $      | 903,819     |
|                                                                                                                                                            |                 |                         |                               | Specialty Stores - 1.4%                                                                                                                                                                                                                                                                                                          |   |        |
|                                                                                                                                                            | 11,582               |                         |                               | Dick's Sporting Goods, Inc. *                                                                                                                                                                                                                                                                                                    | $      | 632,493     |
|                                                                                                                                                            | 16,736               |                         |                               | Tractor Supply Co. *                                                                                                                                                                                                                                                                                                             |   | 1,182,064   |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,814,557   |
|                                                                                                                                                            |                 |                         |                               | Automotive Retail - 1.6%                                                                                                                                                                                                                                                                                                         |   |        |
|                                                                                                                                                            | 5,410                |                         |                               | Advance Auto Parts, Inc.                                                                                                                                                                                                                                                                                                         | $      | 684,365     |
|                                                                                                                                                            | 899                  |                         |                               | AutoZone, Inc. *                                                                                                                                                                                                                                                                                                                 |   | 482,853     |
|                                                                                                                                                            | 22,108               |                         |                               | CarMax, Inc. *                                                                                                                                                                                                                                                                                                                   |   | 1,034,654   |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 2,201,872   |
|                                                                                                                                                            |                 |                         |                               | Total Retailing                                                                                                                                                                                                                                                                                                                  | $      | 12,235,738  |
|                                                                                                                                                            |                 |                         |                               | Food & Staples Retailing - 1.4%                                                                                                                                                                                                                                                                                              |   |        |
|                                                                                                                                                            |                 |                         |                               | Food Retail - 1.4%                                                                                                                                                                                                                                                                                                               |   |        |
|                                                                                                                                                            | 9,619                |                         |                               | Natural Grocers by Vitamin Cottage, Inc. *                                                                                                                                                                                                                                                                                       | $      | 419,966     |
|                                                                                                                                                            | 22,805               |                         |                               | The Kroger Co.                                                                                                                                                                                                                                                                                                                   |   | 995,438     |
|                                                                                                                                                            | 10,057               |                         |                               | Whole Foods Market, Inc.                                                                                                                                                                                                                                                                                                         |   | 509,990     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,925,394   |
|                                                                                                                                                            |                 |                         |                               | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                               | $      | 1,925,394   |
|                                                                                                                                                            |                 |                         |                               | Food, Beverage & Tobacco - 4.0%                                                                                                                                                                                                                                                                                              |   |        |
|                                                                                                                                                            |                 |                         |                               | Distillers & Vintners - 0.9%                                                                                                                                                                                                                                                                                                 |   |        |
|                                                                                                                                                            | 13,748               |                         |                               | Constellation Brands, Inc. *                                                                                                                                                                                                                                                                                                     | $      | 1,168,168   |
|                                                                                                                                                            |                 |                         |                               | Soft Drinks - 0.9%                                                                                                                                                                                                                                                                                                               |   |        |
|                                                                                                                                                            | 17,391               |                         |                               | Monster Beverage Corp. *                                                                                                                                                                                                                                                                                                         | $      | 1,207,805   |
|                                                                                                                                                            |                 |                         |                               | Packaged Foods & Meats - 1.6%                                                                                                                                                                                                                                                                                                |   |        |
|                                                                                                                                                            | 20,759               |                         |                               | Keurig Green Mountain, Inc.                                                                                                                                                                                                                                                                                                      | $      | 2,191,943   |
|                                                                                                                                                            |                 |                         |                               | Tobacco - 0.6%                                                                                                                                                                                                                                                                                                                   |   |        |
|                                                                                                                                                            | 14,489               |                         |                               | Lorillard, Inc.                                                                                                                                                                                                                                                                                                                  | $      | 783,565     |
|                                                                                                                                                            |                 |                         |                               | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                               | $      | 5,351,481   |
|                                                                                                                                                            |                 |                         |                               | Household & Personal Products - 0.8%                                                                                                                                                                                                                                                                                         |   |        |
|                                                                                                                                                            |                 |                         |                               | Personal Products - 0.8%                                                                                                                                                                                                                                                                                                         |   |        |
|                                                                                                                                                            | 6,782                |                         |                               | Nu Skin Enterprises, Inc.                                                                                                                                                                                                                                                                                                        | $      | 561,889     |
|                                                                                                                                                            | 7,028                |                         |                               | The Estee Lauder Companies, Inc.                                                                                                                                                                                                                                                                                                 |   | 470,033     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,031,922   |
|                                                                                                                                                            |                 |                         |                               | Total Household & Personal Products                                                                                                                                                                                                                                                                                          | $      | 1,031,922   |
|                                                                                                                                                            |                 |                         |                               | Health Care Equipment & Services - 5.8%                                                                                                                                                                                                                                                                                      |   |        |
|                                                                                                                                                            |                 |                         |                               | Health Care Equipment - 2.0%                                                                                                                                                                                                                                                                                                     |   |        |
|                                                                                                                                                            | 23,979               |                         |                               | Edwards Lifesciences Corp. *                                                                                                                                                                                                                                                                                                     | $      | 1,778,522   |
|                                                                                                                                                            | 34,593               |                         |                               | Masimo Corp.                                                                                                                                                                                                                                                                                                                     |   | 944,735     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 2,723,257   |
|                                                                                                                                                            |                 |                         |                               | Health Care Supplies - 1.2%                                                                                                                                                                                                                                                                                                      |   |        |
|                                                                                                                                                            | 17,295               |                         |                               | Align Technology, Inc. *                                                                                                                                                                                                                                                                                                         | $      | 895,708     |
|                                                                                                                                                            | 58,378               |                         |                               | Endologix, Inc. *                                                                                                                                                                                                                                                                                                                |   | 751,325     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,647,033   |
|                                                                                                                                                            |                 |                         |                               | Health Care Services - 1.5%                                                                                                                                                                                                                                                                                                      |   |        |
|                                                                                                                                                            | 43,233               |                         |                               | Catamaran Corp. *                                                                                                                                                                                                                                                                                                                | $      | 1,935,109   |
|                                                                                                                                                            |                 |                         |                               | Health Care Facilities - 0.5%                                                                                                                                                                                                                                                                                                    |   |        |
|                                                                                                                                                            | 20,473               |                         |                               | Brookdale Senior Living, Inc. *                                                                                                                                                                                                                                                                                                  | $      | 686,050     |
|                                                                                                                                                            |                 |                         |                               | Managed Health Care - 0.6%                                                                                                                                                                                                                                                                                                       |   |        |
|                                                                                                                                                            | 13,396               |                         |                               | WellCare Health Plans, Inc. *                                                                                                                                                                                                                                                                                                    | $      | 850,914     |
|                                                                                                                                                            |                 |                         |                               | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                       | $      | 7,842,363   |
|                                                                                                                                                            |                 |                         |                               | Pharmaceuticals, Biotechnology & Life Sciences - 9.1%                                                                                                                                                                                                                                                                        |   |        |
|                                                                                                                                                            |                 |                         |                               | Biotechnology - 2.9%                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            | 18,465               |                         |                               | Alkermes Plc *                                                                                                                                                                                                                                                                                                                   | $      | 814,122     |
|                                                                                                                                                            | 13,405               |                         |                               | Cubist Pharmaceuticals, Inc. *                                                                                                                                                                                                                                                                                                   |   | 980,576     |
|                                                                                                                                                            | 44,116               |                         |                               | Neurocrine Biosciences, Inc. *                                                                                                                                                                                                                                                                                                   |   | 710,268     |
|                                                                                                                                                            | 25,988               |                         |                               | NPS Pharmaceuticals, Inc. *                                                                                                                                                                                                                                                                                                      |   | 777,821     |
|                                                                                                                                                            | 8,458                |                         |                               | Vertex Pharmaceuticals, Inc. *                                                                                                                                                                                                                                                                                                   |   | 598,150     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 3,880,937   |
|                                                                                                                                                            |                 |                         |                               | Pharmaceuticals - 4.6%                                                                                                                                                                                                                                                                                                           |   |        |
|                                                                                                                                                            | 9,651                |                         |                               | Actavis plc *                                                                                                                                                                                                                                                                                                                    | $      | 1,986,658   |
|                                                                                                                                                            | 30,476               |                         |                               | Akorn, Inc. *                                                                                                                                                                                                                                                                                                                    |   | 670,472     |
|                                                                                                                                                            | 8,759                |                         |                               | Jazz Pharmaceuticals Plc *                                                                                                                                                                                                                                                                                                       |   | 1,214,698   |
|                                                                                                                                                            | 13,789               |                         |                               | Salix Pharmaceuticals, Ltd. *                                                                                                                                                                                                                                                                                                    |   | 1,428,678   |
|                                                                                                                                                            | 6,294                |                         |                               | Shire Plc (A.D.R.)                                                                                                                                                                                                                                                                                                               |   | 934,848     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 6,235,354   |
|                                                                                                                                                            |                 |                         |                               | Life Sciences Tools & Services - 1.6%                                                                                                                                                                                                                                                                                        |   |        |
|                                                                                                                                                            | 29,475               |                         |                               | Bruker Corp. *                                                                                                                                                                                                                                                                                                                   | $      | 671,735     |
|                                                                                                                                                            | 16,674               |                         |                               | Charles River Laboratories International, Inc. *                                                                                                                                                                                                                                                                                 |   | 1,006,109   |
|                                                                                                                                                            | 3,150                |                         |                               | Illumina, Inc. *                                                                                                                                                                                                                                                                                                                 |   | 468,279     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 2,146,123   |
|                                                                                                                                                            |                 |                         |                               | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                         | $      | 12,262,414  |
|                                                                                                                                                            |                 |                         |                               | Banks - 1.4%                                                                                                                                                                                                                                                                                                                     |   |        |
|                                                                                                                                                            |                 |                         |                               | Regional Banks - 1.4%                                                                                                                                                                                                                                                                                                            |   |        |
|                                                                                                                                                            | 26,507               |                         |                               | BankUnited, Inc. *                                                                                                                                                                                                                                                                                                               | $      | 921,648     |
|                                                                                                                                                            | 8,091                |                         |                               | Signature Bank *                                                                                                                                                                                                                                                                                                                 |   | 1,016,149   |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,937,797   |
|                                                                                                                                                            |                 |                         |                               | Total Banks                                                                                                                                                                                                                                                                                                                      | $      | 1,937,797   |
|                                                                                                                                                            |                 |                         |                               | Diversified Financials - 4.6%                                                                                                                                                                                                                                                                                                    |   |        |
|                                                                                                                                                            |                 |                         |                               | Specialized Finance - 1.3%                                                                                                                                                                                                                                                                                                       |   |        |
|                                                                                                                                                            | 45,573               |                         |                               | The NASDAQ OMX Group, Inc.                                                                                                                                                                                                                                                                                                       | $      | 1,683,467   |
|                                                                                                                                                            |                 |                         |                               | Consumer Finance - 0.9%                                                                                                                                                                                                                                                                                                          |   |        |
|                                                                                                                                                            | 21,458               |                         |                               | Discover Financial Services, Inc.                                                                                                                                                                                                                                                                                                | $      | 1,248,641   |
|                                                                                                                                                            |                 |                         |                               | Asset Management & Custody Banks - 1.9%                                                                                                                                                                                                                                                                                      |   |        |
|                                                                                                                                                            | 6,122                |                         |                               | Affiliated Managers Group, Inc. *                                                                                                                                                                                                                                                                                                | $      | 1,224,706   |
|                                                                                                                                                            | 26,900               |                         |                               | Blackstone Group LP                                                                                                                                                                                                                                                                                                              |   | 894,425     |
|                                                                                                                                                            | 8,125                |                         |                               | Financial Engines, Inc.                                                                                                                                                                                                                                                                                                          |   | 412,588     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 2,531,719   |
|                                                                                                                                                            |                 |                         |                               | Investment Banking & Brokerage - 0.5%                                                                                                                                                                                                                                                                                        |   |        |
|                                                                                                                                                            | 21,802               |                         |                               | Morgan Stanley Co.                                                                                                                                                                                                                                                                                                               | $      | 679,568     |
|                                                                                                                                                            |                 |                         |                               | Total Diversified Financials                                                                                                                                                                                                                                                                                                     | $      | 6,143,395   |
|                                                                                                                                                            |                 |                         |                               | Insurance - 0.6%                                                                                                                                                                                                                                                                                                                 |   |        |
|                                                                                                                                                            |                 |                         |                               | Insurance Brokers - 0.6%                                                                                                                                                                                                                                                                                                         |   |        |
|                                                                                                                                                            | 9,698                |                         |                               | Aon Plc *                                                                                                                                                                                                                                                                                                                        | $      | 817,347     |
|                                                                                                                                                            |                 |                         |                               | Total Insurance                                                                                                                                                                                                                                                                                                                  | $      | 817,347     |
|                                                                                                                                                            |                 |                         |                               | Real Estate - 0.9%                                                                                                                                                                                                                                                                                                               |   |        |
|                                                                                                                                                            |                 |                         |                               | Specialized REIT's - 0.9%                                                                                                                                                                                                                                                                                                        |   |        |
|                                                                                                                                                            | 43,448               |                         |                               | Weyerhaeuser Co.                                                                                                                                                                                                                                                                                                                 | $      | 1,275,199   |
|                                                                                                                                                            |                 |                         |                               | Total Real Estate                                                                                                                                                                                                                                                                                                                | $      | 1,275,199   |
|                                                                                                                                                            |                 |                         |                               | Software & Services - 10.4%                                                                                                                                                                                                                                                                                                  |   |        |
|                                                                                                                                                            |                 |                         |                               | Internet Software & Services - 3.6%                                                                                                                                                                                                                                                                                          |   |        |
|                                                                                                                                                            | 28,352               |                         |                               | Akamai Technologies, Inc. *                                                                                                                                                                                                                                                                                                      | $      | 1,650,370   |
|                                                                                                                                                            | 6,209                |                         |                               | CoStar Group, Inc. *                                                                                                                                                                                                                                                                                                             |   | 1,159,469   |
|                                                                                                                                                            | 14,738               |                         |                               | eBay, Inc. *                                                                                                                                                                                                                                                                                                                     |   | 814,127     |
|                                                                                                                                                            | 1,169                |                         |                               | Google, Inc. *                                                                                                                                                                                                                                                                                                                   |   | 1,302,862   |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 4,926,828   |
|                                                                                                                                                            |                 |                         |                               | IT Consulting & Other Services - 0.4%                                                                                                                                                                                                                                                                                        |   |        |
|                                                                                                                                                            | 8,355                |                         |                               | Gartner, Inc. *                                                                                                                                                                                                                                                                                                                  | $      | 580,171     |
|                                                                                                                                                            |                 |                         |                               | Data Processing & Outsourced Services - 2.5%                                                                                                                                                                                                                                                                                 |   |        |
|                                                                                                                                                            | 3,286                |                         |                               | Alliance Data Systems Corp. *                                                                                                                                                                                                                                                                                                    | $      | 895,271     |
|                                                                                                                                                            | 9,499                |                         |                               | MasterCard, Inc.                                                                                                                                                                                                                                                                                                                 |   | 709,575     |
|                                                                                                                                                            | 26,619               |                         |                               | Vantiv, Inc. *                                                                                                                                                                                                                                                                                                                   |   | 804,426     |
|                                                                                                                                                            | 9,783                |                         |                               | WEX, Inc. *                                                                                                                                                                                                                                                                                                                      |   | 929,874     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 3,339,146   |
|                                                                                                                                                            |                 |                         |                               | Application Software - 3.2%                                                                                                                                                                                                                                                                                                      |   |        |
|                                                                                                                                                            | 8,762                |                         |                               | ANSYS, Inc. *                                                                                                                                                                                                                                                                                                                    | $      | 674,849     |
|                                                                                                                                                            | 14,128               |                         |                               | Aspen Technology, Inc. *                                                                                                                                                                                                                                                                                                         |   | 598,462     |
|                                                                                                                                                            | 56,746               |                         |                               | Cadence Design Systems, Inc. *                                                                                                                                                                                                                                                                                                   |   | 881,833     |
|                                                                                                                                                            | 15,014               |                         |                               | Guidewire Software, Inc. *                                                                                                                                                                                                                                                                                                       |   | 736,437     |
|                                                                                                                                                            | 16,124               |                         |                               | Qlik Technologies, Inc. *                                                                                                                                                                                                                                                                                                        |   | 428,737     |
|                                                                                                                                                            | 8,420                |                         |                               | Salesforce.com, Inc. *                                                                                                                                                                                                                                                                                                           |   | 480,698     |
|                                                                                                                                                            | 11,604               |                         |                               | SS&C Technologies Holdings, Inc. *                                                                                                                                                                                                                                                                                           |   | 464,392     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 4,265,408   |
|                                                                                                                                                            |                 |                         |                               | Systems Software - 0.7%                                                                                                                                                                                                                                                                                                          |   |        |
|                                                                                                                                                            | 9,092                |                         |                               | VMware, Inc. *                                                                                                                                                                                                                                                                                                                   | $      | 982,118     |
|                                                                                                                                                            |                 |                         |                               | Total Software & Services                                                                                                                                                                                                                                                                                                    | $      | 14,093,671  |
|                                                                                                                                                            |                 |                         |                               | Technology Hardware & Equipment - 2.7%                                                                                                                                                                                                                                                                                       |   |        |
|                                                                                                                                                            |                 |                         |                               | Communications Equipment - 1.2%                                                                                                                                                                                                                                                                                                  |   |        |
|                                                                                                                                                            | 14,933               |                         |                               | F5 Networks, Inc. *                                                                                                                                                                                                                                                                                                              | $      | 1,592,306   |
|                                                                                                                                                            |                 |                         |                               | Computer Hardware - 0.9%                                                                                                                                                                                                                                                                                                         |   |        |
|                                                                                                                                                            | 13,464               |                         |                               | NCR Corp. *                                                                                                                                                                                                                                                                                                                      | $      | 492,109     |
|                                                                                                                                                            | 7,328                |                         |                               | Stratasys, Ltd. *                                                                                                                                                                                                                                                                                                                |   | 777,428     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 1,269,537   |
|                                                                                                                                                            |                 |                         |                               | Computer Storage & Peripherals - 0.6%                                                                                                                                                                                                                                                                                        |   |        |
|                                                                                                                                                            | 8,134                |                         |                               | Western Digital Corp.                                                                                                                                                                                                                                                                                                            | $      | 746,864     |
|                                                                                                                                                            |                 |                         |                               | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                        | $      | 3,608,707   |
|                                                                                                                                                            |                 |                         |                               | Semiconductors & Semiconductor Equipment - 3.9%                                                                                                                                                                                                                                                                              |   |        |
|                                                                                                                                                            |                 |                         |                               | Semiconductors - 3.9%                                                                                                                                                                                                                                                                                                            |   |        |
|                                                                                                                                                            | 50,854               |                         |                               | Atmel Corp. *                                                                                                                                                                                                                                                                                                                    | $      | 425,139     |
|                                                                                                                                                            | 18,815               |                         |                               | Avago Technologies, Ltd.                                                                                                                                                                                                                                                                                                         |   | 1,211,874   |
|                                                                                                                                                            | 10,099               |                         |                               | Cree, Inc. *                                                                                                                                                                                                                                                                                                                     |   | 571,199     |
|                                                                                                                                                            | 29,114               |                         |                               | Skyworks Solutions, Inc. *                                                                                                                                                                                                                                                                                                       |   | 1,092,357   |
|                                                                                                                                                            | 16,378               |                         |                               | Synaptics, Inc. *                                                                                                                                                                                                                                                                                                                |   | 983,008     |
|                                                                                                                                                            | 17,465               |                         |                               | Xilinx, Inc.                                                                                                                                                                                                                                                                                                                     |   | 947,826     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             | $      | 5,231,403   |
|                                                                                                                                                            |                 |                         |                               | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                               | $      | 5,231,403   |
|                                                                                                                                                            |                 |                         |                               | Telecommunication Services - 1.0%                                                                                                                                                                                                                                                                                                |   |        |
|                                                                                                                                                            |                 |                         |                               | Wireless Telecommunication Services - 1.0%                                                                                                                                                                                                                                                                                       |   |        |
|                                                                                                                                                            | 14,697               |                         |                               | SBA Communications Corp. *                                                                                                                                                                                                                                                                                                       | $      | 1,336,839   |
|                                                                                                                                                            |                 |                         |                               | Total Telecommunication Services                                                                                                                                                                                                                                                                                                 | $      | 1,336,839   |
|                                                                                                                                                            |                 |                         |                               | Utilities - 0.4%                                                                                                                                                                                                                                                                                                                 |   |        |
|                                                                                                                                                            |                 |                         |                               | Gas Utilities - 0.2%                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            | 4,001                |                         |                               | National Fuel Gas Co.                                                                                                                                                                                                                                                                                                            | $      | 280,230     |
|                                                                                                                                                            |                 |                         |                               | Multi-Utilities - 0.2%                                                                                                                                                                                                                                                                                                           |   |        |
|                                                                                                                                                            | 3,944                |                         |                               | Dominion Resources, Inc./VA                                                                                                                                                                                                                                                                                                      | $      | 279,985     |
|                                                                                                                                                            |                 |                         |                               | Total Utilities                                                                                                                                                                                                                                                                                                                  | $      | 560,215     |
|                                                                                                                                                            |                 |                         |                               | TOTAL COMMON STOCKS                                                                                                                                                                                                                                                                                                              |   |        |
|                                                                                                                                                            |                 |                         |                               | (Cost $106,079,210)                                                                                                                                                                                                                                                                                                              | $      | 134,677,148 |
|                                                                                                                                                            | Principal Amount ($) | FloatingRate (b) (unaudited) | S&P/Moody'sRatings (unaudited) |                                                                                                                                                                                                                                                                                                                             |   |
|                                                                                                                                                            |                 |                         |                               | CORPORATE BOND - 0.2%                                                                                                                                                                                                                                                                                                            |   |        |
|                                                                                                                                                            |                 |                         |                               | Energy - 0.2%                                                                                                                                                                                                                                                                                                                    |   |        |
|                                                                                                                                                            |                 |                         |                               | Integrated Oil & Gas - 0.2%                                                                                                                                                                                                                                                                                                  |   |        |
|                                                                                                                                                            | 275,000              |                         | NR/NR                              | American Energy - Utica LLC, 3.5%, 3/1/21 (144A) (PIK)                                                                                                                                                                                                                                                                           | $      | 277,750     |
|                                                                                                                                                            |                 |                         |                               | TOTAL CORPORATE BOND                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            |                 |                         |                               | (Cost $275,000)                                                                                                                                                                                                                                                                                                                  | $      | 277,750     |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            |                 |                         |                               | TOTAL INVESTMENT IN SECURITIES - 100.0%                                                                                                                                                                                                                                                                                          |   |        |
|                                                                                                                                                            |                 |                         |                               | (Cost $106,354,210) (a)                                                                                                                                                                                                                                                                                                          | $      | 134,954,898 |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            |                 |                         |                               | OTHER ASSETS & LIABILITIES - 0.0%                                                                                                                                                                                                                                                                                            | $      | 67,303      |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            |                 |                         |                               | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                        | $      | 135,022,201 |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            | *                    |                         |                               | Non-income producing security.                                                                                                                                                                                                                                                                                                   |   |        |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            | NR                   |                         |                               | Not rated by either S&P or Moody's.                                                                                                                                                                                                                                                                                          |   |        |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            | (144A)               |                         |                               | Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At March 31, 2014, the value of these securities amounted to $277,750 or 0.2% of total net assets. |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            | (a)                  |                         |                               | At March 31, 2014, the net unrealized appreciation on investments based on                                                                                                                                                                                                                                                       |   |        |
|                                                                                                                                                            |                 |                         |                               | cost for federal income tax purposes of $106,354,210 was as follows:                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            |                 |                         |                               | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            |                 |                         |                               | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                        | $      | 29,719,684  |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            |                 |                         |                               | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            |                 |                         |                               | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                        |   | (1,118,996) |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            |                 |                         |                               | Net unrealized appreciation                                                                                                                                                                                                                                                                                                      | $      | 28,600,688  |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |
|                                                                                                                                                            | (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.)      |                 |                         |
| 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 as Level 2 and securities valued                              |                 |                         |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                               |                 |                         |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |
| The following is a summary of the inputs used as of March 31, 2014, in valuing the Fund's investments:                                                          |                 |                         |
|                                                                                                                                                            |                 |                         |                               |                                                                                                                                                                                                                                                                                                                             |   |        |

|                                                                                       |   | Level 1 |        |   | Level 2 |   |    | Level 3 |   |   | Total  |   |
|--------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|--------|---------|---------|--------|--------|--------|--------|
| Common Stocks                                                                              |   | $       | 134,677,148 |   |    | $      | -       |    |   | $      | -      |   |   | $ | 134,677,148 |   |
| Corporate Bonds                                                                            |   |    | -           |   |    |   | 277,750 |    |   |   | -      |   |   |   | 277,750 |   |
| Total                                                                                      |   | $       | 134,677,148 |   |    | $      | 277,750 |    |   | $      | -      |   |   | $ | 134,954,898 |   |
|                                                                                       |   |    |        |   |    |   |    |    |   |   |   |   |   |   |   |   |
| During the period ended March 31, 2014, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |    |   |    |    |   |   |   |   |   |   |   |   |

|                                                                                                                                                                                                                     |    |   |   | Pioneer Fund VCT Portfolio                                                 |   |                                                                  |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|--------|--------|----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|--------|--------|--------|
|                                                                                                                                                                                                                     |    |   |   | Schedule of Investments 3/31/14 (unaudited                                 |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | Shares  |   |   |                                                                       |   | Value                                                                 |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | COMMON STOCKS - 100.0%                                                     |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Energy - 9.0%                                                              |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Oil & Gas Drilling - 0.8%                                              |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 19,618  |   |   | Ensco Plc                                                                  | $      | 1,035,438                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 5,820   |   |   | Helmerich & Payne, Inc.                                                |   | 625,999                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 1,661,437                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Oil & Gas Equipment & Services - 2.1%                              |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 6,885   |   |   | Cameron International Corp. *                                              | $      | 425,286                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 6,922   |   |   | FMC Technologies, Inc. *                                                   |   | 361,951                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 12,522  |   |   | Halliburton Co.                                                            |   | 737,421                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 13,208  |   |   | National Oilwell Varco, Inc.                                               |   | 1,028,507                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 19,271  |   |   | Schlumberger, Ltd.                                                         |   | 1,878,922                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 4,432,087                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Integrated Oil & Gas - 1.1%                                            |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 17,814  |   |   | Exxon Mobil Corp.                                                          | $      | 1,740,072                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 5,196   |   |   | Occidental Petroleum Corp.                                                 |   | 495,127                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 2,235,199                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Oil & Gas Exploration & Production - 3.7%                          |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 18,481  |   |   | Apache Corp.                                                               | $      | 1,532,999                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 46,844  |   |   | Cabot Oil & Gas Corp.                                                  |   | 1,587,075                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 20,490  |   |   | ConocoPhillips                                                             |   | 1,441,472                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 42,957  |   |   | Marathon Oil Corp.                                                         |   | 1,525,833                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 34,115  |   |   | Southwestern Energy Co. *                                                  |   | 1,569,631                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 7,657,010                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Oil & Gas Refining & Marketing - 1.3%                              |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 16,659  |   |   | Marathon Petroleum Corp.                                                   | $      | 1,449,999                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 17,895  |   |   | Phillips 66                                                                |   | 1,378,989                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 2,828,988                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Energy                                                               | $      | 18,814,721                                                            |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Materials - 2.8%                                                           |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Fertilizers & Agricultural Chemicals - 0.7%                            |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 7,797   |   |   | Monsanto Co.                                                               | $      | 887,065                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 11,547  |   |   | The Mosaic Co.                                                             |   | 577,350                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 1,464,415                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Industrial Gases - 0.8%                                                    |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 15,663  |   |   | Airgas, Inc.                                                               | $      | 1,668,266                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Specialty Chemicals - 1.1%                                                 |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 21,933  |   |   | Ecolab, Inc.                                                               | $      | 2,368,545                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Paper Products - 0.2%                                                      |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 8,672   |   |   | International Paper Co.                                                    | $      | 397,871                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Materials                                                            | $      | 5,899,097                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Capital Goods - 9.1%                                                       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Aerospace & Defense - 1.9%                                             |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 33,300  |   |   | United Technologies Corp.                                                  | $      | 3,890,772                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Building Products - 0.3%                                                   |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 11,663  |   |   | Allegion Plc                                                               | $      | 608,459                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Electrical Components & Equipment - 0.7%                               |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 8,493   |   |   | Eaton Corp. Plc                                                            | $      | 637,994                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 6,858   |   |   | Rockwell Automation, Inc.                                                  |   | 854,164                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 1,492,158                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Industrial Conglomerates - 3.0%                                            |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 27,168  |   |   | 3M Co.                                                                     | $      | 3,685,611                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 98,072  |   |   | General Electric Co.                                                       |   | 2,539,084                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 6,224,695                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Construction & Farm Machinery & Heavy Trucks - 1.5%                |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 13,164  |   |   | Cummins, Inc.                                                              | $      | 1,961,304                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 17,960  |   |   | PACCAR, Inc.                                                               |   | 1,211,222                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 3,172,526                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Industrial Machinery - 1.7%                                                |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 34,992  |   |   | Ingersoll-Rand Plc                                                         | $      | 2,002,942                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 15,657  |   |   | SPX Corp.                                                                  |   | 1,539,240                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 3,542,182                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Capital Goods                                                        | $      | 18,930,792                                                            |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Transportation - 2.1%                                                      |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Railroads - 2.1%                                                           |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 22,105  |   |   | Norfolk Southern Corp.                                                     | $      | 2,147,943                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 11,569  |   |   | Union Pacific Corp.                                                        |   | 2,171,039                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 4,318,982                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Transportation                                                       | $      | 4,318,982                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Automobiles & Components - 2.4%                                        |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Auto Parts & Equipment - 1.3%                                          |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 19,868  |   |   | BorgWarner, Inc.                                                           | $      | 1,221,286                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 33,608  |   |   | Johnson Controls, Inc.                                                     |   | 1,590,331                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 2,811,617                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Automobile Manufacturers - 1.1%                                            |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 148,215 |   |   | Ford Motor Co.                                                             | $      | 2,312,154                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Automobiles & Components                                         | $      | 5,123,771                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Consumer Services - 1.3%                                                   |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Restaurants - 1.3%                                                         |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 13,292  |   |   | McDonald's Corp.                                                           | $      | 1,303,015                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 19,902  |   |   | Starbucks Corp.                                                            |   | 1,460,409                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 2,763,424                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Consumer Services                                                    | $      | 2,763,424                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Media - 6.3%                                                               |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Broadcasting - 1.0%                                                        |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 26,537  |   |   | Scripps Networks Interactive, Inc.                                         | $      | 2,014,424                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Cable & Satellite - 0.3%                                               |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 13,932  |   |   | Comcast Corp.                                                              | $      | 696,879                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Movies & Entertainment - 2.0%                                          |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 43,737  |   |   | The Walt Disney Co.                                                        | $      | 3,502,022                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 10,495  |   |   | Time Warner, Inc.                                                          |   | 685,638                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 4,187,660                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Publishing - 3.0%                                                          |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 107,861 |   |   | John Wiley & Sons, Inc.                                                | $      | 6,217,107                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Media                                                                | $      | 13,116,070                                                            |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Retailing - 3.6%                                                           |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Department Stores - 1.1%                                                   |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 30,675  |   |   | Macy's, Inc.                                                               | $      | 1,818,721                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 8,417   |   |   | Nordstrom, Inc.                                                            |   | 525,642                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 2,344,363                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Apparel Retail - 1.8%                                                      |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 21,924  |   |   | Ross Stores, Inc.                                                          | $      | 1,568,662                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 34,492  |   |   | The TJX Companies, Inc.                                                    |   | 2,091,940                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 3,660,602                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Home Improvement Retail - 0.7%                                             |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 13,147  |   |   | Lowe's Companies, Inc.                                                     | $      | 642,888                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 9,957   |   |   | The Home Depot, Inc.                                                       |   | 787,897                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 1,430,785                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Retailing                                                            | $      | 7,435,750                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Food & Staples Retailing - 3.0%                                        |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Drug Retail - 3.0%                                                         |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 28,692  |   |   | CVS Caremark Corp.                                                         | $      | 2,147,883                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 62,080  |   |   | Walgreen Co.                                                               |   | 4,099,142                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 6,247,025                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Food & Staples Retailing                                         | $      | 6,247,025                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Food, Beverage & Tobacco - 6.2%                                        |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Soft Drinks - 1.0%                                                         |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 13,966  |   |   | Coca-Cola Enterprises, Inc.                                                | $      | 667,016                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 16,178  |   |   | Dr. Pepper Snapple Group, Inc.                                             |   | 881,054                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 6,259   |   |   | PepsiCo., Inc.                                                             |   | 522,626                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 2,070,696                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Packaged Foods & Meats - 5.2%                                          |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 12,558  |   |   | Campbell Soup Co.                                                          | $      | 563,603                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 23,938  |   |   | General Mills, Inc.                                                        |   | 1,240,467                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 15,969  |   |   | Kraft Foods Group, Inc.                                                    |   | 895,861                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 12,696  |   |   | Mead Johnson Nutrition Co.                                                 |   | 1,055,545                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 48,726  |   |   | Mondelez International, Inc.                                               |   | 1,683,483                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 51,325  |   |   | The Hershey Co.                                                            |   | 5,358,330                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 10,797,289                                                            |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Food, Beverage & Tobacco                                         | $      | 12,867,985                                                            |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Household & Personal Products - 2.2%                                   |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Household Products - 2.2%                                                  |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 45,353  |   |   | Colgate-Palmolive Co.                                                      | $      | 2,942,049                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 8,306   |   |   | The Clorox Co.                                                             |   | 731,011                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 12,333  |   |   | The Procter & Gamble Co.                                               |   | 994,040                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 4,667,100                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Household & Personal Products                                    | $      | 4,667,100                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Health Care Equipment & Services - 7.6%                                |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Health Care Equipment - 5.2%                                               |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 41,216  |   |   | Abbott Laboratories                                                        | $      | 1,587,228                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 19,328  |   |   | Becton Dickinson and Co.                                                   |   | 2,262,922                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 26,965  |   |   | Covidien Plc                                                               |   | 1,986,242                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 26,722  |   |   | CR Bard, Inc.                                                              |   | 3,954,322                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 76,579  |   |   | Smith & Nephew Plc                                                     |   | 1,160,578                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 10,951,292                                                            |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Health Care Distributors - 0.9%                                            |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 10,612  |   |   | McKesson Corp.                                                             | $      | 1,873,761                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Health Care Services - 0.8%                                                |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 13,511  |   |   | DaVita HealthCare Partners, Inc. *                                         | $      | 930,232                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 10,378  |   |   | Express Scripts Holding Co. *                                              |   | 779,284                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 1,709,516                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Managed Health Care - 0.7%                                                 |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 18,378  |   |   | Aetna, Inc.                                                                | $      | 1,377,799                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Health Care Equipment & Services                                 | $      | 15,912,368                                                            |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 9.2%                  |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Biotechnology - 2.5%                                                       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 19,067  |   |   | Amgen, Inc.                                                                | $      | 2,351,724                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 10,283  |   |   | Celgene Corp. *                                                            |   | 1,435,507                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 21,155  |   |   | Gilead Sciences, Inc. *                                                    |   | 1,499,043                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 5,286,274                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Pharmaceuticals - 6.0%                                                     |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 45,982  |   |   | AbbVie, Inc.                                                               | $      | 2,363,475                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 15,232  |   |   | Eli Lilly & Co.                                                        |   | 896,556                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 41,067  |   |   | Johnson & Johnson                                                      |   | 4,034,011                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 3,432   |   |   | Mallinckrodt Plc *                                                         |   | 217,623                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 16,115  |   |   | Merck & Co., Inc.                                                      |   | 914,849                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 82,272  |   |   | Pfizer, Inc.                                                               |   | 2,642,577                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 47,302  |   |   | Zoetis, Inc.                                                               |   | 1,368,920                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 12,438,011                                                            |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Life Sciences Tools & Services - 0.7%                                  |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 12,945  |   |   | Thermo Fisher Scientific, Inc.                                             | $      | 1,556,507                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                   | $      | 19,280,792                                                            |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Banks - 7.7%                                                               |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Diversified Banks - 4.2%                                                   |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 10,090  |   |   | Canadian Imperial Bank of Commerce                                         | $      | 870,024                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 66,412  |   |   | US Bancorp/MN                                                              |   | 2,846,418                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 103,708 |   |   | Wells Fargo & Co.                                                      |   | 5,158,436                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 8,874,878                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Regional Banks - 3.5%                                                      |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 39,972  |   |   | BB&T Corp.                                                             | $      | 1,605,675                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 78,244  |   |   | KeyCorp                                                                    |   | 1,114,195                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 39,674  |   |   | Regions Financial Corp.                                                    |   | 440,778                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 47,509  |   |   | The PNC Financial Services Group, Inc.                                     |   | 4,133,283                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 7,293,931                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Banks                                                                | $      | 16,168,809                                                            |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Diversified Financials - 6.9%                                              |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Other Diversified Financial Services - 2.8%                                |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 86,385  |   |   | Bank of America Corp.                                                      | $      | 1,485,822                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 51,254  |   |   | Citigroup, Inc.                                                            |   | 2,439,690                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 32,102  |   |   | JPMorgan Chase & Co.                                                   |   | 1,948,912                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 5,874,424                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Consumer Finance - 1.5%                                                    |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 16,974  |   |   | American Express Co.                                                       | $      | 1,528,169                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 28,064  |   |   | Discover Financial Services, Inc.                                          |   | 1,633,044                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 3,161,213                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Asset Management & Custody Banks - 2.3%                                |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 28,256  |   |   | Franklin Resources, Inc.                                                   | $      | 1,530,910                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 29,168  |   |   | Invesco, Ltd.                                                              |   | 1,079,216                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 12,257  |   |   | State Street Corp.                                                         |   | 852,474                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 16,337  |   |   | T. Rowe Price Group, Inc.                                                  |   | 1,345,352                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 4,807,952                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Investment Banking & Brokerage - 0.3%                                  |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 20,849  |   |   | Morgan Stanley Co.                                                         | $      | 649,863                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Diversified Financials                                               | $      | 14,493,452                                                            |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Insurance - 3.2%                                                           |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Life & Health Insurance - 0.8%                                         |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 25,520  |   |   | Aflac, Inc.                                                                | $      | 1,608,781                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Property & Casualty Insurance - 2.4%                                   |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 38,768  |   |   | The Chubb Corp.                                                            | $      | 3,461,982                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 18,267  |   |   | The Travelers Companies, Inc.                                              |   | 1,554,522                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 5,016,504                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Insurance                                                            | $      | 6,625,285                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Software & Services - 10.5%                                            |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Internet Software & Services - 2.7%                                    |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 19,946  |   |   | eBay, Inc. *                                                               | $      | 1,101,817                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 27,591  |   |   | Facebook, Inc. *                                                           |   | 1,662,082                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 1,953   |   |   | Google, Inc. *                                                             |   | 2,176,638                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 19,184  |   |   | Yahoo!, Inc. *                                                             |   | 688,706                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 5,629,243                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | IT Consulting & Other Services - 0.8%                                  |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 8,887   |   |   | International Business Machines Corp.                                      | $      | 1,710,659                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Data Processing & Outsourced Services - 2.4%                           |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 15,521  |   |   | Automatic Data Processing, Inc.                                            | $      | 1,199,152                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 13,731  |   |   | DST Systems, Inc.                                                          |   | 1,301,561                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 25,120  |   |   | Fiserv, Inc. *                                                             |   | 1,424,053                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 5,020   |   |   | Visa, Inc.                                                                 |   | 1,083,617                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 5,008,383                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Application Software - 1.0%                                                |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 31,548  |   |   | Adobe Systems, Inc. *                                                      | $      | 2,073,966                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Systems Software - 3.6%                                                    |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 117,091 |   |   | Microsoft Corp.                                                            | $      | 4,799,560                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 45,326  |   |   | Oracle Corp.                                                               |   | 1,854,287                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 45,451  |   |   | Symantec Corp.                                                             |   | 907,656                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 7,561,503                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Software & Services                                              | $      | 21,983,754                                                            |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Technology Hardware & Equipment - 2.8%                                 |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Communications Equipment - 0.6%                                            |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 5,132   |   |   | F5 Networks, Inc. *                                                        | $      | 547,225                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 11,171  |   |   | Motorola Solutions, Inc.                                                   |   | 718,184                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 1,265,409                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Computer Hardware - 1.8%                                                   |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 7,077   |   |   | Apple, Inc.                                                                | $      | 3,798,509                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Computer Storage & Peripherals - 0.4%                                  |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 29,845  |   |   | EMC Corp.                                                                  | $      | 818,051                                                               |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Technology Hardware & Equipment                                  | $      | 5,881,969                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Semiconductors & Semiconductor Equipment - 2.7%                        |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Semiconductor Equipment - 0.5%                                             |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 10,877  |   |   | ASML Holding NV (A.D.R.)                                                   | $      | 1,015,477                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Semiconductors - 2.2%                                                      |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 35,679  |   |   | Analog Devices, Inc.                                                       | $      | 1,895,982                                                             |   |   |   |   |
|                                                                                                                                                                                                                     | 28,034  |   |   | Intel Corp.                                                                |   | 723,558                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 35,974  |   |   | Xilinx, Inc.                                                               |   | 1,952,309                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 4,571,849                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Semiconductors & Semiconductor Equipment                         | $      | 5,587,326                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Telecommunication Services - 0.6%                                          |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Integrated Telecommunication Services - 0.6%                               |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 25,361  |   |   | Verizon Communications, Inc.                                               | $      | 1,206,423                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Telecommunication Services                                           | $      | 1,206,423                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Utilities - 0.8%                                                           |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Electric Utilities - 0.8%                                                  |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | 15,321  |   |   | American Electric Power Co., Inc.                                          | $      | 776,162                                                               |   |   |   |   |
|                                                                                                                                                                                                                     | 22,866  |   |   | The Southern Co.                                                           |   | 1,004,732                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       | $      | 1,780,894                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Total Utilities                                                            | $      | 1,780,894                                                             |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | TOTAL COMMON STOCKS                                                        |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | (Cost $121,566,747)                                                        | $      | 209,105,789                                                           |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | TOTAL INVESTMENT IN SECURITIES - 100.0%                                    |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | (Cost $121,566,747) (a)                                                    | $      | 209,105,789                                                           |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | OTHER ASSETS & LIABILITIES - 0.0%                                      | $      | (30,561)                                                              |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | TOTAL NET ASSETS - 100.0%                                                  | $      | 209,075,228                                                           |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | *       |   |   | Non-income producing security.                                             |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     | (a)     |   |   | At March 31, 2014, the net unrealized appreciation on investments based on |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | cost for federal income tax purposes of $121,566,474 was as follows:       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Aggregate gross unrealized appreciation for all investments in which       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | there is an excess of value over tax cost                                  | $      |        87,793,576                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Aggregate gross unrealized depreciation for all investments in which       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | there is an excess of tax cost over value                                  |   |           (254,534) |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   | Net unrealized appreciation                                                | $      |        87,539,042                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       |   |                                                                  |   |   |   |   |
|                                                                                                                                                                                                                     |    |   |   |                                                                       |   |                                                                  |   |   |   |   |
| 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 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.                                                                                                                        |    |   |   |                                                                       |   |                                                                  |
|                                                                                                                                                                                                                     |    |   |   |                                                                       |   |                                                                  |   |   |   |   |
| The following is a summary of the inputs used as of March 31, 2014, in valuing the Funds's investments:                                                                                                                  |    |   |   |                                                                       |   |                                                                  |
|                                                                                                                                                                                                                     |    |   |   |                                                                       |   |                                                                  |   |   |   |   |

|   |   |   |   |                                                                                     |   | Level 1                              | Level 2                                                        | Level 3                          | Total                          |
|--------|--------|--------|--------|------------------------------------------------------------------------------------------|--------|--------------------------------------|----------------------------------------------------------------|----------------------------------|--------------------------------|
|   |   |   |   | Common Stocks                                                                            |   |  $   209,105,789 |  $         - |  $    - |  $  209,105,789 |
|   |   |   |   | Total                                                                                    |   |  $   209,105,789 |  $         - |  $    - |  $  209,105,789 |
|   |   |   |   |                                                                                     |   |                                 |                                                           |                             |                           |
|   |   |   |   | During the year ended March 31, 2014, there were no transfers between Levels 1, 2 and 3. |   |                                 |                                                           |

|                                                                                                                                                                                                                     |   |   |   | Pioneer Real Estate Shares VCT Portfolio                                              |   |                                                                                                |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|---------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                     |   |   |   | Schedule of Investments 3/31/14 (unaudited)                                           |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |
|                                                                                                                                                                                                                     | Shares |   |   |                                                                                  |   | Value                                                                                               |   |
|                                                                                                                                                                                                                     |   |   |   | COMMON STOCKS - 99.2%                                                                 |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   | Consumer Services - 0.8%                                                              |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   | Hotels, Resorts & Cruise Lines - 0.8%                                             |   |                                                                                                |   |
|                                                                                                                                                                                                                     | 17,200 |   |   | Hilton Worldwide Holdings, Inc.                                                       | $      | 382,528                                                                                             |   |
|                                                                                                                                                                                                                     |   |   |   | Total Consumer Services                                                               | $      | 382,528                                                                                             |   |
|                                                                                                                                                                                                                     |   |   |   | Real Estate - 98.4%                                                                   |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   | Diversified REIT's - 7.9%                                                             |   |                                                                                                |   |
|                                                                                                                                                                                                                     | 16,000 |   |   | American Assets Trust, Inc.                                                           | $      | 539,840                                                                                             |   |
|                                                                                                                                                                                                                     | 10,500 |   |   | Armada Hoffler Properties, Inc.                                                       |   | 105,420                                                                                             |   |
|                                                                                                                                                                                                                     | 29,100 |   |   | Empire State Realty Trust, Inc. *                                                     |   | 439,701                                                                                             |   |
|                                                                                                                                                                                                                     | 13,907 |   |   | First Potomac Realty Trust                                                            |   | 179,678                                                                                             |   |
|                                                                                                                                                                                                                     | 22,300 |   |   | Liberty Property Trust                                                                |   | 824,208                                                                                             |   |
|                                                                                                                                                                                                                     | 28,000 |   |   | Retail Opportunity Investments Corp.                                                  |   | 418,320                                                                                             |   |
|                                                                                                                                                                                                                     | 9,800  |   |   | Vornado Realty Trust                                                                  |   | 965,888                                                                                             |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  | $      | 3,473,055                                                                                           |   |
|                                                                                                                                                                                                                     |   |   |   | Industrial REIT's - 5.5%                                                              |   |                                                                                                |   |
|                                                                                                                                                                                                                     | 57,700 |   |   | Prologis, Inc.                                                                        | $      | 2,355,891                                                                                           |   |
|                                                                                                                                                                                                                     | 4,500  |   |   | Rexford Industrial Realty, Inc. *                                                     |   | 63,810                                                                                              |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  | $      | 2,419,701                                                                                           |   |
|                                                                                                                                                                                                                     |   |   |   | Office REIT's - 15.2%                                                                 |   |                                                                                                |   |
|                                                                                                                                                                                                                     | 11,400 |   |   | Alexandria Real Estate Equities, Inc.                                                 | $      | 827,184                                                                                             |   |
|                                                                                                                                                                                                                     | 36,000 |   |   | BioMed Realty Trust, Inc.                                                             |   | 737,640                                                                                             |   |
|                                                                                                                                                                                                                     | 20,000 |   |   | Boston Properties, Inc.                                                               |   | 2,290,600                                                                                           |   |
|                                                                                                                                                                                                                     | 18,100 |   |   | Douglas Emmett, Inc.                                                                  |   | 491,234                                                                                             |   |
|                                                                                                                                                                                                                     | 27,100 |   |   | DuPont Fabros Technology, Inc.                                                        |   | 652,297                                                                                             |   |
|                                                                                                                                                                                                                     | 24,000 |   |   | Kilroy Realty Corp.                                                                   |   | 1,405,920                                                                                           |   |
|                                                                                                                                                                                                                     | 14,600 |   |   | Piedmont Office Realty Trust, Inc.                                                    |   | 250,390                                                                                             |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  | $      | 6,655,265                                                                                           |   |
|                                                                                                                                                                                                                     |   |   |   | Residential REIT's - 17.1%                                                            |   |                                                                                                |   |
|                                                                                                                                                                                                                     | 15,000 |   |   | American Campus Communities, Inc.                                                     | $      | 560,250                                                                                             |   |
|                                                                                                                                                                                                                     | 14,500 |   |   | American Homes 4 Rent *                                                               |   | 242,295                                                                                             |   |
|                                                                                                                                                                                                                     | 14,700 |   |   | AvalonBay Communities, Inc.                                                           |   | 1,930,404                                                                                           |   |
|                                                                                                                                                                                                                     | 8,800  |   |   | BRE Properties, Inc.                                                                  |   | 552,464                                                                                             |   |
|                                                                                                                                                                                                                     | 12,600 |   |   | Camden Property Trust                                                                 |   | 848,484                                                                                             |   |
|                                                                                                                                                                                                                     | 16,200 |   |   | Equity Lifestyle Properties, Inc.                                                     |   | 658,530                                                                                             |   |
|                                                                                                                                                                                                                     | 46,500 |   |   | Equity Residential Property Trust, Inc.                                               |   | 2,696,535                                                                                           |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  | $      | 7,488,962                                                                                           |   |
|                                                                                                                                                                                                                     |   |   |   | Retail REIT's - 24.6%                                                                 |   |                                                                                                |   |
|                                                                                                                                                                                                                     | 17,200 |   |   | Acadia Realty Trust                                                                   | $      | 453,736                                                                                             |   |
|                                                                                                                                                                                                                     | 46,900 |   |   | DDR Corp.                                                                             |   | 772,912                                                                                             |   |
|                                                                                                                                                                                                                     | 10,600 |   |   | Federal Realty Investment Trust                                                       |   | 1,216,032                                                                                           |   |
|                                                                                                                                                                                                                     | 14,000 |   |   | National Retail Properties, Inc.                                                      |   | 480,480                                                                                             |   |
|                                                                                                                                                                                                                     | 21,500 |   |   | Ramco-Gershenson Properties Trust                                                     |   | 350,450                                                                                             |   |
|                                                                                                                                                                                                                     | 14,800 |   |   | Regency Centers Corp.                                                                 |   | 755,688                                                                                             |   |
|                                                                                                                                                                                                                     | 26,500 |   |   | Simon Property Group, Inc.                                                            |   | 4,346,000                                                                                           |   |
|                                                                                                                                                                                                                     | 14,800 |   |   | Taubman Centers, Inc.                                                                 |   | 1,047,692                                                                                           |   |
|                                                                                                                                                                                                                     | 22,100 |   |   | The Macerich Co.                                                                      |   | 1,377,493                                                                                           |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  | $      | 10,800,483                                                                                          |   |
|                                                                                                                                                                                                                     |   |   |   | Specialized REIT's - 26.1%                                                            |   |                                                                                                |   |
|                                                                                                                                                                                                                     | 20,700 |   |   | CubeSmart                                                                             | $      | 355,212                                                                                             |   |
|                                                                                                                                                                                                                     | 18,500 |   |   | EPR Properties                                                                        |   | 987,715                                                                                             |   |
|                                                                                                                                                                                                                     | 20,200 |   |   | Extra Space Storage, Inc.                                                             |   | 979,902                                                                                             |   |
|                                                                                                                                                                                                                     | 41,800 |   |   | HCP, Inc.                                                                             |   | 1,621,422                                                                                           |   |
|                                                                                                                                                                                                                     | 23,000 |   |   | Health Care Real Estate Investment Trust, Inc.                                        |   | 1,370,800                                                                                           |   |
|                                                                                                                                                                                                                     | 89,800 |   |   | Host Hotels & Resorts, Inc.                                                       |   | 1,817,552                                                                                           |   |
|                                                                                                                                                                                                                     | 12,600 |   |   | Public Storage, Inc.                                                                  |   | 2,122,974                                                                                           |   |
|                                                                                                                                                                                                                     | 23,600 |   |   | RLJ Lodging Trust                                                                     |   | 631,064                                                                                             |   |
|                                                                                                                                                                                                                     | 25,700 |   |   | Ventas, Inc.                                                                          |   | 1,556,649                                                                                           |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  | $      | 11,443,290                                                                                          |   |
|                                                                                                                                                                                                                     |   |   |   | Diversified Real Estate Activities - 0.5%                                             |   |                                                                                                |   |
|                                                                                                                                                                                                                     | 5,000  |   |   | Alexander & Baldwin, Inc. *                                                       | $      | 212,800                                                                                             |   |
|                                                                                                                                                                                                                     |   |   |   | Real Estate Operating Companies - 1.5%                                                |   |                                                                                                |   |
|                                                                                                                                                                                                                     | 35,400 |   |   | Forest City Enterprises, Inc. *                                                       | $      | 676,140                                                                                             |   |
|                                                                                                                                                                                                                     |   |   |   | Total Real Estate                                                                     | $      | 43,552,224                                                                                          |   |
|                                                                                                                                                                                                                     |   |   |   | TOTAL COMMON STOCKS                                                                   |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   | (Cost $20,159,331)                                                                    | $      | 43,552,224                                                                                          |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   | TOTAL INVESTMENT IN SECURITIES - 99.2%                                                |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   | (Cost $20,159,331) (a)                                                                | $      | 43,552,224                                                                                          |   |
|                                                                                                                                                                                                                     |   |   |   | OTHER ASSETS & LIABILITIES - 0.8%                                                 | $      | 331,994                                                                                             |   |
|                                                                                                                                                                                                                     |   |   |   | TOTAL NET ASSETS - 100.0%                                                             | $      | 43,884,218                                                                                          |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |
|                                                                                                                                                                                                                     | *      |   |   | Non-income producing security.                                                        |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |
|                                                                                                                                                                                                                     | REIT   |   |   | Non-income producing security.                                                        |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |
|                                                                                                                                                                                                                     | (a)    |   |   | At  March 31, 2014, the net unrealized appreciation on investments based on |   |
|                                                                                                                                                                                                                     |   |   |   | cost for federal income tax purposes of $20,895,792 was as follows:                   |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   | Aggregate gross unrealized gain for all investments in which                          |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   | there is an excess of value over tax cost                                             | $      |              23,017,187            |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   | Aggregate gross unrealized depreciation for all investments in which                  |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   | there is an excess of tax cost over value                                             |   |                (360,755) |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   | Net unrealized appreciation                                                           | $      |              22,656,432            |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |
| 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.                                                                                                                        |   |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |
| The following is a summary of the inputs used as of March 31, 2014, in valuing the Portfolio's investments:                                                                                                              |
|                                                                                                                                                                                                                     |   |   |   |                                                                                  |   |                                                                                                |   |

|   |   |   |   |                                                                                     |   | Level 1                                                                       | Level 2                                                                    | Level 3                                                                    | Total                                                       |
|--------|--------|--------|--------|------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------|----------------------------------------------------------------------------|----------------------------------------------------------------------------|-------------------------------------------------------------|
|   |   |   |   | Common Stocks                                                                            |   |  $          43,552,224 |  $           - |  $           - |  $       43,552,224 |
|   |   |   |   | Total                                                                                    |   |  $          43,552,224 |  $           - |  $           - |  $       43,552,224 |
|   |   |   |   |                                                                                     |   |                                                                          |                                                                       |                                                                       |                                                        |
|   |   |   |   | During the year ended March 31, 2014, there were no transfers between Levels 1, 2 and 3. |   |                                                                          |

|                                                                                                                                                                                                               |    |   |   | Pioneer Mid Cap Value VCT Portfolio                                        |   |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|--------|--------|----------------------------------------------------------------------------|--------|-------------|
|                                                                                                                                                                                                               |    |   |   | Schedule of Investments 3/31/14 (unaudited)                                |   |        |
|                                                                                                                                                                                                               |    |   |   |                                                                       |   |        |
|                                                                                                                                                                                                               | Shares  |   |   |                                                                       |   | Value       |
|                                                                                                                                                                                                               |    |   |   | COMMON STOCKS - 99.4%                                                      |   |        |
|                                                                                                                                                                                                               |    |   |   | Energy - 8.8%                                                              |   |        |
|                                                                                                                                                                                                               |    |   |   | Oil & Gas Drilling - 1.7%                                              |   |        |
|                                                                                                                                                                                                               | 572,008 |   |   | Precision Drilling Corp.                                                   | $      | 6,846,936   |
|                                                                                                                                                                                                               |    |   |   | Oil & Gas Equipment & Services - 2.4%                              |   |        |
|                                                                                                                                                                                                               | 185,408 |   |   | Superior Energy Services, Inc. *                                           | $      | 5,703,150   |
|                                                                                                                                                                                                               | 246,183 |   |   | Weatherford International, Ltd./Switzerland *                              |   | 4,273,737   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 9,976,887   |
|                                                                                                                                                                                                               |    |   |   | Oil & Gas Exploration & Production - 4.7%                          |   |        |
|                                                                                                                                                                                                               | 45,465  |   |   | Cimarex Energy Co.                                                         | $      | 5,415,336   |
|                                                                                                                                                                                                               | 114,985 |   |   | Marathon Oil Corp.                                                         |   | 4,084,267   |
|                                                                                                                                                                                                               | 87,685  |   |   | Rosetta Resources, Inc. *                                                  |   | 4,084,367   |
|                                                                                                                                                                                                               | 78,179  |   |   | Whiting Petroleum Corp. *                                                  |   | 5,424,841   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 19,008,811  |
|                                                                                                                                                                                                               |    |   |   | Total Energy                                                               | $      | 35,832,634  |
|                                                                                                                                                                                                               |    |   |   | Materials - 4.7%                                                           |   |        |
|                                                                                                                                                                                                               |    |   |   | Diversified Chemicals - 1.0%                                               |   |        |
|                                                                                                                                                                                                               | 47,226  |   |   | Eastman Chemical Co.                                                       | $      | 4,071,353   |
|                                                                                                                                                                                                               |    |   |   | Specialty Chemicals - 1.1%                                                 |   |        |
|                                                                                                                                                                                                               | 48,257  |   |   | Cytec Industries, Inc.                                                     | $      | 4,710,366   |
|                                                                                                                                                                                                               |    |   |   | Metal & Glass Containers - 1.5%                                        |   |        |
|                                                                                                                                                                                                               | 133,861 |   |   | Crown Holdings, Inc. *                                                     | $      | 5,988,941   |
|                                                                                                                                                                                                               |    |   |   | Paper Products - 1.1%                                                      |   |        |
|                                                                                                                                                                                                               | 97,712  |   |   | International Paper Co.                                                    | $      | 4,483,027   |
|                                                                                                                                                                                                               |    |   |   | Total Materials                                                            | $      | 19,253,687  |
|                                                                                                                                                                                                               |    |   |   | Capital Goods - 9.2%                                                       |   |        |
|                                                                                                                                                                                                               |    |   |   | Construction & Engineering - 1.1%                                      |   |        |
|                                                                                                                                                                                                               | 166,249 |   |   | KBR, Inc.                                                                  | $      | 4,435,523   |
|                                                                                                                                                                                                               |    |   |   | Electrical Components & Equipment - 2.2%                               |   |        |
|                                                                                                                                                                                                               | 51,660  |   |   | Eaton Corp. Plc                                                            | $      | 3,880,699   |
|                                                                                                                                                                                                               | 87,125  |   |   | Generac Holdings, Inc.                                                     |   | 5,137,761   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 9,018,460   |
|                                                                                                                                                                                                               |    |   |   | Construction & Farm Machinery & Heavy Trucks - 3.5%                |   |        |
|                                                                                                                                                                                                               | 74,210  |   |   | Joy Global, Inc.                                                           | $      | 4,304,180   |
|                                                                                                                                                                                                               | 90,795  |   |   | PACCAR, Inc.                                                               |   | 6,123,215   |
|                                                                                                                                                                                                               | 88,861  |   |   | Terex Corp. *                                                              |   | 3,936,542   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 14,363,937  |
|                                                                                                                                                                                                               |    |   |   | Industrial Machinery - 2.4%                                                |   |        |
|                                                                                                                                                                                                               | 92,750  |   |   | Crane Co.                                                                  | $      | 6,599,162   |
|                                                                                                                                                                                                               | 88,419  |   |   | TriMas Corp. *                                                             |   | 2,935,511   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 9,534,673   |
|                                                                                                                                                                                                               |    |   |   | Total Capital Goods                                                        | $      | 37,352,593  |
|                                                                                                                                                                                                               |    |   |   | Commercial Services & Supplies - 1.1%                                  |   |        |
|                                                                                                                                                                                                               |    |   |   | Security & Alarm Services - 1.1%                                       |   |        |
|                                                                                                                                                                                                               | 101,449 |   |   | Corrections Corp of America                                                | $      | 3,177,383   |
|                                                                                                                                                                                                               | 43,550  |   |   | The Geo Group, Inc. *                                                      |   | 1,404,052   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 4,581,435   |
|                                                                                                                                                                                                               |    |   |   | Total Commercial Services & Supplies                                   | $      | 4,581,435   |
|                                                                                                                                                                                                               |    |   |   | Transportation - 3.5%                                                      |   |        |
|                                                                                                                                                                                                               |    |   |   | Air Freight & Logistics - 0.7%                                         |   |        |
|                                                                                                                                                                                                               | 73,360  |   |   | Atlas Air Worldwide Holdings, Inc. *                                       | $      | 2,587,407   |
|                                                                                                                                                                                                               |    |   |   | Trucking - 2.8%                                                            |   |        |
|                                                                                                                                                                                                               | 108,890 |   |   | Con-way, Inc.                                                              | $      | 4,473,201   |
|                                                                                                                                                                                                               | 87,724  |   |   | Ryder System, Inc.                                                         |   | 7,010,902   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 11,484,103  |
|                                                                                                                                                                                                               |    |   |   | Total Transportation                                                       | $      | 14,071,510  |
|                                                                                                                                                                                                               |    |   |   | Automobiles & Components - 2.9%                                        |   |        |
|                                                                                                                                                                                                               |    |   |   | Auto Parts & Equipment - 1.2%                                          |   |        |
|                                                                                                                                                                                                               | 84,748  |   |   | Tenneco, Inc. *                                                            | $      | 4,921,316   |
|                                                                                                                                                                                                               |    |   |   | Tires & Rubber - 1.7%                                                  |   |        |
|                                                                                                                                                                                                               | 256,842 |   |   | The Goodyear Tire & Rubber Co.                                         | $      | 6,711,281   |
|                                                                                                                                                                                                               |    |   |   | Total Automobiles & Components                                         | $      | 11,632,597  |
|                                                                                                                                                                                                               |    |   |   | Consumer Durables & Apparel - 4.4%                                     |   |        |
|                                                                                                                                                                                                               |    |   |   | Homebuilding - 1.3%                                                        |   |        |
|                                                                                                                                                                                                               | 244,810 |   |   | DR Horton, Inc.                                                            | $      | 5,300,136   |
|                                                                                                                                                                                                               |    |   |   | Household Appliances - 1.0%                                                |   |        |
|                                                                                                                                                                                                               | 27,999  |   |   | Whirlpool Corp.                                                            | $      | 4,184,731   |
|                                                                                                                                                                                                               |    |   |   | Housewares & Specialties - 1.3%                                        |   |        |
|                                                                                                                                                                                                               | 88,512  |   |   | Jarden Corp. *                                                             | $      | 5,295,673   |
|                                                                                                                                                                                                               |    |   |   | Apparel, Accessories & Luxury Goods - 0.8%                             |   |        |
|                                                                                                                                                                                                               | 24,369  |   |   | PVH Corp.                                                                  | $      | 3,040,520   |
|                                                                                                                                                                                                               |    |   |   | Total Consumer Durables & Apparel                                      | $      | 17,821,060  |
|                                                                                                                                                                                                               |    |   |   | Retailing - 2.8%                                                           |   |        |
|                                                                                                                                                                                                               |    |   |   | Department Stores - 1.4%                                                   |   |        |
|                                                                                                                                                                                                               | 95,457  |   |   | Macy's, Inc.                                                               | $      | 5,659,646   |
|                                                                                                                                                                                                               |    |   |   | Apparel Retail - 1.4%                                                      |   |        |
|                                                                                                                                                                                                               | 78,118  |   |   | Ross Stores, Inc.                                                          | $      | 5,589,343   |
|                                                                                                                                                                                                               |    |   |   | Total Retailing                                                            | $      | 11,248,989  |
|                                                                                                                                                                                                               |    |   |   | Food, Beverage & Tobacco - 3.4%                                        |   |        |
|                                                                                                                                                                                                               |    |   |   | Soft Drinks - 1.5%                                                         |   |        |
|                                                                                                                                                                                                               | 129,046 |   |   | Coca-Cola Enterprises, Inc.                                                | $      | 6,163,237   |
|                                                                                                                                                                                                               |    |   |   | Agricultural Products - 0.8%                                               |   |        |
|                                                                                                                                                                                                               | 50,879  |   |   | Ingredion, Inc.                                                            | $      | 3,463,842   |
|                                                                                                                                                                                                               |    |   |   | Packaged Foods & Meats - 1.1%                                          |   |        |
|                                                                                                                                                                                                               | 98,261  |   |   | Tyson Foods, Inc.                                                          | $      | 4,324,467   |
|                                                                                                                                                                                                               |    |   |   | Total Food, Beverage & Tobacco                                         | $      | 13,951,546  |
|                                                                                                                                                                                                               |    |   |   | Health Care Equipment & Services - 8.5%                                |   |        |
|                                                                                                                                                                                                               |    |   |   | Health Care Equipment - 1.6%                                               |   |        |
|                                                                                                                                                                                                               | 70,895  |   |   | Zimmer Holdings, Inc.                                                      | $      | 6,705,249   |
|                                                                                                                                                                                                               |    |   |   | Health Care Supplies - 0.5%                                                |   |        |
|                                                                                                                                                                                                               | 54,440  |   |   | Alere, Inc. *                                                              | $      | 1,870,014   |
|                                                                                                                                                                                                               |    |   |   | Health Care Distributors - 1.2%                                            |   |        |
|                                                                                                                                                                                                               | 71,210  |   |   | Cardinal Health, Inc.                                                      | $      | 4,983,276   |
|                                                                                                                                                                                                               |    |   |   | Health Care Services - 1.5%                                                |   |        |
|                                                                                                                                                                                                               | 104,839 |   |   | Omnicare, Inc.                                                             | $      | 6,255,743   |
|                                                                                                                                                                                                               |    |   |   | Health Care Facilities - 1.0%                                              |   |        |
|                                                                                                                                                                                                               | 98,837  |   |   | Community Health Systems, Inc.                                             | $      | 3,871,445   |
|                                                                                                                                                                                                               |    |   |   | Managed Health Care - 2.7%                                                 |   |        |
|                                                                                                                                                                                                               | 78,593  |   |   | Aetna, Inc.                                                                | $      | 5,892,117   |
|                                                                                                                                                                                                               | 45,702  |   |   | Humana, Inc.                                                               |   | 5,151,529   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 11,043,646  |
|                                                                                                                                                                                                               |    |   |   | Total Health Care Equipment & Services                                 | $      | 34,729,373  |
|                                                                                                                                                                                                               |    |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 4.2%                  |   |        |
|                                                                                                                                                                                                               |    |   |   | Biotechnology - 0.6%                                                       |   |        |
|                                                                                                                                                                                                               | 57,961  |   |   | Keryx Biopharmaceuticals, Inc. *                                           | $      | 987,655     |
|                                                                                                                                                                                                               | 21,428  |   |   | OncoMed Pharmaceuticals, Inc. *                                            |   | 721,052     |
|                                                                                                                                                                                                               | 6,302   |   |   | Puma Biotechnology, Inc. *                                                 |   | 656,290     |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 2,364,997   |
|                                                                                                                                                                                                               |    |   |   | Pharmaceuticals - 3.6%                                                     |   |        |
|                                                                                                                                                                                                               | 17,171  |   |   | Actavis plc *                                                              | $      | 3,534,650   |
|                                                                                                                                                                                                               | 37,407  |   |   | Jazz Pharmaceuticals Plc *                                                 |   | 5,187,603   |
|                                                                                                                                                                                                               | 57,761  |   |   | Salix Pharmaceuticals, Ltd. *                                              |   | 5,984,617   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 14,706,870  |
|                                                                                                                                                                                                               |    |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                   | $      | 17,071,867  |
|                                                                                                                                                                                                               |    |   |   | Banks - 7.3%                                                               |   |        |
|                                                                                                                                                                                                               |    |   |   | Diversified Banks - 1.1%                                                   |   |        |
|                                                                                                                                                                                                               | 86,411  |   |   | Comerica, Inc.                                                             | $      | 4,476,090   |
|                                                                                                                                                                                                               |    |   |   | Regional Banks - 6.2%                                                      |   |        |
|                                                                                                                                                                                                               | 121,978 |   |   | Cathay General Bancorp                                                     | $      | 3,072,626   |
|                                                                                                                                                                                                               | 79,488  |   |   | CIT Group, Inc. *                                                          |   | 3,896,502   |
|                                                                                                                                                                                                               | 80,293  |   |   | First Republic Bank                                                        |   | 4,335,019   |
|                                                                                                                                                                                                               | 394,928 |   |   | KeyCorp                                                                    |   | 5,623,775   |
|                                                                                                                                                                                                               | 544,491 |   |   | Regions Financial Corp.                                                    |   | 6,049,295   |
|                                                                                                                                                                                                               | 72,046  |   |   | Zions Bancorporation                                                       |   | 2,231,985   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 25,209,202  |
|                                                                                                                                                                                                               |    |   |   | Total Banks                                                                | $      | 29,685,292  |
|                                                                                                                                                                                                               |    |   |   | Diversified Financials - 5.0%                                              |   |        |
|                                                                                                                                                                                                               |    |   |   | Other Diversified Financial Services - 1.2%                                |   |        |
|                                                                                                                                                                                                               | 138,567 |   |   | Voya Financial, Inc.                                                       | $      | 5,025,825   |
|                                                                                                                                                                                                               |    |   |   | Specialized Finance - 1.6%                                                 |   |        |
|                                                                                                                                                                                                               | 173,357 |   |   | The NASDAQ OMX Group, Inc.                                                 | $      | 6,403,808   |
|                                                                                                                                                                                                               |    |   |   | Consumer Finance - 1.2%                                                    |   |        |
|                                                                                                                                                                                                               | 198,730 |   |   | SLM Corp.                                                                  | $      | 4,864,910   |
|                                                                                                                                                                                                               |    |   |   | Asset Management & Custody Banks - 1.0%                                |   |        |
|                                                                                                                                                                                                               | 37,108  |   |   | Ameriprise Financial, Inc.                                                 | $      | 4,084,478   |
|                                                                                                                                                                                                               |    |   |   | Total Diversified Financials                                               | $      | 20,379,021  |
|                                                                                                                                                                                                               |    |   |   | Insurance - 8.0%                                                           |   |        |
|                                                                                                                                                                                                               |    |   |   | Insurance Brokers - 1.0%                                                   |   |        |
|                                                                                                                                                                                                               | 95,597  |   |   | Willis Group Holdings Plc                                                  | $      | 4,218,696   |
|                                                                                                                                                                                                               |    |   |   | Life & Health Insurance - 2.4%                                         |   |        |
|                                                                                                                                                                                                               | 97,012  |   |   | Lincoln National Corp.                                                     | $      | 4,915,598   |
|                                                                                                                                                                                                               | 136,904 |   |   | Unum Group                                                                 |   | 4,834,080   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 9,749,678   |
|                                                                                                                                                                                                               |    |   |   | Multi-line Insurance - 1.5%                                                |   |        |
|                                                                                                                                                                                                               | 167,778 |   |   | The Hartford Financial Services Group, Inc.                                | $      | 5,917,530   |
|                                                                                                                                                                                                               |    |   |   | Property & Casualty Insurance - 2.0%                                   |   |        |
|                                                                                                                                                                                                               | 44,219  |   |   | Axis Capital Holdings, Ltd.                                                | $      | 2,027,441   |
|                                                                                                                                                                                                               | 107,870 |   |   | The Allstate Corp.                                                         |   | 6,103,285   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 8,130,726   |
|                                                                                                                                                                                                               |    |   |   | Reinsurance - 1.1%                                                         |   |        |
|                                                                                                                                                                                                               | 56,931  |   |   | Reinsurance Group of America, Inc.                                         | $      | 4,533,416   |
|                                                                                                                                                                                                               |    |   |   | Total Insurance                                                            | $      | 32,550,046  |
|                                                                                                                                                                                                               |    |   |   | Real Estate - 7.4%                                                         |   |        |
|                                                                                                                                                                                                               |    |   |   | Diversified REIT's - 1.3%                                                  |   |        |
|                                                                                                                                                                                                               | 314,248 |   |   | Duke Realty Corp.                                                          | $      | 5,304,506   |
|                                                                                                                                                                                                               |    |   |   | Residential REIT's - 1.2%                                                  |   |        |
|                                                                                                                                                                                                               | 79,055  |   |   | Home Properties, Inc.                                                      | $      | 4,752,787   |
|                                                                                                                                                                                                               |    |   |   | Retail REIT's - 2.2%                                                       |   |        |
|                                                                                                                                                                                                               | 232,327 |   |   | General Growth Properties, Inc.                                            | $      | 5,111,194   |
|                                                                                                                                                                                                               | 184,074 |   |   | Kimco Realty Corp.                                                         |   | 4,027,539   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 9,138,733   |
|                                                                                                                                                                                                               |    |   |   | Specialized REIT's - 2.0%                                                  |   |        |
|                                                                                                                                                                                                               | 65,486  |   |   | HCP, Inc.                                                                  | $      | 2,540,202   |
|                                                                                                                                                                                                               | 163,634 |   |   | Pebblebrook Hotel Trust                                                    |   | 5,525,920   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 8,066,122   |
|                                                                                                                                                                                                               |    |   |   | Real Estate Services - 0.7%                                                |   |        |
|                                                                                                                                                                                                               | 24,215  |   |   | Jones Lang LaSalle, Inc.                                                   | $      | 2,869,478   |
|                                                                                                                                                                                                               |    |   |   | Total Real Estate                                                          | $      | 30,131,626  |
|                                                                                                                                                                                                               |    |   |   | Software & Services - 3.5%                                             |   |        |
|                                                                                                                                                                                                               |    |   |   | IT Consulting & Other Services - 1.2%                                  |   |        |
|                                                                                                                                                                                                               | 106,783 |   |   | Amdocs, Ltd.                                                               | $      | 4,961,138   |
|                                                                                                                                                                                                               |    |   |   | Data Processing & Outsourced Services - 2.3%                           |   |        |
|                                                                                                                                                                                                               | 96,414  |   |   | Fidelity National Information Services, Inc.                               | $      | 5,153,328   |
|                                                                                                                                                                                                               | 124,711 |   |   | VeriFone Systems, Inc. *                                                   |   | 4,217,726   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 9,371,054   |
|                                                                                                                                                                                                               |    |   |   | Total Software & Services                                              | $      | 14,332,192  |
|                                                                                                                                                                                                               |    |   |   | Technology Hardware & Equipment - 3.0%                                 |   |        |
|                                                                                                                                                                                                               |    |   |   | Computer Hardware - 1.9%                                                   |   |        |
|                                                                                                                                                                                                               | 209,415 |   |   | NCR Corp. *                                                                | $      | 7,654,121   |
|                                                                                                                                                                                                               |    |   |   | Office Electronics - 1.1%                                                  |   |        |
|                                                                                                                                                                                                               | 394,601 |   |   | Xerox Corp.                                                                | $      | 4,458,991   |
|                                                                                                                                                                                                               |    |   |   | Total Technology Hardware & Equipment                                  | $      | 12,113,112  |
|                                                                                                                                                                                                               |    |   |   | Semiconductors & Semiconductor Equipment - 3.1%                        |   |        |
|                                                                                                                                                                                                               |    |   |   | Semiconductors - 3.1%                                                      |   |        |
|                                                                                                                                                                                                               | 307,121 |   |   | Marvell Technology Group, Ltd.                                             | $      | 4,837,156   |
|                                                                                                                                                                                                               | 201,318 |   |   | Skyworks Solutions, Inc. *                                                 |   | 7,553,451   |
|                                                                                                                                                                                                               | 5,019   |   |   | Xilinx, Inc.                                                               |   | 272,381     |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 12,662,988  |
|                                                                                                                                                                                                               |    |   |   | Total Semiconductors & Semiconductor Equipment                         | $      | 12,662,988  |
|                                                                                                                                                                                                               |    |   |   | Utilities - 8.6%                                                           |   |        |
|                                                                                                                                                                                                               |    |   |   | Electric Utilities - 7.0%                                                  |   |        |
|                                                                                                                                                                                                               | 136,295 |   |   | Northeast Utilities                                                        | $      | 6,201,422   |
|                                                                                                                                                                                                               | 80,412  |   |   | Pinnacle West Capital Corp.                                                |   | 4,395,320   |
|                                                                                                                                                                                                               | 193,875 |   |   | PNM Resources, Inc.                                                        |   | 5,240,441   |
|                                                                                                                                                                                                               | 189,936 |   |   | PPL Corp.                                                                  |   | 6,294,479   |
|                                                                                                                                                                                                               | 180,829 |   |   | Westar Energy, Inc.                                                        |   | 6,357,948   |
|                                                                                                                                                                                                               |    |   |   |                                                                       | $      | 28,489,610  |
|                                                                                                                                                                                                               |    |   |   | Multi-Utilities - 1.6%                                                     |   |        |
|                                                                                                                                                                                                               | 161,431 |   |   | Ameren Corp.                                                               | $      | 6,650,957   |
|                                                                                                                                                                                                               |    |   |   | Total Utilities                                                            | $      | 35,140,567  |
|                                                                                                                                                                                                               |    |   |   | TOTAL COMMON STOCKS                                                        |   |        |
|                                                                                                                                                                                                               |    |   |   | (Cost $323,575,487)                                                        | $      | 404,542,135 |
|                                                                                                                                                                                                               |    |   |   |                                                                       |   |        |
|                                                                                                                                                                                                               |    |   |   | TOTAL INVESTMENT IN SECURITIES - 99.4%                                     |   |        |
|                                                                                                                                                                                                               |    |   |   | (Cost $323,575,487) (a)                                                    | $      | 404,542,135 |
|                                                                                                                                                                                                               |    |   |   | OTHER ASSETS & LIABILITIES - 0.6%                                      | $      | 2,515,155   |
|                                                                                                                                                                                                               |    |   |   | TOTAL NET ASSETS - 100.0%                                                  | $      | 407,057,290 |
|                                                                                                                                                                                                               |    |   |   |                                                                       |   |        |
|                                                                                                                                                                                                               |    |   |   |                                                                       |   |        |
|                                                                                                                                                                                                               | *       |   |   | Non-income producing security.                                             |   |        |
|                                                                                                                                                                                                               |    |   |   |                                                                       |   |        |
|                                                                                                                                                                                                               | REIT    |   |   | Real Estate Investment Trust.                                              |   |        |
|                                                                                                                                                                                                               |    |   |   |                                                                       |   |        |
|                                                                                                                                                                                                               | (a)     |   |   | At March 31, 2014, the net unrealized appreciation on investments based on |   |        |
|                                                                                                                                                                                                               |    |   |   | cost for federal income tax purposes of $366,363,944 was as follows:       |   |        |
|                                                                                                                                                                                                               |    |   |   |                                                                       |   |        |
|                                                                                                                                                                                                               |    |   |   | Aggregate gross unrealized appreciation for all investments in which       |   |        |
|                                                                                                                                                                                                               |    |   |   | there is an excess of value over tax cost                                  | $      | 40,555,706  |
|                                                                                                                                                                                                               |    |   |   |                                                                       |   |        |
|                                                                                                                                                                                                               |    |   |   | Aggregate gross unrealized depreicaiotn for all investments in which       |   |        |
|                                                                                                                                                                                                               |    |   |   | there is an excess of tax cost over value                                  |   | (2,377,515) |
|                                                                                                                                                                                                               |    |   |   |                                                                       |   |        |
|                                                                                                                                                                                                               |    |   |   | Net unrealized appreciation                                                | $      | 38,178,191  |
|                                                                                                                                                                                                               |    |   |   |                                                                       |   |        |
|                                                                                                                                                                                                               |    |   |   |                                                                       |   |        |
| 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, 2014, in valuing the Portfolio's investments:                                                                                                        |
|                                                                                                                                                                                                               |    |   |   |                                                                       |   |        |

|   |   |   |   |                                                                                     |   | Level 1                                                      | Level 2                                                                    | Level 3                                                                    | Total                                                        |
|--------|--------|--------|--------|------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|----------------------------------------------------------------------------|----------------------------------------------------------------------------|--------------------------------------------------------------|
|   |   |   |   | Common Stocks                                                                            |   |  $       404,542,135 |  $           - |  $           - |  $       404,542,135 |
|   |   |   |   | Total                                                                                    |   |  $       404,542,135 |  $           - |  $           - |  $       404,542,135 |
|   |   |   |   |                                                                                     |   |                                                         |                                                                       |                                                                       |                                                         |
|   |   |   |   | During the year ended March 31, 2014, there were no transfers between Levels 1, 2 and 3. |   |                                                         |

|                                                                                                                                                                                                               |     |                          |   | Pioneer Disciplined Value VCT Portfolio                                    |   |        |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|-------------------------------|--------|----------------------------------------------------------------------------|--------|-------------|--------|
|                                                                                                                                                                                                               |     |                          |   | Schedule of Investments 3/31/14 (unaudited)                                |   |        |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |   |
|                                                                                                                                                                                                               | Shares   |                          |   |                                                                       |   | Value       |   |
|                                                                                                                                                                                                               |     |                          |   | COMMON STOCKS - 99.4%                                                      |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Energy - 12.4%                                                             |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Oil & Gas Equipment & Services - 1.7%                              |   |        |   |
|                                                                                                                                                                                                               | 73,346   |                          |   | Halliburton Co.                                                            | $      | 4,319,346   |   |
|                                                                                                                                                                                                               |     |                          |   | Integrated Oil & Gas - 4.1%                                            |   |        |   |
|                                                                                                                                                                                                               | 30,886   |                          |   | Hess Corp.                                                                 | $      | 2,559,832   |   |
|                                                                                                                                                                                                               | 79,174   |                          |   | Occidental Petroleum Corp.                                                 |   | 7,544,490   |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 10,104,322  |   |
|                                                                                                                                                                                                               |     |                          |   | Oil & Gas Exploration & Production - 6.6%                          |   |        |   |
|                                                                                                                                                                                                               | 77,518   |                          |   | Apache Corp.                                                               | $      | 6,430,118   |   |
|                                                                                                                                                                                                               | 73,352   |                          |   | ConocoPhillips                                                             |   | 5,160,313   |   |
|                                                                                                                                                                                                               | 136,356  |                          |   | Marathon Oil Corp.                                                         |   | 4,843,365   |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 16,433,796  |   |
|                                                                                                                                                                                                               |     |                          |   | Total Energy                                                               | $      | 30,857,464  |   |
|                                                                                                                                                                                                               |     |                          |   | Materials - 4.9%                                                           |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Commodity Chemicals - 2.5%                                                 |   |        |   |
|                                                                                                                                                                                                               | 69,348   |                          |   | LyondellBasell Industries NV                                               | $      | 6,167,811   |   |
|                                                                                                                                                                                                               |     |                          |   | Diversified Metals & Mining - 2.4%                                     |   |        |   |
|                                                                                                                                                                                                               | 107,242  |                          |   | Rio Tinto Plc (A.D.R.)                                                     | $      | 5,987,321   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Materials                                                            | $      | 12,155,132  |   |
|                                                                                                                                                                                                               |     |                          |   | Capital Goods - 9.0%                                                       |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Aerospace & Defense - 2.3%                                             |   |        |   |
|                                                                                                                                                                                                               | 61,852   |                          |   | Honeywell International, Inc.                                              | $      | 5,737,392   |   |
|                                                                                                                                                                                                               |     |                          |   | Electrical Components & Equipment - 2.8%                               |   |        |   |
|                                                                                                                                                                                                               | 93,951   |                          |   | Eaton Corp. Plc                                                            | $      | 7,057,599   |   |
|                                                                                                                                                                                                               |     |                          |   | Construction & Farm Machinery & Heavy Trucks - 1.4%                |   |        |   |
|                                                                                                                                                                                                               | 22,770   |                          |   | Cummins, Inc.                                                              | $      | 3,392,502   |   |
|                                                                                                                                                                                                               |     |                          |   | Industrial Machinery - 2.5%                                                |   |        |   |
|                                                                                                                                                                                                               | 106,980  |                          |   | Ingersoll-Rand Plc                                                         | $      | 6,123,535   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Capital Goods                                                        | $      | 22,311,028  |   |
|                                                                                                                                                                                                               |     |                          |   | Transportation - 5.7%                                                      |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Airlines - 4.5%                                                            |   |        |   |
|                                                                                                                                                                                                               | 164,001  |                          |   | American Airlines Group, Inc.                                              | $      | 6,002,437   |   |
|                                                                                                                                                                                                               | 116,781  |                          |   | United Continental Holdings, Inc. *                                        |   | 5,211,936   |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 11,214,373  |   |
|                                                                                                                                                                                                               |     |                          |   | Railroads - 1.2%                                                           |   |        |   |
|                                                                                                                                                                                                               | 16,204   |                          |   | Union Pacific Corp.                                                        | $      | 3,040,843   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Transportation                                                       | $      | 14,255,216  |   |
|                                                                                                                                                                                                               |     |                          |   | Automobiles & Components - 1.9%                                        |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Automobile Manufacturers - 1.9%                                            |   |        |   |
|                                                                                                                                                                                                               | 298,308  |                          |   | Ford Motor Co.                                                             | $      | 4,653,605   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Automobiles & Components                                         | $      | 4,653,605   |   |
|                                                                                                                                                                                                               |     |                          |   | Consumer Durables & Apparel - 1.1%                                     |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Household Appliances - 1.1%                                                |   |        |   |
|                                                                                                                                                                                                               | 18,116   |                          |   | Whirlpool Corp.                                                            | $      | 2,707,617   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Consumer Durables & Apparel                                      | $      | 2,707,617   |   |
|                                                                                                                                                                                                               |     |                          |   | Retailing - 1.4%                                                           |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Department Stores - 1.4%                                                   |   |        |   |
|                                                                                                                                                                                                               | 56,712   |                          |   | Macy's, Inc.                                                               | $      | 3,362,454   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Retailing                                                            | $      | 3,362,454   |   |
|                                                                                                                                                                                                               |     |                          |   | Food & Staples Retailing - 2.6%                                        |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Drug Retail - 2.6%                                                         |   |        |   |
|                                                                                                                                                                                                               | 86,966   |                          |   | CVS Caremark Corp.                                                         | $      | 6,510,275   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Food & Staples Retailing                                         | $      | 6,510,275   |   |
|                                                                                                                                                                                                               |     |                          |   | Food, Beverage & Tobacco - 2.1%                                        |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Soft Drinks - 2.1%                                                         |   |        |   |
|                                                                                                                                                                                                               | 109,215  |                          |   | Coca-Cola Enterprises, Inc.                                                | $      | 5,216,108   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Food, Beverage & Tobacco                                         | $      | 5,216,108   |   |
|                                                                                                                                                                                                               |     |                          |   | Health Care Equipment & Services - 9.4%                                |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Health Care Equipment - 2.1%                                               |   |        |   |
|                                                                                                                                                                                                               | 83,512   |                          |   | Medtronic, Inc.                                                            | $      | 5,139,328   |   |
|                                                                                                                                                                                                               |     |                          |   | Health Care Distributors - 2.0%                                            |   |        |   |
|                                                                                                                                                                                                               | 71,218   |                          |   | Cardinal Health, Inc.                                                      | $      | 4,983,836   |   |
|                                                                                                                                                                                                               |     |                          |   | Health Care Services - 1.9%                                                |   |        |   |
|                                                                                                                                                                                                               | 62,364   |                          |   | Express Scripts Holding Co. *                                              | $      | 4,682,913   |   |
|                                                                                                                                                                                                               |     |                          |   | Managed Health Care - 3.4%                                                 |   |        |   |
|                                                                                                                                                                                                               | 74,534   |                          |   | Aetna, Inc.                                                                | $      | 5,587,814   |   |
|                                                                                                                                                                                                               | 26,536   |                          |   | Humana, Inc.                                                               |   | 2,991,138   |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 8,578,952   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Health Care Equipment & Services                                 | $      | 23,385,029  |   |
|                                                                                                                                                                                                               |     |                          |   | Pharmaceuticals, Biotechnology & Life Sciences - 8.9%                  |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Pharmaceuticals - 8.9%                                                     |   |        |   |
|                                                                                                                                                                                                               | 78,583   |                          |   | Johnson & Johnson                                                      | $      | 7,719,208   |   |
|                                                                                                                                                                                                               | 128,077  |                          |   | Merck & Co., Inc.                                                      |   | 7,270,931   |   |
|                                                                                                                                                                                                               | 218,856  |                          |   | Pfizer, Inc.                                                               |   | 7,029,655   |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 22,019,794  |   |
|                                                                                                                                                                                                               |     |                          |   | Total Pharmaceuticals, Biotechnology & Life Sciences                   | $      | 22,019,794  |   |
|                                                                                                                                                                                                               |     |                          |   | Banks - 8.1%                                                               |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Regional Banks - 8.1%                                                      |   |        |   |
|                                                                                                                                                                                                               | 73,048   |                          |   | BB&T Corp.                                                             | $      | 2,934,338   |   |
|                                                                                                                                                                                                               | 380,578  |                          |   | KeyCorp                                                                    |   | 5,419,431   |   |
|                                                                                                                                                                                                               | 494,467  |                          |   | Regions Financial Corp.                                                    |   | 5,493,528   |   |
|                                                                                                                                                                                                               | 72,668   |                          |   | The PNC Financial Services Group, Inc.                                     |   | 6,322,116   |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 20,169,413  |   |
|                                                                                                                                                                                                               |     |                          |   | Total Banks                                                                | $      | 20,169,413  |   |
|                                                                                                                                                                                                               |     |                          |   | Diversified Financials - 18.8%                                             |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Other Diversified Financial Services - 12.5%                               |   |        |   |
|                                                                                                                                                                                                               | 564,595  |                          |   | Bank of America Corp.                                                      | $      | 9,711,034   |   |
|                                                                                                                                                                                                               | 195,197  |                          |   | Citigroup, Inc.                                                            |   | 9,291,377   |   |
|                                                                                                                                                                                                               | 117,801  |                          |   | JPMorgan Chase & Co.                                                   |   | 7,151,699   |   |
|                                                                                                                                                                                                               | 135,898  |                          |   | Voya Financial, Inc.                                                       |   | 4,929,020   |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 31,083,130  |   |
|                                                                                                                                                                                                               |     |                          |   | Specialized Finance - 1.2%                                                 |   |        |   |
|                                                                                                                                                                                                               | 81,536   |                          |   | The NASDAQ OMX Group, Inc.                                                 | $      | 3,011,940   |   |
|                                                                                                                                                                                                               |     |                          |   | Consumer Finance - 2.1%                                                    |   |        |   |
|                                                                                                                                                                                                               | 90,564   |                          |   | Discover Financial Services, Inc.                                          | $      | 5,269,919   |   |
|                                                                                                                                                                                                               |     |                          |   | Investment Banking & Brokerage - 3.0%                                  |   |        |   |
|                                                                                                                                                                                                               | 235,123  |                          |   | Morgan Stanley Co.                                                         | $      | 7,328,784   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Diversified Financials                                               | $      | 46,693,773  |   |
|                                                                                                                                                                                                               |     |                          |   | Insurance - 5.8%                                                           |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Life & Health Insurance - 2.7%                                         |   |        |   |
|                                                                                                                                                                                                               | 78,098   |                          |   | Lincoln National Corp.                                                     | $      | 3,957,226   |   |
|                                                                                                                                                                                                               | 79,245   |                          |   | Unum Group                                                                 |   | 2,798,141   |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 6,755,367   |   |
|                                                                                                                                                                                                               |     |                          |   | Multi-line Insurance - 1.6%                                                |   |        |   |
|                                                                                                                                                                                                               | 113,452  |                          |   | The Hartford Financial Services Group, Inc.                                | $      | 4,001,452   |   |
|                                                                                                                                                                                                               |     |                          |   | Property & Casualty Insurance - 1.5%                                   |   |        |   |
|                                                                                                                                                                                                               | 64,476   |                          |   | The Allstate Corp.                                                         | $      | 3,648,052   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Insurance                                                            | $      | 14,404,871  |   |
|                                                                                                                                                                                                               |     |                          |   | Technology Hardware & Equipment - 5.0%                                 |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Computer Hardware - 2.5%                                                   |   |        |   |
|                                                                                                                                                                                                               | 11,277   |                          |   | Apple, Inc.                                                                | $      | 6,052,817   |   |
|                                                                                                                                                                                                               |     |                          |   | Computer Storage & Peripherals - 1.2%                                  |   |        |   |
|                                                                                                                                                                                                               | 108,505  |                          |   | EMC Corp.                                                                  | $      | 2,974,122   |   |
|                                                                                                                                                                                                               |     |                          |   | Office Electronics - 1.3%                                                  |   |        |   |
|                                                                                                                                                                                                               | 290,056  |                          |   | Xerox Corp.                                                                | $      | 3,277,633   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Technology Hardware & Equipment                                  | $      | 12,304,572  |   |
|                                                                                                                                                                                                               |     |                          |   | Semiconductors & Semiconductor Equipment - 1.1%                        |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Semiconductors - 1.1%                                                      |   |        |   |
|                                                                                                                                                                                                               | 50,290   |                          |   | Analog Devices, Inc.                                                       | $      | 2,672,411   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Semiconductors & Semiconductor Equipment                         | $      | 2,672,411   |   |
|                                                                                                                                                                                                               |     |                          |   | Utilities - 1.2%                                                           |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Electric Utilities - 1.2%                                                  |   |        |   |
|                                                                                                                                                                                                               | 30,292   |                          |   | NextEra Energy, Inc. *                                                     | $      | 2,896,521   |   |
|                                                                                                                                                                                                               |     |                          |   | Total Utilities                                                            | $      | 2,896,521   |   |
|                                                                                                                                                                                                               |     |                          |   | TOTAL COMMON STOCKS                                                        |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | (Cost $206,955,072)                                                        | $      | 246,575,283 |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | TOTAL INVESTMENT IN SECURITIES - 99.4%                                     |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | (Cost $206,955,072) (a)                                                    | $      | 246,575,283 |   |
|                                                                                                                                                                                                               |     |                          |   | OTHER ASSETS & LIABILITIES - 0.6%                                      | $      | 1,492,505   |   |
|                                                                                                                                                                                                               |     |                          |   | TOTAL NET ASSETS - 100.0%                                                  | $      | 248,067,788 |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |   |
|                                                                                                                                                                                                               | *        |                          |   | Non-income producing security.                                             |   |        |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |   |
|                                                                                                                                                                                                               | (A.D.R.) | American Depositary Receipts. |   |                                                                       |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |   |
|                                                                                                                                                                                                               | (a)      |                          |   | At March 31, 2014, the net unrealized appreciation on investments based on |   |
|                                                                                                                                                                                                               |     |                          |   | cost for federal income tax purposes of $207,079,031 was as follows:       |   |        |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Aggregate gross unrealized appreciation for all investments in which       |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | there is an excess of value over tax cost                                  | $      | 40,126,637  |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Aggregate gross unrealized depreicaiotn for all investments in which       |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | there is an excess of tax cost over value                                  |   | (630,385)   |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |   |
|                                                                                                                                                                                                               |     |                          |   | Net unrealized appreciation                                                | $      | 39,496,252  |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |   |
| 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, 2014, in valuing the Portfolio's investments:                                                                                                        |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |   |

|                                                                                     |   | Level 1 |        |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                            |   | $       | 246,575,283 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 246,575,283 |   |
| Total                                                                                    |   | $       | 246,575,283 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 246,575,283 |   |
|                                                                                     |   |    |        |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the year ended March 31, 2014, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |    |   |   |    |   |

|                                                                                                                                                                                                               |     |                          |   | Pioneer Equity Income VCT Portfolio                                        |   |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|-------------------------------|--------|----------------------------------------------------------------------------|--------|-------------|
|                                                                                                                                                                                                               |     |                          |   | Schedule of Investments 3/31/14 (unaudited)                                |   |        |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |
|                                                                                                                                                                                                               | Shares   |                          |   |                                                                       | Value  |
|                                                                                                                                                                                                               |     |                          |   | COMMON STOCKS - 98.6%                                                      |   |        |
|                                                                                                                                                                                                               |     |                          |   | Energy - 6.4%                                                              |   |        |
|                                                                                                                                                                                                               |     |                          |   | Integrated Oil & Gas - 2.8%                                            |   |        |
|                                                                                                                                                                                                               | 47,203   |                          |   | Exxon Mobil Corp.                                                          | $      | 4,610,789   |
|                                                                                                                                                                                                               | 22,800   |                          |   | Occidental Petroleum Corp.                                                 |   | 2,172,612   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 6,783,401   |
|                                                                                                                                                                                                               |     |                          |   | Oil & Gas Exploration & Production - 0.9%                          |   |        |
|                                                                                                                                                                                                               | 60,795   |                          |   | Marathon Oil Corp.                                                         | $      | 2,159,438   |
|                                                                                                                                                                                                               |     |                          |   | Oil & Gas Refining & Marketing - 1.2%                              |   |        |
|                                                                                                                                                                                                               | 33,237   |                          |   | Marathon Petroleum Corp.                                                   | $      | 2,892,948   |
|                                                                                                                                                                                                               |     |                          |   | Oil & Gas Storage & Transportation - 1.0%                          |   |        |
|                                                                                                                                                                                                               | 69,932   |                          |   | Spectra Energy Corp.                                                       | $      | 2,583,288   |
|                                                                                                                                                                                                               |     |                          |   | Coal & Consumable Fuels - 0.5%                                         |   |        |
|                                                                                                                                                                                                               | 54,384   |                          |   | Cameco Corp.                                                               | $      | 1,245,394   |
|                                                                                                                                                                                                               |     |                          |   | Total Energy                                                               | $      | 15,664,469  |
|                                                                                                                                                                                                               |     |                          |   | Materials - 11.6%                                                          |   |        |
|                                                                                                                                                                                                               |     |                          |   | Commodity Chemicals - 0.9%                                                 |   |        |
|                                                                                                                                                                                                               | 25,793   |                          |   | LyondellBasell Industries NV                                               | $      | 2,294,029   |
|                                                                                                                                                                                                               |     |                          |   | Diversified Chemicals - 1.4%                                               |   |        |
|                                                                                                                                                                                                               | 23,900   |                          |   | EI du Pont de Nemours & Co.                                            | $      | 1,603,690   |
|                                                                                                                                                                                                               | 34,900   |                          |   | The Dow Chemical Co.                                                       |   | 1,695,791   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 3,299,481   |
|                                                                                                                                                                                                               |     |                          |   | Specialty Chemicals - 4.4%                                                 |   |        |
|                                                                                                                                                                                                               | 700      |                          |   | Givaudan SA                                                                | $      | 1,082,282   |
|                                                                                                                                                                                                               | 26,980   |                          |   | Johnson Matthey Plc                                                        |   | 1,471,374   |
|                                                                                                                                                                                                               | 112,863  |                          |   | The Valspar Corp.                                                          |   | 8,139,681   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 10,693,337  |
|                                                                                                                                                                                                               |     |                          |   | Paper Packaging - 0.6%                                                     |   |        |
|                                                                                                                                                                                                               | 33,731   |                          |   | Sonoco Products Co.                                                        | $      | 1,383,646   |
|                                                                                                                                                                                                               |     |                          |   | Diversified Metals & Mining - 3.7%                                     |   |        |
|                                                                                                                                                                                                               | 43,600   |                          |   | BHP Billiton, Ltd. (A.D.R.)                                                | $      | 2,954,772   |
|                                                                                                                                                                                                               | 38,500   |                          |   | Compass Minerals International, Inc.                                       |   | 3,177,020   |
|                                                                                                                                                                                                               | 87,900   |                          |   | Freeport-McMoRan Copper & Gold, Inc.                                   |   | 2,906,853   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 9,038,645   |
|                                                                                                                                                                                                               |     |                          |   | Paper Products - 0.6%                                                      |   |        |
|                                                                                                                                                                                                               | 33,901   |                          |   | International Paper Co.                                                    | $      | 1,555,378   |
|                                                                                                                                                                                                               |     |                          |   | Total Materials                                                            | $      | 28,264,516  |
|                                                                                                                                                                                                               |     |                          |   | Capital Goods - 6.0%                                                       |   |        |
|                                                                                                                                                                                                               |     |                          |   | Aerospace & Defense - 1.1%                                             |   |        |
|                                                                                                                                                                                                               | 21,955   |                          |   | United Technologies Corp.                                                  | $      | 2,565,222   |
|                                                                                                                                                                                                               |     |                          |   | Electrical Components & Equipment - 0.5%                               |   |        |
|                                                                                                                                                                                                               | 15,800   |                          |   | Eaton Corp. Plc                                                            | $      | 1,186,896   |
|                                                                                                                                                                                                               |     |                          |   | Industrial Conglomerates - 1.5%                                            |   |        |
|                                                                                                                                                                                                               | 144,935  |                          |   | General Electric Co.                                                       | $      | 3,752,367   |
|                                                                                                                                                                                                               |     |                          |   | Industrial Machinery - 2.2%                                                |   |        |
|                                                                                                                                                                                                               | 41,056   |                          |   | MSA Safety, Inc.                                                           | $      | 2,340,192   |
|                                                                                                                                                                                                               | 97,160   |                          |   | The Gorman-Rupp Co.                                                        |   | 3,088,716   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 5,428,908   |
|                                                                                                                                                                                                               |     |                          |   | Trading Companies & Distributors - 0.7%                                |   |        |
|                                                                                                                                                                                                               | 29,313   |                          |   | Wolseley Plc                                                               | $      | 1,667,027   |
|                                                                                                                                                                                                               |     |                          |   | Total Capital Goods                                                        | $      | 14,600,420  |
|                                                                                                                                                                                                               |     |                          |   | Commercial Services & Supplies - 1.5%                                  |   |        |
|                                                                                                                                                                                                               |     |                          |   | Diversified Support Services - 1.1%                                        |   |        |
|                                                                                                                                                                                                               | 45,137   |                          |   | G&K Services, Inc.                                                     | $      | 2,761,030   |
|                                                                                                                                                                                                               |     |                          |   | Human Resource & Employment Services - 0.4%                            |   |        |
|                                                                                                                                                                                                               | 16,371   |                          |   | Randstad Holding NV                                                        | $      | 958,672     |
|                                                                                                                                                                                                               |     |                          |   | Total Commercial Services & Supplies                                   | $      | 3,719,702   |
|                                                                                                                                                                                                               |     |                          |   | Automobiles & Components - 0.8%                                        |   |        |
|                                                                                                                                                                                                               |     |                          |   | Automobile Manufacturers - 0.8%                                            |   |        |
|                                                                                                                                                                                                               | 127,690  |                          |   | Ford Motor Co.                                                             | $      | 1,991,964   |
|                                                                                                                                                                                                               |     |                          |   | Total Automobiles & Components                                         | $      | 1,991,964   |
|                                                                                                                                                                                                               |     |                          |   | Consumer Durables & Apparel - 0.6%                                     |   |        |
|                                                                                                                                                                                                               |     |                          |   | Household Appliances - 0.6%                                                |   |        |
|                                                                                                                                                                                                               | 61,200   |                          |   | Electrolux AB                                                              | $      | 1,335,741   |
|                                                                                                                                                                                                               |     |                          |   | Total Consumer Durables & Apparel                                      | $      | 1,335,741   |
|                                                                                                                                                                                                               |     |                          |   | Consumer Services - 2.7%                                                   |   |        |
|                                                                                                                                                                                                               |     |                          |   | Hotels, Resorts & Cruise Lines - 0.8%                                  |   |        |
|                                                                                                                                                                                                               | 48,624   |                          |   | InterContinental Hotels Group Plc                                          | $      | 1,562,187   |
|                                                                                                                                                                                                               | 10,176   |                          |   | InterContinental Hotels Group Plc (A.D.R.)                                 |   | 329,702     |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 1,891,889   |
|                                                                                                                                                                                                               |     |                          |   | Leisure Facilities - 1.9%                                                  |   |        |
|                                                                                                                                                                                                               | 91,660   |                          |   | Cedar Fair LP                                                              | $      | 4,668,244   |
|                                                                                                                                                                                                               |     |                          |   | Total Consumer Services                                                    | $      | 6,560,133   |
|                                                                                                                                                                                                               |     |                          |   | Media - 0.9%                                                               |   |        |
|                                                                                                                                                                                                               |     |                          |   | Movies & Entertainment - 0.5%                                          |   |        |
|                                                                                                                                                                                                               | 64,275   |                          |   | Regal Entertainment Group                                                  | $      | 1,200,657   |
|                                                                                                                                                                                                               |     |                          |   | Publishing - 0.4%                                                          |   |        |
|                                                                                                                                                                                                               | 15,900   |                          |   | John Wiley & Sons, Inc. (Class A)                                      | $      | 916,476     |
|                                                                                                                                                                                                               |     |                          |   | Total Media                                                                | $      | 2,117,133   |
|                                                                                                                                                                                                               |     |                          |   | Retailing - 1.0%                                                           |   |        |
|                                                                                                                                                                                                               |     |                          |   | Distributors - 1.0%                                                        |   |        |
|                                                                                                                                                                                                               | 27,688   |                          |   | Genuine Parts Co.                                                          | $      | 2,404,703   |
|                                                                                                                                                                                                               |     |                          |   | Total Retailing                                                            | $      | 2,404,703   |
|                                                                                                                                                                                                               |     |                          |   | Food & Staples Retailing - 0.3%                                        |   |        |
|                                                                                                                                                                                                               |     |                          |   | Food Retail - 0.3%                                                         |   |        |
|                                                                                                                                                                                                               | 143,527  |                          |   | J Sainsbury Plc                                                            | $      | 756,413     |
|                                                                                                                                                                                                               |     |                          |   | Total Food & Staples Retailing                                         | $      | 756,413     |
|                                                                                                                                                                                                               |     |                          |   | Food, Beverage & Tobacco - 11.2%                                       |   |        |
|                                                                                                                                                                                                               |     |                          |   | Soft Drinks - 1.6%                                                         |   |        |
|                                                                                                                                                                                                               | 51,880   |                          |   | Dr. Pepper Snapple Group, Inc.                                             | $      | 2,825,385   |
|                                                                                                                                                                                                               | 12,900   |                          |   | PepsiCo., Inc.                                                             |   | 1,077,150   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 3,902,535   |
|                                                                                                                                                                                                               |     |                          |   | Packaged Foods & Meats - 9.6%                                          |   |        |
|                                                                                                                                                                                                               | 65,960   |                          |   | Campbell Soup Co.                                                          | $      | 2,960,285   |
|                                                                                                                                                                                                               | 26,300   |                          |   | General Mills, Inc.                                                        |   | 1,362,866   |
|                                                                                                                                                                                                               | 10,528   |                          |   | John B Sanfilippo & Son, Inc.                                          |   | 242,355     |
|                                                                                                                                                                                                               | 41,371   |                          |   | Kellogg Co.                                                                |   | 2,594,375   |
|                                                                                                                                                                                                               | 68,948   |                          |   | Kraft Foods Group, Inc.                                                    |   | 3,867,983   |
|                                                                                                                                                                                                               | 14,256   |                          |   | McCormick & Co., Inc.                                                  |   | 1,022,725   |
|                                                                                                                                                                                                               | 116,127  |                          |   | Mondelez International, Inc.                                               |   | 4,012,188   |
|                                                                                                                                                                                                               | 44,946   |                          |   | The Hershey Co.                                                            |   | 4,692,362   |
|                                                                                                                                                                                                               | 69,004   |                          |   | The Hillshire Brands Co.                                                   |   | 2,571,089   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 23,326,228  |
|                                                                                                                                                                                                               |     |                          |   | Total Food, Beverage & Tobacco                                         | $      | 27,228,763  |
|                                                                                                                                                                                                               |     |                          |   | Household & Personal Products - 3.2%                                   |   |        |
|                                                                                                                                                                                                               |     |                          |   | Household Products - 3.2%                                                  |   |        |
|                                                                                                                                                                                                               | 35,964   |                          |   | Kimberly-Clark Corp.                                                       | $      | 3,965,031   |
|                                                                                                                                                                                                               | 29,174   |                          |   | The Clorox Co.                                                             |   | 2,567,604   |
|                                                                                                                                                                                                               | 14,805   |                          |   | The Procter & Gamble Co.                                               |   | 1,193,283   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 7,725,918   |
|                                                                                                                                                                                                               |     |                          |   | Total Household & Personal Products                                    | $      | 7,725,918   |
|                                                                                                                                                                                                               |     |                          |   | Health Care Equipment & Services - 5.4%                                |   |        |
|                                                                                                                                                                                                               |     |                          |   | Health Care Equipment - 3.5%                                               |   |        |
|                                                                                                                                                                                                               | 45,529   |                          |   | Abbott Laboratories                                                        | $      | 1,753,322   |
|                                                                                                                                                                                                               | 36,739   |                          |   | Becton Dickinson and Co.                                                   |   | 4,301,402   |
|                                                                                                                                                                                                               | 164,513  |                          |   | Smith & Nephew Plc                                                     |   | 2,493,244   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 8,547,968   |
|                                                                                                                                                                                                               |     |                          |   | Health Care Distributors - 1.9%                                            |   |        |
|                                                                                                                                                                                                               | 24,706   |                          |   | Cardinal Health, Inc.                                                      | $      | 1,728,926   |
|                                                                                                                                                                                                               | 77,903   |                          |   | Owens & Minor, Inc.                                                    |   | 2,728,942   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 4,457,868   |
|                                                                                                                                                                                                               |     |                          |   | Total Health Care Equipment & Services                                 | $      | 13,005,836  |
|                                                                                                                                                                                                               |     |                          |   | Pharmaceuticals, Biotechnology & Life Sciences - 6.7%                  |   |        |
|                                                                                                                                                                                                               |     |                          |   | Pharmaceuticals - 6.7%                                                     |   |        |
|                                                                                                                                                                                                               | 47,310   |                          |   | AbbVie, Inc.                                                               | $      | 2,431,734   |
|                                                                                                                                                                                                               | 14,500   |                          |   | AstraZeneca Plc (A.D.R.)                                                   |   | 940,760     |
|                                                                                                                                                                                                               | 39,722   |                          |   | Eli Lilly & Co.                                                        |   | 2,338,037   |
|                                                                                                                                                                                                               | 38,413   |                          |   | Johnson & Johnson                                                      |   | 3,773,309   |
|                                                                                                                                                                                                               | 51,616   |                          |   | Merck & Co., Inc.                                                      |   | 2,930,240   |
|                                                                                                                                                                                                               | 10,400   |                          |   | Novartis AG (A.D.R.)                                                       |   | 884,208     |
|                                                                                                                                                                                                               | 65,496   |                          |   | Pfizer, Inc.                                                               |   | 2,103,732   |
|                                                                                                                                                                                                               | 7,750    |                          |   | Roche Holding AG (A.D.R.)                                                  |   | 292,330     |
|                                                                                                                                                                                                               | 20,783   |                          |   | Zoetis, Inc.                                                               |   | 601,460     |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 16,295,810  |
|                                                                                                                                                                                                               |     |                          |   | Total Pharmaceuticals, Biotechnology & Life Sciences                   | $      | 16,295,810  |
|                                                                                                                                                                                                               |     |                          |   | Banks - 10.7%                                                              |   |        |
|                                                                                                                                                                                                               |     |                          |   | Diversified Banks - 6.8%                                                   |   |        |
|                                                                                                                                                                                                               | 40,221   |                          |   | Canadian Imperial Bank of Commerce                                         | $      | 3,468,112   |
|                                                                                                                                                                                                               | 139,300  |                          |   | Swedbank AB                                                                |   | 3,740,132   |
|                                                                                                                                                                                                               | 111,079  |                          |   | US Bancorp/MN                                                              |   | 4,760,846   |
|                                                                                                                                                                                                               | 90,951   |                          |   | Wells Fargo & Co.                                                      |   | 4,523,903   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 16,492,993  |
|                                                                                                                                                                                                               |     |                          |   | Regional Banks - 2.3%                                                      |   |        |
|                                                                                                                                                                                                               | 69,800   |                          |   | BB&T Corp.                                                             | $      | 2,803,866   |
|                                                                                                                                                                                                               | 32,227   |                          |   | The PNC Financial Services Group, Inc.                                     |   | 2,803,749   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 5,607,615   |
|                                                                                                                                                                                                               |     |                          |   | Thrifts & Mortgage Finance - 1.6%                                      |   |        |
|                                                                                                                                                                                                               | 155,015  |                          |   | New York Community Bancorp, Inc.                                           | $      | 2,491,091   |
|                                                                                                                                                                                                               | 86,300   |                          |   | People's United Financial, Inc.                                            |   | 1,283,281   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 3,774,372   |
|                                                                                                                                                                                                               |     |                          |   | Total Banks                                                                | $      | 25,874,980  |
|                                                                                                                                                                                                               |     |                          |   | Diversified Financials - 3.1%                                              |   |        |
|                                                                                                                                                                                                               |     |                          |   | Other Diversified Financial Services - 1.4%                                |   |        |
|                                                                                                                                                                                                               | 90,284   |                          |   | Bank of America Corp.                                                      | $      | 1,552,885   |
|                                                                                                                                                                                                               | 27,666   |                          |   | JPMorgan Chase & Co.                                                   |   | 1,679,603   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 3,232,488   |
|                                                                                                                                                                                                               |     |                          |   | Asset Management & Custody Banks - 1.7%                                |   |        |
|                                                                                                                                                                                                               | 46,888   |                          |   | Federated Investors, Inc. (Class B)                                        | $      | 1,431,960   |
|                                                                                                                                                                                                               | 9,500    |                          |   | Northern Trust Corp.                                                       |   | 622,820     |
|                                                                                                                                                                                                               | 30,859   |                          |   | State Street Corp.                                                         |   | 2,146,243   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 4,201,023   |
|                                                                                                                                                                                                               |     |                          |   | Total Diversified Financials                                               | $      | 7,433,511   |
|                                                                                                                                                                                                               |     |                          |   | Insurance - 3.7%                                                           |   |        |
|                                                                                                                                                                                                               |     |                          |   | Life & Health Insurance - 0.5%                                         |   |        |
|                                                                                                                                                                                                               | 14,887   |                          |   | Prudential Financial, Inc.                                                 | $      | 1,260,185   |
|                                                                                                                                                                                                               |     |                          |   | Property & Casualty Insurance - 3.2%                                   |   |        |
|                                                                                                                                                                                                               | 50,806   |                          |   | The Chubb Corp.                                                            | $      | 4,536,976   |
|                                                                                                                                                                                                               | 38,272   |                          |   | The Travelers Companies, Inc.                                              |   | 3,256,947   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 7,793,923   |
|                                                                                                                                                                                                               |     |                          |   | Total Insurance                                                            | $      | 9,054,108   |
|                                                                                                                                                                                                               |     |                          |   | Real Estate - 1.0%                                                         |   |        |
|                                                                                                                                                                                                               |     |                          |   | Office REIT's - 0.3%                                                       |   |        |
|                                                                                                                                                                                                               | 10,429   |                          |   | Alexandria Real Estate Equities, Inc.                                      | $      | 756,728     |
|                                                                                                                                                                                                               |     |                          |   | Specialized REIT's - 0.7%                                                  |   |        |
|                                                                                                                                                                                                               | 69,326   |                          |   | Chesapeake Lodging Trust                                                   | $      | 1,783,758   |
|                                                                                                                                                                                                               |     |                          |   | Total Real Estate                                                          | $      | 2,540,486   |
|                                                                                                                                                                                                               |     |                          |   | Software & Services - 1.4%                                             |   |        |
|                                                                                                                                                                                                               |     |                          |   | IT Consulting & Other Services - 0.4%                                  |   |        |
|                                                                                                                                                                                                               | 15,101   |                          |   | Leidos Holdings, Inc.                                                      | $      | 534,122     |
|                                                                                                                                                                                                               | 10,371   |                          |   | Science Applications International Corp.                                   |   | 387,772     |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 921,894     |
|                                                                                                                                                                                                               |     |                          |   | Systems Software - 1.0%                                                    |   |        |
|                                                                                                                                                                                                               | 58,186   |                          |   | Microsoft Corp.                                                            | $      | 2,385,044   |
|                                                                                                                                                                                                               |     |                          |   | Total Software & Services                                              | $      | 3,306,938   |
|                                                                                                                                                                                                               |     |                          |   | Technology Hardware & Equipment - 1.3%                                 |   |        |
|                                                                                                                                                                                                               |     |                          |   | Computer Hardware - 0.7%                                                   |   |        |
|                                                                                                                                                                                                               | 1,200    |                          |   | Apple, Inc.                                                                | $      | 644,088     |
|                                                                                                                                                                                                               | 32,000   |                          |   | Hewlett-Packard Co.                                                        |   | 1,035,520   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 1,679,608   |
|                                                                                                                                                                                                               |     |                          |   | Technology Distributors - 0.6%                                             |   |        |
|                                                                                                                                                                                                               | 13,891   |                          |   | Anixter International, Inc.                                                | $      | 1,410,214   |
|                                                                                                                                                                                                               |     |                          |   | Total Technology Hardware & Equipment                                  | $      | 3,089,822   |
|                                                                                                                                                                                                               |     |                          |   | Semiconductors & Semiconductor Equipment - 6.8%                        |   |        |
|                                                                                                                                                                                                               |     |                          |   | Semiconductor Equipment - 0.2%                                             |   |        |
|                                                                                                                                                                                                               | 12,062   |                          |   | Cabot Microelectronics Corp.                                               | $      | 530,728     |
|                                                                                                                                                                                                               |     |                          |   | Semiconductors - 6.6%                                                      |   |        |
|                                                                                                                                                                                                               | 57,909   |                          |   | Analog Devices, Inc.                                                       | $      | 3,077,284   |
|                                                                                                                                                                                                               | 85,800   |                          |   | Intel Corp.                                                                |   | 2,214,498   |
|                                                                                                                                                                                                               | 43,028   |                          |   | Linear Technology Corp.                                                    |   | 2,095,033   |
|                                                                                                                                                                                                               | 20,182   |                          |   | Maxim Integrated Products, Inc.                                            |   | 668,428     |
|                                                                                                                                                                                                               | 79,898   |                          |   | Microchip Technology, Inc.                                                 |   | 3,815,928   |
|                                                                                                                                                                                                               | 74,200   |                          |   | NVIDIA Corp.                                                               |   | 1,328,922   |
|                                                                                                                                                                                                               | 50,791   |                          |   | Xilinx, Inc.                                                               |   | 2,756,428   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 15,956,521  |
|                                                                                                                                                                                                               |     |                          |   | Total Semiconductors & Semiconductor Equipment                         | $      | 16,487,249  |
|                                                                                                                                                                                                               |     |                          |   | Telecommunication Services - 1.9%                                          |   |        |
|                                                                                                                                                                                                               |     |                          |   | Integrated Telecommunication Services - 1.9%                               |   |        |
|                                                                                                                                                                                                               | 36,230   |                          |   | AT&T, Inc.                                                             | $      | 1,270,586   |
|                                                                                                                                                                                                               | 346,620  |                          |   | Singapore Telecommunications, Ltd.                                         |   | 1,005,614   |
|                                                                                                                                                                                                               | 51,461   |                          |   | Verizon Communications, Inc.                                               |   | 2,448,000   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 4,724,200   |
|                                                                                                                                                                                                               |     |                          |   | Total Telecommunication Services                                           | $      | 4,724,200   |
|                                                                                                                                                                                                               |     |                          |   | Utilities - 10.4%                                                          |   |        |
|                                                                                                                                                                                                               |     |                          |   | Electric Utilities - 3.9%                                                  |   |        |
|                                                                                                                                                                                                               | 44,113   |                          |   | American Electric Power Co., Inc.                                          | $      | 2,234,765   |
|                                                                                                                                                                                                               | 26,798   |                          |   | Duke Energy Corp.                                                          |   | 1,908,554   |
|                                                                                                                                                                                                               | 17,700   |                          |   | NextEra Energy, Inc.                                                       |   | 1,692,474   |
|                                                                                                                                                                                                               | 29,600   |                          |   | Northeast Utilities                                                        |   | 1,346,800   |
|                                                                                                                                                                                                               | 29,700   |                          |   | The Southern Co.                                                           |   | 1,305,018   |
|                                                                                                                                                                                                               | 29,900   |                          |   | Westar Energy, Inc.                                                        |   | 1,051,284   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 9,538,895   |
|                                                                                                                                                                                                               |     |                          |   | Gas Utilities - 3.2%                                                       |   |        |
|                                                                                                                                                                                                               | 56,351   |                          |   | AGL Resources, Inc.                                                        | $      | 2,758,945   |
|                                                                                                                                                                                                               | 36,200   |                          |   | National Fuel Gas Co.                                                      |   | 2,535,448   |
|                                                                                                                                                                                                               | 99,659   |                          |   | Questar Corp.                                                              |   | 2,369,891   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 7,664,284   |
|                                                                                                                                                                                                               |     |                          |   | Multi-Utilities - 2.7%                                                     |   |        |
|                                                                                                                                                                                                               | 45,033   |                          |   | Alliant Energy Corp.                                                       | $      | 2,558,325   |
|                                                                                                                                                                                                               | 76,117   |                          |   | Ameren Corp.                                                               |   | 3,136,020   |
|                                                                                                                                                                                                               | 18,010   |                          |   | Consolidated Edison, Inc.                                                  |   | 966,236     |
|                                                                                                                                                                                                               |     |                          |   |                                                                       | $      | 6,660,581   |
|                                                                                                                                                                                                               |     |                          |   | Water Utilities - 0.6%                                                     |   |        |
|                                                                                                                                                                                                               | 29,600   |                          |   | American Water Works Co, Inc.                                              | $      | 1,343,840   |
|                                                                                                                                                                                                               |     |                          |   | Total Utilities                                                            | $      | 25,207,600  |
|                                                                                                                                                                                                               |     |                          |   | TOTAL COMMON STOCKS                                                        |   |        |
|                                                                                                                                                                                                               |     |                          |   | (Cost $172,835,912)                                                        | $      | 239,390,415 |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |
|                                                                                                                                                                                                               |     |                          |   | TOTAL INVESTMENT IN SECURITIES - 98.6%                                     |   |        |
|                                                                                                                                                                                                               |     |                          |   | (Cost $172,835,912) (a)                                                    | $      | 239,390,415 |
|                                                                                                                                                                                                               |     |                          |   | OTHER ASSETS & LIABILITIES - 1.4%                                      | $      | 3,484,970   |
|                                                                                                                                                                                                               |     |                          |   | TOTAL NET ASSETS - 100.0%                                                  | $      | 242,875,385 |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |
|                                                                                                                                                                                                               | *        |                          |   | Non-income producing security.                                             |   |        |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |
|                                                                                                                                                                                                               | (A.D.R.) | American Depositary Receipts. |   |                                                                       |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |
|                                                                                                                                                                                                               | REIT     |                          |   | Real Estate Investment Trust                                               |   |        |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |
|                                                                                                                                                                                                               | (a)      |                          |   | At March 31, 2014, the net unrealized appreciation on investments based on |
|                                                                                                                                                                                                               |     |                          |   | cost for federal income tax purposes of $171,582,005 was as follows:       |   |        |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |
|                                                                                                                                                                                                               |     |                          |   | Aggregate gross unrealized appreciation for all investments in which       |   |        |
|                                                                                                                                                                                                               |     |                          |   | there is an excess of value over tax cost                                  | $      | 68,313,533  |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |
|                                                                                                                                                                                                               |     |                          |   | Aggregate gross unrealized depreicaiotn for all investments in which       |   |        |
|                                                                                                                                                                                                               |     |                          |   | there is an excess of tax cost over value                                  |   | (505,123)   |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |
|                                                                                                                                                                                                               |     |                          |   | Net unrealized appreciation                                                | $      | 67,808,410  |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |
| 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, 2014, in valuing the Portfolio's investments:                                                                                                        |
|                                                                                                                                                                                                               |     |                          |   |                                                                       |   |        |

|                                                                                     |   | Level 1 |        |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                            |   | $       | 239,390,415 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 239,390,415 |   |
| Total                                                                                    |   | $       | 239,390,415 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 239,390,415 |   |
|                                                                                     |   |    |        |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the year ended March 31, 2014, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |    |

|                                             |                 |             |                                                                                  | Pioneer Bond VCT Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                        |
|--------------------------------------------------|----------------------|------------------|---------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|-----------------------------|
|                                             |                 |             |                                                                                  | Schedule of Investments 3/31/14 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             | Principal Amount ($) | FloatingRate (b) | S&P/Moody'sRatings                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Value   |
|                                             |                 |             |                                                                                  | CONVERTIBLE CORPORATE BONDS - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                        |
|                                             |                 |             |                                                                                  | Semiconductors & Semiconductor Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                        |
|                                             |                 |             |                                                                                  | Semiconductors - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                        |
|                                             | 175,000              |             | A-/NR                                                                                 | Intel Corp., 2.95%, 12/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 205,953                     |
|                                             |                 |             |                                                                                  | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 205,953                     |
|                                             |                 |             |                                                                                  | TOTAL CONVERTIBLE CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                        |
|                                             |                 |             |                                                                                  | (Cost $175,397)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 205,953                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | PREFERRED STOCKS - 2.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                        |
|                                             |                 |             |                                                                                  | Banks - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                        |
|                                             |                 |             |                                                                                  | Diversified Banks - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             | 1,800                | 6.50             | A-/Baa1                                                                               | US Bancorp, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 51,120                      |
|                                             | 3,725                | 6.00             | A-/Baa1                                                                               | US Bancorp, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 102,251                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 153,371                     |
|                                             |                 |             |                                                                                  | Regional Banks - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                        |
|                                             | 1,000                | 6.25             | A-/NR                                                                                 | CoBank ACB, Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 101,688                     |
|                                             | 1,050                | 6.62             | BBB-/Ba1                                                                              | Fifth Third Bancorp, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 27,836                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 129,524                     |
|                                             |                 |             |                                                                                  | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 282,895                     |
|                                             |                 |             |                                                                                  | Diversified Financials - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             |                 |             |                                                                                  | Other Diversified Financial Services - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             | 9,000                | 7.12             | BB+/B1                                                                                | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 237,600                     |
|                                             |                 |             |                                                                                  | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 237,600                     |
|                                             |                 |             |                                                                                  | Insurance - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                        |
|                                             |                 |             |                                                                                  | Life & Health Insurance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                        |
|                                             | 4,800                | 7.38             | BBB-/WR                                                                               | Delphi Financial Group, Inc., Floating Rate Note, 5/15/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 119,850                     |
|                                             |                 |             |                                                                                  | Property & Casualty Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             | 2,900                | 5.10             | BBB/Baa1                                                                              | The Allstate Corp., Floating Rate Note, 1/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 72,210                      |
|                                             |                 |             |                                                                                  | Reinsurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                        |
|                                             | 22,499               | 0.00             | NR/NR                                                                                 | Altair Re, Floating Rate Note, 4/30/16 (Cat Bond)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 25,303                      |
|                                             | 30,000               | 0.00             | NR/NR                                                                                 | Altair Re, Floating Rate Note, 6/30/16 (Cat Bond)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 30,522                      |
|                                             | 25,000               |             | NR/NR                                                                                 | Pangaea Re, 10/1/15 (Cat Bond) (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 27,487                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 83,312                      |
|                                             |                 |             |                                                                                  | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 275,372                     |
|                                             |                 |             |                                                                                  | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                        |
|                                             |                 |             |                                                                                  | (Cost $761,083)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 795,867                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | CONVERTIBLE PREFERRED STOCKS - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                        |
|                                             |                 |             |                                                                                  | Banks - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                        |
|                                             |                 |             |                                                                                  | Diversified Banks - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             | 155                  |             | BBB+/Baa3                                                                             | Wells Fargo & Co., 7.5% (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 181,815                     |
|                                             |                 |             |                                                                                  | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 181,815                     |
|                                             |                 |             |                                                                                  | TOTAL CONVERTIBLE PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                        |
|                                             |                 |             |                                                                                  | (Cost $152,770)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 181,815                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | ASSET BACKED SECURITIES - 6.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                        |
|                                             | 10,565               | 0.33             | BB+/Ba3                                                                               | ACE Securities Corp. Home Equity Loan Trust Series 2006-ASAP2, Floating Rate Note, 3/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 10,311                      |
|                                             | 14,729               | 6.50             | BB+/Baa2                                                                              | ACE Securities Corp. Manufactured Housing Trust Series 2003-MH1, Floating Rate Note, 8/15/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 14,742  |
|                                             | 11,000               |             | BBB+/NR                                                                               | American Credit Acceptance Receivables Trust 2012-2, 4.05%, 2/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 11,179                      |
|                                             | 17,274               |             | A+/NR                                                                                 | American Credit Acceptance Receivables Trust, 1.64%, 11/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 17,316                      |
|                                             | 25,000               |             | A+/NR                                                                                 | AmeriCredit Automobile Receivables Trust 2013-1, 1.57%, 1/8/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 24,969                      |
|                                             | 38,208               | 0.76             | AA+/Aa1                                                                               | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Ctfs Series 2004-R11, Floating Rate Note, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 37,864  |
|                                             | 430,177              |             | NR/Caa2                                                                               | Bayview Commercial Asset Trust, 3.855%, 9/25/37 (Step) (144A) (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 25,811                      |
|                                             | 105,000              |             | AAA/A2                                                                                | Bayview Financial Mortgage Pass-Through Trust 2006-A, 6.087%, 2/28/41 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 109,856                     |
|                                             | 14,845               |             | NR/A1                                                                                 | BCMSC Trust 1998-A, 6.65%, 4/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 15,029                      |
|                                             | 50,204               | 0.65             | A+/Ba1                                                                                | Bear Stearns Asset Backed Securities I Trust 2005-FR1, Floating Rate Note, 6/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 49,219                      |
|                                             | 29,817               | 0.64             | A+/NR                                                                                 | Bear Stearns Asset Backed Securities Trust 2006-SD2, Floating Rate Note, 6/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 29,331                      |
|                                             | 50,000               |             | A/Aa3                                                                                 | Capital Auto Receivables Asset Trust/ Ally, 1.74%, 10/22/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 49,651                      |
|                                             | 9,109                | 0.55             | AA+/A1                                                                                | Carrington Mortgage Loan Trust Series 2005-NC4, Floating Rate Note, 9/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 8,973                       |
|                                             | 56,799               |             | B-/B1                                                                                 | Citicorp Residential Mortgage Trust Series 2006-3, 5.703%, 11/25/36 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 56,651                      |
|                                             | 97,102               | 4.00             | AA/NR                                                                                 | Citigtoup Mortgage Loan Trust 2014-A, Floating Rate Note, 1/1/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 100,860                     |
|                                             | 49,250               |             | BBB-/NR                                                                               | CKE Restaurant Holdings, Inc., 4.474%, 3/20/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 49,747                      |
|                                             | 121,971              | 5.07             | BB+/Ba2                                                                               | Countrywide Asset-Backed Certificates, Floating Rate Note, 2/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 124,394                     |
|                                             | 116,400              |             | BBB+/Baa1                                                                             | Domino's Pizza Master Issuer LLC, 5.216%, 1/25/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 124,515                     |
|                                             | 66,410               |             | AAA/Aaa                                                                               | Equifirst Mortgage Loan Trust 2003-1, 4.01%, 12/25/32 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 66,962                      |
|                                             | 4,805                | 1.23             | AAA/NR                                                                                | First Franklin Mortgage Loan Trust 2004-FF10, Floating Rate Note, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 4,796                       |
|                                             | 16,479               |             | AAA/NR                                                                                | First Investors Auto Owner Trust 2012-2, 1.47%, 5/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 16,558                      |
|                                             | 25,000               |             | A/NR                                                                                  | First Investors Auto Owner Trust 2013-1, 2.02%, 1/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 24,601                      |
|                                             | 99,974               |             | A/NR                                                                                  | FRS I LLC, 3.08%, 4/15/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 98,701                      |
|                                             | 100,000              | 0.60             | NR/Aaa                                                                                | GE Dealer Floorplan Master Note Trust, Floating Rate Note, 10/20/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 100,244                     |
|                                             | 26,036               | 0.40             | B+/B3                                                                                 | GSAA Home Equity Trust 2005-11, Floating Rate Note, 10/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 26,051                      |
|                                             | 12,677               | 0.80             | A/Baa3                                                                                | GSAMP Trust 2005-HE2, Floating Rate Note, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 12,572                      |
|                                             | 23,289               | 0.45             | A+/Baa1                                                                               | GSRPM Mortgage Loan Trust 2006-2, Floating Rate Note, 9/25/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 21,876                      |
|                                             | 10,600               |             | AAA/Aaa                                                                               | HSBC Home Equity Loan Trust USA 2006-3, 5.63%, 3/20/36 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 10,660                      |
|                                             | 26,086               | 0.85             | AA+/A2                                                                                | Irwin Whole Loan Home Equity Trust 2005-C, Floating Rate Note, 3/25/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 24,235                      |
|                                             | 52,778               |             | NR/Aaa                                                                                | JG Wentworth XXII LLC, 3.82%, 12/15/48 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 55,386                      |
|                                             | 6,047                | 0.39             | AA+/A1                                                                                | JP Morgan Mortgage Acquisition Corp 2005-OPT2, Floating Rate Note, 12/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 6,034                       |
|                                             | 16,572               |             | BBB+/Baa1                                                                             | Lehman ABS Manufactured Housing Contract Trust 2001-B, 5.873%, 4/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 17,513                      |
|                                             | 35,613               | 0.40             | A+/Aa1                                                                                | Lehman Brothers Small Balance Commercial, Floating Rate Note, 2/25/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 31,681                      |
|                                             | 63,724               | 0.85             | AAA/Aaa                                                                               | New Century Home Equity Loan Trust 2005-1, Floating Rate Note, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 62,270                      |
|                                             | 95,994               | 0.41             | AA+/Aa3                                                                               | Option One Mortgage Loan Trust 2005-4 Asset-Backed Certificates Series 2005-4, Floating Rate Note, 11/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 94,273  |
|                                             | 22,872               | 5.46             | AAA/Aa3                                                                               | Origen Manufactured Housing Contract Trust 2004-B, Floating Rate Note, 11/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 23,601                      |
|                                             | 13,534               | 0.86             | AAA/Aaa                                                                               | PFS Financing Corp., Floating Rate Note, 10/17/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 13,554                      |
|                                             | 19,945               | 1.66             | A/NR                                                                                  | PFS Financing Corp., Floating Rate Note, 10/17/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 20,010                      |
|                                             | 35,347               | 0.40             | B/Baa2                                                                                | RAAC Series 2006-RP2 Trust, Floating Rate Note, 2/25/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 34,196                      |
|                                             | 60,000               | 0.59             | NR/A2                                                                                 | RAMP Series 2005-RS5 Trust, Floating Rate Note, 5/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 57,933                      |
|                                             | 13,153               |             | NR/Aaa                                                                                | Santander Drive Auto Receivables Trust 2011-2, 2.66%, 1/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 13,196                      |
|                                             | 40,000               |             | AA/Aaa                                                                                | Santander Drive Auto Receivables Trust 2012-1, 3.78%, 11/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 41,188                      |
|                                             | 25,000               |             | A/Aaa                                                                                 | Santander Drive Auto Receivables Trust 2012-5, 2.7%, 8/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 25,736                      |
|                                             | 70,000               | 0.99             | AAA/Aaa                                                                               | SLM Student Loan Trust 2004-10, Floating Rate Note, 4/27/26 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 70,698                      |
|                                             | 50,000               |             | A/NR                                                                                  | SNAAC Auto Receivables Trust, 3.11%, 6/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 50,261                      |
|                                             | 19,253               | 0.75             | AA+/Aa1                                                                               | Structured Asset Investment Loan Trust 2005-4, Floating Rate Note, 5/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 19,247                      |
|                                             | 49,442               | 0.37             | B-/Baa3                                                                               | Structured Asset Securities Corp Mortgage Loan Trust 2006-GEL4, Floating Rate Note, 10/25/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 47,851  |
|                                             | 14,136               |             | A+/Baa2                                                                               | Structured Asset Securities Corp., 4.77%, 10/25/34 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 14,715                      |
|                                             | 17,681               | 1.09             | AA+/A1                                                                                | Terwin Mortgage Trust Series TMTS 2003-8HE, Floating Rate Note, 12/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 17,252                      |
|                                             | 81,613               |             | AA/A2                                                                                 | Terwin Mortgage Trust Series TMTS 2005-16HE, 4.442713%, 9/25/36 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 84,977                      |
|                                             | 192,131              |             | NR/NR                                                                                 | TOPRE_13-LTR, 3.47%, 11/20/28 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 192,221                     |
|                                             | 102,083              |             | A/NR                                                                                  | Triton Container Finance LLC, 4.21%, 5/14/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 102,392                     |
|                                             |                 |             |                                                                                  | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             |                 |             |                                                                                  | (Cost $2,356,601)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 2,363,859                   |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | COLLATERALIZED MORTGAGE OBLIGATIONS - 16.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             | 78,531               |             | BBB+/NR                                                                               | Alternative Loan Trust 2003-21T1, 5.75%, 12/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 82,207                      |
|                                             | 19,890               |             | BB-/B2                                                                                | Alternative Loan Trust 2003-J1, 4.75%, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 20,377                      |
|                                             | 34,520               |             | CCC/B2                                                                                | Alternative Loan Trust 2004-28CB, 5.5%, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 35,770                      |
|                                             | 14,859               |             | BB+/Ba2                                                                               | Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 15,231                      |
|                                             | 108,729              | 0.59             | A+/Baa3                                                                               | Alternative Loan Trust 2005-J4, Floating Rate Note, 7/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 105,009                     |
|                                             | 43,960               |             | A+/Baa2                                                                               | Banc of America Alternative Loan Trust 2003-2, 5.75%, 4/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 48,371                      |
|                                             | 91,917               |             | NR/Baa2                                                                               | Banc of America Alternative Loan Trust 2003-7, 5.5%, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 95,717                      |
|                                             | 21,120               |             | NR/B3                                                                                 | Banc of America Alternative Loan Trust 2004-2, 5.5%, 3/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 21,619                      |
|                                             | 27,863               |             | NR/Ba2                                                                                | Banc of America Alternative Loan Trust 2004-2, 6.0%, 3/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 28,826                      |
|                                             | 47,335               |             | NR/B2                                                                                 | Banc of America Alternative Loan Trust 2004-4, 5.25%, 5/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 47,997                      |
|                                             | 22,931               |             | BBB+/NR                                                                               | Banc of America Funding 2003-3 Trust, 5.5%, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 24,426                      |
|                                             | 47,038               | 4.88             | AAA/NR                                                                                | Banc of America Merrill Lynch Commercial Mortgage, Inc., Floating Rate Note, 7/10/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 47,228                      |
|                                             | 72,301               | 2.77             | A-/NR                                                                                 | Banc of America Mortgage 2003-F Trust, Floating Rate Note, 7/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 73,154                      |
|                                             | 62,662               | 2.70             | AA+/NR                                                                                | Banc of America Mortgage 2004-E Trust, Floating Rate Note, 6/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 62,962                      |
|                                             | 3,668                | 2.94             | NR/Ba3                                                                                | Banc of America Mortgage 2004-L Trust, Floating Rate Note, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 3,677                       |
|                                             | 23,105               |             | A+/NR                                                                                 | Banc of America Mortgage Trust 2004-11, 5.75%, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 24,261                      |
|                                             | 3,082                |             | B-/NR                                                                                 | Banc of America Mortgage Trust 2004-7, 4.5%, 8/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 3,132                       |
|                                             | 64,860               |             | A+/NR                                                                                 | Banc of America Mortgage Trust 2004-9, 5.5%, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 68,551                      |
|                                             | 3,953                |             | AA+/Baa1                                                                              | Banc of America Mortgage Trust 2005-9, 4.75%, 10/25/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 3,960                       |
|                                             | 623,032              |             | NR/Caa2                                                                               | Bayview Commercial Asset Trust, 4.14438%, 7/25/37 (Step) (144A) (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 9,345                       |
|                                             | 44,314               | 0.85             | AAA/A3                                                                                | Bear Stearns ALT-A Trust 2004-12, Floating Rate Note, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 42,923                      |
|                                             | 71,419               | 0.75             | A+/Ba1                                                                                | Bear Stearns ALT-A Trust 2004-4, Floating Rate Note, 6/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 67,909                      |
|                                             | 26,255               | 2.31             | AA+/Baa2                                                                              | Bear Stearns ARM Trust 2003-5, Floating Rate Note, 8/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 26,106                      |
|                                             | 46,665               | 0.86             | AA+/Baa3                                                                              | Bella Vista Mortgage Trust 2004-1, Floating Rate Note, 11/20/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 44,727                      |
|                                             | 37,411               | 2.54             | A+/Ba1                                                                                | CHL Mortgage Pass-Through Trust 2003-56, Floating Rate Note, 12/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 37,512                      |
|                                             | 29,685               |             | NR/B1                                                                                 | Citicorp Mortgage Securities Trust Series 2006-1, 5.0%, 2/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 31,296                      |
|                                             | 26,686               | 0.32             | AA/Aaa                                                                                | Citigroup Commercial Mortgage Trust 2007-FL3, Floating Rate Note, 4/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 26,456                      |
|                                             | 52,009               |             | NR/Baa1                                                                               | Citigroup Mortgage Loan Trust, Inc., 6.75%, 8/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 55,916                      |
|                                             | 34,352               | 2.63             | CCC/NR                                                                                | Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 9/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 33,863                      |
|                                             | 31,507               | 0.28             | AA-/A1                                                                                | COMM 2006-FL12 Mortgage Trust, Floating Rate Note, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 31,362                      |
|                                             | 32,496               | 0.34             | A+/A1                                                                                 | COMM 2007-FL14 Mortgage Trust, Floating Rate Note, 6/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 32,214                      |
|                                             | 25,000               |             | NR/Aaa                                                                                | COMM 2012-CCRE2 Mortgage Trust, 3.147%, 8/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 24,583                      |
|                                             | 25,000               |             | NR/Aaa                                                                                | COMM 2012-CCRE2 Mortgage Trust, 3.791%, 8/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 25,262                      |
|                                             | 23,000               |             | AAA/Aaa                                                                               | COMM 2012-CCRE4 Mortgage Trust, 2.436%, 10/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 22,433                      |
|                                             | 100,000              |             | NR/Aaa                                                                                | COMM 2012-LC4 Mortgage Trust, 4.063%, 12/10/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 103,863                     |
|                                             | 50,000               |             | AAA/Aaa                                                                               | COMM 2013-LC6 Mortgage Trust, 2.941%, 1/10/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 47,957                      |
|                                             | 93,261               | 2.10             | AAA/NR                                                                                | Commercial Mortgage Pass Through Certificates, Floating Rate Note, 11/17/26 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 93,674                      |
|                                             | 76,809               |             | NR/Baa1                                                                               | Credit Suisse Commercial Mortgage Trust Series 2007-C1, 5.361%, 2/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 81,633                      |
|                                             | 15,848               | 2.55             | BBB+/Ba2                                                                              | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 11/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 15,868                      |
|                                             | 48,754               | 5.01             | NR/Aaa                                                                                | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 2/15/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 49,803                      |
|                                             | 12,788               | 2.50             | BBB+/B1                                                                               | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 12,846                      |
|                                             | 38,033               | 5.11             | NR/Aaa                                                                                | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 7/15/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 38,274                      |
|                                             | 20,054               | 0.85             | AA+/Baa3                                                                              | Credit-Based Asset Servicing and Securitization LLC, Floating Rate Note, 5/25/50 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 19,944                      |
|                                             | 180,000              |             | NR/A2                                                                                 | Crown Castle Towers LLC, 4.883%, 8/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 195,172                     |
|                                             | 85,772               |             | NR/NR                                                                                 | Federal Home Loan Mortgage Corp. REMICS, 4.0%, 6/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 90,552                      |
|                                             | 9,291                |             | NR/NR                                                                                 | Federal Home Loan Mortgage Corp. REMICS, 5.0%, 6/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 9,423                       |
|                                             | 25,000               | 4.16             | NR/Baa2                                                                               | Federal Home Loan Mortgage Corp., Floating Rate Note, 9/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 25,217                      |
|                                             | 23,938               |             | NR/NR                                                                                 | Federal National Mortgage Association REMICS, 4.5%, 6/25/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 25,879                      |
|                                             | 4,061                |             | NR/NR                                                                                 | Federal National Mortgage Association REMICS, 5.0%, 9/25/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 4,252                       |
|                                             | 50,000               | 4.77             | NR/A3                                                                                 | FREMF Mortgage Trust 2011-K702, Floating Rate Note, 4/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 53,222                      |
|                                             | 50,000               | 4.89             | NR/A3                                                                                 | FREMF Mortgage Trust 2011-K703, Floating Rate Note, 7/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 53,400                      |
|                                             | 35,000               | 3.76             | NR/NR                                                                                 | FREMF Mortgage Trust 2012-K708, Floating Rate Note, 2/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 34,688                      |
|                                             | 25,000               | 3.49             | NR/A2                                                                                 | FREMF Mortgage Trust Class B, Floating Rate Note, 11/25/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 25,596                      |
|                                             | 25,000               | 3.82             | NR/NR                                                                                 | FREMF Mortgage Trust Class B, Floating Rate Note, 6/25/47 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 25,399                      |
|                                             | 71,728               | 0.42             | BBB+/Ba2                                                                              | Global Mortgage Securitization, Ltd., Floating Rate Note, 4/25/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 68,724                      |
|                                             | 44,857               | 5.30             | AAA/Aa3                                                                               | GMAC Commercial Mortgage Securities, Inc. Series 2004-C2 Trust, Floating Rate Note, 8/10/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 45,321  |
|                                             | 29,046               | 3.35             | BBB/Baa3                                                                              | GMACM Mortgage Loan Trust 2003-AR1, Floating Rate Note, 10/19/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 28,808                      |
|                                             | 100,000              |             | AA+/Aaa                                                                               | Government National Mortgage Association REMICS, 2.1%, 2/16/48                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 99,645                      |
|                                             | 45,888               |             | NR/NR                                                                                 | Government National Mortgage Association, 3.0%, 4/20/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 47,461                      |
|                                             | 23,516               |             | NR/NR                                                                                 | Government National Mortgage Association, 5.25%, 8/16/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 26,165                      |
|                                             | 339,589              | 1.03             | NR/NR                                                                                 | Government National Mortgage Association, Floating Rate Note, 2/16/53 (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 26,920                      |
|                                             | 384,427              | 1.08             | NR/NR                                                                                 | Government National Mortgage Association, Floating Rate Note, 8/16/52 (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 26,470                      |
|                                             | 338,003              | 1.07             | NR/NR                                                                                 | Government National Mortgage Association, Floating Rate Note, 9/16/52 (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 27,665                      |
|                                             | 50,000               |             | NR/Aaa                                                                                | GS Mortgage Securities Corp. II, 3.377%, 5/10/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 50,554                      |
|                                             | 25,000               |             | AA-/NR                                                                                | GS Mortgage Securities Corp. II, 3.682%, 2/10/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 24,293                      |
|                                             | 50,000               |             | AAA/NR                                                                                | GS Mortgage Securities Trust 2013-GCJ12, 3.135%, 6/10/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 48,459                      |
|                                             | 16,059               |             | BB-/NR                                                                                | GSR Mortgage Loan Trust 2005-1F, 6.0%, 2/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 16,557                      |
|                                             | 100,000              | 1.66             | AA-/NR                                                                                | Hilton USA Trust 2013-HLF, Floating Rate Note, 11/5/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 100,126                     |
|                                             | 31,363               | 0.87             | BBB-/Baa2                                                                             | Impac CMB Trust Series 2004-5, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 30,233                      |
|                                             | 10,792               | 0.95             | B-/Ba1                                                                                | Impac CMB Trust Series 2004-6, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 10,392                      |
|                                             | 56,180               | 0.93             | B-/Baa1                                                                               | Impac CMB Trust Series 2004-6, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 51,955                      |
|                                             | 60,634               | 0.89             | BBB+/A3                                                                               | Impac CMB Trust Series 2004-7, Floating Rate Note, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 57,116                      |
|                                             | 58,345               | 0.95             | AAA/Aaa                                                                               | Impac Secured Assets CMN Owner Trust, Floating Rate Note, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 57,010                      |
|                                             | 30,076               | 0.35             | BB+/Baa2                                                                              | Impac Secured Assets Trust 2006-5, Floating Rate Note, 12/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 27,665                      |
|                                             | 50,000               | 3.17             | AAA/NR                                                                                | Irvine Core Office Trust 2013-IRV, Floating Rate Note, 5/15/48 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 48,567                      |
|                                             | 27,066               | 2.52             | NR/NR                                                                                 | Jefferies Resecuritization Trust 2009-R2, Floating Rate Note, 5/26/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 27,036                      |
|                                             | 100,000              | 2.52             | A/A2                                                                                  | JP Morgan Chase Commercial Mortgage Securities Corp., Floating Rate Note, 10/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 100,293 |
|                                             | 13,016               | 2.03             | A+/Baa1                                                                               | JP Morgan Mortgage Trust 2003-A1, Floating Rate Note, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 12,986                      |
|                                             | 33,056               | 2.49             | A+/Baa1                                                                               | JP Morgan Mortgage Trust 2003-A1, Floating Rate Note, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 32,982                      |
|                                             | 56,951               | 2.49             | AA+/Baa3                                                                              | JP Morgan Mortgage Trust 2004-A1, Floating Rate Note, 2/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 58,127                      |
|                                             | 40,276               | 2.49             | AA+/Baa1                                                                              | JP Morgan Mortgage Trust 2004-A1, Floating Rate Note, 2/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 40,525                      |
|                                             | 24,441               | 2.25             | AA+/Baa2                                                                              | JP Morgan Mortgage Trust 2004-A5, Floating Rate Note, 12/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 24,582                      |
|                                             | 125,746              |             | B-/Ba2                                                                                | JP Morgan Mortgage Trust 2004-S1, 6.0%, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 132,420                     |
|                                             | 99,836               | 3.50             | AAA/NR                                                                                | JP Morgan Mortgage Trust 2014-1, Floating Rate Note, 1/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 98,652                      |
|                                             | 73,125               | 2.75             | NR/NR                                                                                 | La Hipotecaria Panamanian Mortgage Trust 2010-1, Floating Rate Note, 9/8/39 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 76,279                      |
|                                             | 6,245                |             | AAA/Aaa                                                                               | LB-UBS Commercial Mortgage Trust 2004-C1, 4.568%, 1/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 6,477                       |
|                                             | 2,176                | 1.06             | BBB+/Aa2                                                                              | Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5, Floating Rate Note, 6/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2,175   |
|                                             | 9,013                | 1.10             | A+/Aa1                                                                                | Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3 Class 1A4, Floating Rate Note, 10/25/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 8,947   |
|                                             | 55,660               | 2.11             | A+/Baa2                                                                               | MASTR Adjustable Rate Mortgages Trust 2003-3, Floating Rate Note, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 55,664                      |
|                                             | 31,743               |             | BB+/NR                                                                                | MASTR Alternative Loan Trust 2004-10, 5.5%, 10/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 32,535                      |
|                                             | 142,870              |             | B-/NR                                                                                 | MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 148,602                     |
|                                             | 99,933               |             | A+/NR                                                                                 | MASTR Alternative Loan Trust 2005-1, 5.5%, 2/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 101,473                     |
|                                             | 50,326               | 6.64             | A-/NR                                                                                 | MASTR Seasoned Securitization Trust 2005-1, Floating Rate Note, 9/25/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 52,633                      |
|                                             | 16,947               | 0.64             | AA+/Baa1                                                                              | Mellon Residential Funding Corp. Mortgage Pass-Through Trust Series 2000 TBC2, Floating Rate Note, 6/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 16,602  |
|                                             | 50,000               |             | BBB-/NR                                                                               | Morgan Stanley Capital I Trust 2007-HQ13, 5.569%, 12/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 54,109                      |
|                                             | 32,825               | 0.26             | AA+/Aaa                                                                               | Morgan Stanley Capital I, Inc., Floating Rate Note, 10/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 32,755                      |
|                                             | 90,717               | 3.75             | AAA/NR                                                                                | Nationstar Mortgage Loan Trust 2013-A, Floating Rate Note, 12/25/52 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 93,093                      |
|                                             | 153,355              | 1.36             | AAA/Aaa                                                                               | NorthStar 2012-1 Mortgage Trust, Floating Rate Note, 8/25/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 153,478                     |
|                                             | 29,961               |             | NR/A2                                                                                 | PHH Mortgage Capital LLC, 6.6%, 12/25/27 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 30,455                      |
|                                             | 119,334              |             | BBB+/Baa3                                                                             | RALI Series 2003-QR24 Trust, 4.0%, 7/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 120,512                     |
|                                             | 38,799               |             | BB/Ba3                                                                                | RALI Series 2003-QS15 Trust, 5.5%, 8/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 40,435                      |
|                                             | 149,539              |             | NR/B1                                                                                 | RALI Series 2004-QS13 Trust, 5.0%, 9/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 153,200                     |
|                                             | 41,279               |             | BB+/Ba3                                                                               | RALI Series 2004-QS5 Trust, 4.75%, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 42,651                      |
|                                             | 53,560               |             | CCC/NR                                                                                | Residential Asset Securitization Trust 2005-A9, 5.5%, 7/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 53,294                      |
|                                             | 46,579               |             | CCC/NR                                                                                | RFMSI Series 2005-S6 Trust, 5.25%, 8/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 47,354                      |
|                                             | 62,915               | 0.48             | A+/Baa3                                                                               | Sequoia Mortgage Trust 2004-10, Floating Rate Note, 11/20/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 59,254                      |
|                                             | 82,351               | 0.38             | BBB+/Ba1                                                                              | Sequoia Mortgage Trust 2005-2, Floating Rate Note, 3/20/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 72,694                      |
|                                             | 96,593               | 3.00             | AAA/NR                                                                                | Sequoia Mortgage Trust 2013-7, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 90,269                      |
|                                             | 61,902               | 2.22             | AAA/NR                                                                                | Springleaf Mortgage Loan Trust 2012-2, Floating Rate Note, 10/25/57 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 62,753                      |
|                                             | 10,344               | 5.16             | BBB+/Ba2                                                                              | Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 10,181                      |
|                                             | 104,123              | 0.84             | AA+/Baa1                                                                              | Structured Asset Mortgage Investments II Trust 2004-AR8, Floating Rate Note, 5/19/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 100,079                     |
|                                             | 24,305               | 0.90             | A+/Ba1                                                                                | Structured Asset Mortgage Investments Trust 2003-AR2, Floating Rate Note, 12/19/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 23,233                      |
|                                             | 19,873               | 2.30             | NR/Baa2                                                                               | Thornburg Mortgage Securities Trust 2003-3, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 19,700                      |
|                                             | 19,960               | 2.61             | AAA/Baa3                                                                              | Thornburg Mortgage Securities Trust Class II4A, Floating Rate Note, 3/25/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 19,912                      |
|                                             | 40,000               |             | AA/Aa3                                                                                | TimberStar Trust 1, 5.7467%, 10/15/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 43,101                      |
|                                             | 400,000              |             | AAA/Aaa                                                                               | Wachovia Bank Commercial Mortgage Trust Series 2004-C15, 4.803%, 10/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 405,916                     |
|                                             | 4,213                | 2.02             | NR/Ba3                                                                                | WaMu Mortgage Pass-Through Certificates Series 2002-AR2 Trust, Floating Rate Note, 2/27/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 4,094   |
|                                             | 121,111              | 2.41             | BBB/NR                                                                                | WaMu Mortgage Pass-Through Certificates Series 2005-AR3 Trust, Floating Rate Note, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 121,425 |
|                                             | 33,789               | 2.40             | BBB+/NR                                                                               | WaMu Mortgage Pass-Through Certificates, Floating Rate Note, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 33,944                      |
|                                             | 17,094               | 2.49             | AA+/Baa1                                                                              | Wells Fargo Mortgage Backed Securities 2003-L Trust, Floating Rate Note, 11/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 17,359                      |
|                                             | 22,359               | 2.62             | A+/Ba1                                                                                | Wells Fargo Mortgage Backed Securities 2004-K Trust, Floating Rate Note, 7/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 22,663                      |
|                                             | 24,124               | 2.62             | AA+/Baa1                                                                              | Wells Fargo Mortgage Backed Securities 2004-V Trust, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 24,814                      |
|                                             | 20,761               |             | AA+/Baa1                                                                              | Wells Fargo Mortgage Backed Securities 2006-16 Trust, 5.0%, 11/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 21,597                      |
|                                             |                 |             |                                                                                  | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             |                 |             |                                                                                  | (Cost $6,187,962)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 6,254,464                   |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | CORPORATE BONDS - 31.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                        |
|                                             |                 |             |                                                                                  | Energy - 3.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             |                 |             |                                                                                  | Oil & Gas Drilling - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             | 50,000               |             | BBB+/Baa1                                                                             | Pride International, Inc., 6.875%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 59,689                      |
|                                             |                 |             |                                                                                  | Oil & Gas Equipment & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             | 50,000               |             | BBB-/Baa2                                                                             | Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 53,872                      |
|                                             |                 |             |                                                                                  | Oil & Gas Exploration & Production - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                        |
|                                             | 100,000              |             | BBB-/Ba1                                                                              | Newfield Exploration Co., 5.625%, 7/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 103,750                     |
|                                             | 100,000              |             | BBB/Baa1                                                                              | Rosneft Finance SA, 6.625%, 3/20/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 107,125                     |
|                                             | 65,000               |             | BBB/Baa1                                                                              | Rosneft Finance SA, 7.5%, 7/18/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 70,444                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 281,319                     |
|                                             |                 |             |                                                                                  | Oil & Gas Refining & Marketing - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             | 200,000              |             | BBB-/Baa2                                                                             | Spectra Energy Capital LLC, 6.2%, 4/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 227,879                     |
|                                             |                 |             |                                                                                  | Oil & Gas Storage & Transportation - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                        |
|                                             | 90,000               |             | BBB-/Baa3                                                                             | Buckeye Partners LP, 6.05%, 1/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 100,319                     |
|                                             | 75,000               | 5.85             | BB/Baa3                                                                               | DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 70,500                      |
|                                             | 265,000              |             | A/A3                                                                                  | Questar Pipeline Co., 5.83%, 2/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 300,530                     |
|                                             | 50,000               |             | BBB-/Baa2                                                                             | Spectra Energy Capital LLC, 6.75%, 7/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 56,960                      |
|                                             | 70,000               |             | BBB-/Baa3                                                                             | Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 76,626                      |
|                                             | 69,000               |             | BBB-/Baa3                                                                             | The Williams Companies, Inc., 7.75%, 6/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 77,412                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 682,347                     |
|                                             |                 |             |                                                                                  | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,305,106                   |
|                                             |                 |             |                                                                                  | Materials - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                        |
|                                             |                 |             |                                                                                  | Diversified Chemicals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                        |
|                                             | 30,000               |             | BBB/Baa2                                                                              | Eastman Chemical Co., 4.8%, 9/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 29,604                      |
|                                             |                 |             |                                                                                  | Construction Materials - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             | 166,000              |             | B+/NR                                                                                 | Cemex Espana Luxembourg, 9.875%, 4/30/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 192,560                     |
|                                             |                 |             |                                                                                  | Diversified Metals & Mining - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                        |
|                                             | 60,000               |             | BB+/Baa3                                                                              | AngloGold Ashanti Holdings Plc, 5.375%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 59,829                      |
|                                             | 45,000               |             | BBB/Baa3                                                                              | Freeport-McMoRan Copper & Gold, Inc., 3.875%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 43,028                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 102,857                     |
|                                             |                 |             |                                                                                  | Gold - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             | 40,000               |             | BBB+/Baa2                                                                             | Goldcorp, Inc., 3.7%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 37,707                      |
|                                             |                 |             |                                                                                  | Steel - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             | 25,000               |             | BBB/Baa2                                                                              | Glencore Funding LLC, 4.125%, 5/30/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 23,877                      |
|                                             |                 |             |                                                                                  | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 386,605                     |
|                                             |                 |             |                                                                                  | Capital Goods - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | Aerospace & Defense - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                        |
|                                             | 50,000               |             | BB-/Ba3                                                                               | Bombardier, Inc., 4.25%, 1/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 52,000                      |
|                                             |                 |             |                                                                                  | Building Products - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             | 25,000               |             | BBB-/Ba3                                                                              | Masco Corp., 5.95%, 3/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 27,125                      |
|                                             | 110,000              |             | BBB-/Ba3                                                                              | Masco Corp., 7.125%, 3/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 127,050                     |
|                                             | 50,000               | 5.75             | BBB+/Baa2                                                                             | Stanley Black & Decker, Inc., Floating Rate Note, 12/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 53,625                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 207,800                     |
|                                             |                 |             |                                                                                  | Construction & Farm Machinery & Heavy Trucks - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             | 70,000               |             | A/A3                                                                                  | Cummins, Inc., 5.65%, 3/1/98                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 72,589                      |
|                                             | 65,000               |             | A/A3                                                                                  | Cummins, Inc., 6.75%, 2/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 77,582                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 150,171                     |
|                                             |                 |             |                                                                                  | Trading Companies & Distributors - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             | 170,000              |             | BB+/NR                                                                                | Aviation Capital Group Corp., 6.75%, 4/6/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 187,553                     |
|                                             |                 |             |                                                                                  | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 597,524                     |
|                                             |                 |             |                                                                                  | Consumer Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             |                 |             |                                                                                  | Education Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             | 50,000               |             | AAA/Aaa                                                                               | President and Fellows of Harvard College, 2.3%, 10/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 45,667                      |
|                                             | 100,000              |             | AA-/Aa2                                                                               | Tufts University, 5.017%, 4/15/12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 98,266                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 143,933                     |
|                                             |                 |             |                                                                                  | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 143,933                     |
|                                             |                 |             |                                                                                  | Media - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                        |
|                                             |                 |             |                                                                                  | Cable & Satellite - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                        |
|                                             | 100,000              |             | BBB+/Baa1                                                                             | British Sky Broadcasting Group Plc, 6.1%, 2/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 114,052                     |
|                                             |                 |             |                                                                                  | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 114,052                     |
|                                             |                 |             |                                                                                  | Food & Staples Retailing - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                        |
|                                             |                 |             |                                                                                  | Drug Retail - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                        |
|                                             | 43,680               |             | BBB+/Baa1                                                                             | CVS Pass-Through Trust, 5.298%, 1/11/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 47,947                      |
|                                             | 82,940               |             | BBB+/Baa1                                                                             | CVS Pass-Through Trust, 5.773%, 1/10/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 90,444                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 138,391                     |
|                                             |                 |             |                                                                                  | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 138,391                     |
|                                             |                 |             |                                                                                  | Food, Beverage & Tobacco - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                        |
|                                             |                 |             |                                                                                  | Packaged Foods & Meats - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                        |
|                                             | 85,000               |             | BBB/Baa2                                                                              | Kraft Foods Group, Inc., 3.5%, 6/6/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 85,512                      |
|                                             | 84,000               |             | BBB-/Baa1                                                                             | Mondelez International, Inc., 6.5%, 2/9/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 105,656                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 191,168                     |
|                                             |                 |             |                                                                                  | Tobacco - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                        |
|                                             | 25,000               |             | BBB-/Baa2                                                                             | Lorillard Tobacco Co., 3.75%, 5/20/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 23,564                      |
|                                             |                 |             |                                                                                  | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 214,732                     |
|                                             |                 |             |                                                                                  | Household & Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             |                 |             |                                                                                  | Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             | 80,000               |             | BBB-/Baa3                                                                             | Avon Products, Inc., 5.0%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 80,144                      |
|                                             |                 |             |                                                                                  | Total Household & Personal Products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 80,144                      |
|                                             |                 |             |                                                                                  | Health Care Equipment & Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             |                 |             |                                                                                  | Health Care Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             | 75,000               |             | A+/A1                                                                                 | Catholic Health Initiatives, 4.35%, 11/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 68,624                      |
|                                             |                 |             |                                                                                  | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 68,624                      |
|                                             |                 |             |                                                                                  | Pharmaceuticals, Biotechnology & Life Sciences - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             |                 |             |                                                                                  | Life Sciences Tools & Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             | 135,000              |             | BBB+/Baa2                                                                             | Agilent Technologies, Inc., 6.5%, 11/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 155,222                     |
|                                             |                 |             |                                                                                  | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 155,222                     |
|                                             |                 |             |                                                                                  | Banks - 4.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                        |
|                                             |                 |             |                                                                                  | Diversified Banks - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             | 220,000              |             | BBB/Baa3                                                                              | Barclays Bank Plc, 6.05%, 12/4/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 246,564                     |
|                                             | 90,000               |             | AA-/Aa2                                                                               | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 3.875%, 2/8/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 93,206                      |
|                                             | 150,000              |             | A/A2                                                                                  | HSBC Bank Plc, 7.65%, 5/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 187,948                     |
|                                             | 100,000              |             | BBB/Baa2                                                                              | Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 112,778                     |
|                                             | 60,000               | 4.50             | NR/Baa3                                                                               | Scotiabank Peru SA, Floating Rate Note, 12/13/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 54,900                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 695,396                     |
|                                             |                 |             |                                                                                  | Regional Banks - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                        |
|                                             | 145,000              |             | A/A2                                                                                  | Mellon Funding Corp., 5.5%, 11/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 163,639                     |
|                                             | 250,000              | 4.45             | BBB/Baa3                                                                              | The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 250,750                     |
|                                             | 75,000               | 6.75             | BBB/Baa3                                                                              | The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 81,750                      |
|                                             | 210,000              |             | A+/A1                                                                                 | Wachovia Bank NA, 6.0%, 11/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 241,949                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 738,088                     |
|                                             |                 |             |                                                                                  | Thrifts & Mortgage Finance - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                        |
|                                             | 75,000               |             | BBB-/Baa2                                                                             | Astoria Financial Corp., 5.0%, 6/19/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 80,820                      |
|                                             | 125,000              |             | BBB/Baa2                                                                              | Santander Holdings USA, Inc. Pennsylvania, 3.45%, 8/27/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 129,328                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 210,148                     |
|                                             |                 |             |                                                                                  | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 1,643,632                   |
|                                             |                 |             |                                                                                  | Diversified Financials - 6.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             |                 |             |                                                                                  | Other Diversified Financial Services - 3.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             | 125,000              |             | BBB+/Baa2                                                                             | Alterra Finance LLC, 6.25%, 9/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 143,234                     |
|                                             | 200,000              | 5.20             | BB+/Ba3                                                                               | Bank of America Corp., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 188,000                     |
|                                             | 125,000              |             | A-/NR                                                                                 | Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 133,377                     |
|                                             | 95,000               | 5.95             | BB+/Ba3                                                                               | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 92,862                      |
|                                             | 140,000              |             | AA/A2                                                                                 | General Electric Capital Corp., 5.3%, 2/11/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 157,465                     |
|                                             | 100,000              | 7.12             | AA-/Baa1                                                                              | General Electric Capital Corp., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 114,000                     |
|                                             | 200,000              | 5.15             | BBB/Ba1                                                                               | JPMorgan Chase & Co., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 187,500                     |
|                                             | 40,000               | 6.75             | BBB/Ba1                                                                               | JPMorgan Chase & Co., Floating Rate Note, 8/29/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 42,100                      |
|                                             | 100,000              |             | A/NR                                                                                  | KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 104,322                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 1,162,860                   |
|                                             |                 |             |                                                                                  | Consumer Finance - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                        |
|                                             | 415,000              | 4.00             | BBB-/Ba1                                                                              | SLM Corp., Floating Rate Note, 7/25/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 415,154                     |
|                                             |                 |             |                                                                                  | Asset Management & Custody Banks - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             | 150,000              |             | A+/NR                                                                                 | Blackstone Holdings Finance Co. LLC, 6.25%, 8/15/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 176,817                     |
|                                             | 30,000               |             | BBB/Baa1                                                                              | Legg Mason, Inc., 5.625%, 1/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 30,785                      |
|                                             | 25,000               | 4.50             | BBB/Baa2                                                                              | The Bank of New York Mellon Corp., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 22,750                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 230,352                     |
|                                             |                 |             |                                                                                  | Investment Banking & Brokerage - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             | 190,000              |             | BBB/A3                                                                                | Macquarie Group, Ltd., 6.0%, 1/14/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 210,712                     |
|                                             | 125,000              |             | BBB+/Baa3                                                                             | Morgan Stanley, 4.1%, 5/22/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 123,733                     |
|                                             | 85,000               |             | A-/Baa2                                                                               | Morgan Stanley, 5.5%, 1/26/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 95,862                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 430,307                     |
|                                             |                 |             |                                                                                  | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 2,238,673                   |
|                                             |                 |             |                                                                                  | Insurance - 4.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                        |
|                                             |                 |             |                                                                                  | Life & Health Insurance - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                        |
|                                             | 75,000               |             | BBB+/NR                                                                               | Delphi Financial Group, Inc., 7.875%, 1/31/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 88,335                      |
|                                             | 160,000              |             | BBB/Baa2                                                                              | MetLife, Inc., 10.75%, 8/1/69                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 242,400                     |
|                                             | 145,000              |             | A-/Baa2                                                                               | Protective Life Corp., 7.375%, 10/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 176,036                     |
|                                             | 100,000              | 5.88             | BBB+/Baa2                                                                             | Prudential Financial, Inc., Floating Rate Note, 9/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 104,375                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 611,146                     |
|                                             |                 |             |                                                                                  | Multi-line Insurance - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             | 90,000               |             | BBB/A3                                                                                | AXA SA, 8.6%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 116,100                     |
|                                             | 100,000              |             | BBB-/Baa2                                                                             | Liberty Mutual Group, Inc., 7.3%, 6/15/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 101,236                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 217,336                     |
|                                             |                 |             |                                                                                  | Property & Casualty Insurance - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             | 145,000              | 6.50             | BBB/Baa1                                                                              | The Allstate Corp., Floating Rate Note, 5/15/57                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 153,860                     |
|                                             | 50,000               |             | BBB-/Baa3                                                                             | The Hanover Insurance Group, Inc., 7.5%, 3/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 59,472                      |
|                                             | 185,000              |             | BBB-/Baa3                                                                             | The Hanover Insurance Group, Inc., 7.625%, 10/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 223,106                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 436,438                     |
|                                             |                 |             |                                                                                  | Reinsurance - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                        |
|                                             | 65,000               |             | BBB/NR                                                                                | Montpelier Re Holdings, Ltd., 4.7%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 65,938                      |
|                                             | 100,000              |             | BBB/Baa3                                                                              | Sirius International Group, Ltd., 6.375%, 3/20/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 111,674                     |
|                                             | 100,000              | 7.51             | BB+/Ba2                                                                               | Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 104,982                     |
|                                             | 30,000               | 5.88             | NR/NR                                                                                 | Wilton Re Finance LLC, Floating Rate Note, 3/30/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 29,850                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 312,444                     |
|                                             |                 |             |                                                                                  | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 1,577,364                   |
|                                             |                 |             |                                                                                  | Real Estate - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                        |
|                                             |                 |             |                                                                                  | Diversified REIT - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                        |
|                                             | 60,000               |             | BBB/Baa2                                                                              | Digital Realty Trust LP, 4.5%, 7/15/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 62,172                      |
|                                             | 45,000               |             | BBB/Baa2                                                                              | Digital Realty Trust LP, 5.875%, 2/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 49,268                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 111,440                     |
|                                             |                 |             |                                                                                  | Industrial REIT - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                        |
|                                             | 35,000               |             | BBB-/Baa2                                                                             | DCT Industrial Operating Partnership LP, 4.5%, 10/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 34,902                      |
|                                             |                 |             |                                                                                  | Office REIT - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                        |
|                                             | 45,000               |             | BBB-/Baa2                                                                             | Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 46,499                      |
|                                             | 25,000               |             | BBB-/Baa3                                                                             | BioMed Realty LP, 4.25%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 24,784                      |
|                                             | 35,000               |             | BBB-/Baa3                                                                             | Corporate Office Properties LP, 3.6%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 32,356                      |
|                                             | 60,000               |             | BBB/Baa2                                                                              | Piedmont Operating Partnership LP, 3.4%, 6/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 55,581                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 159,220                     |
|                                             |                 |             |                                                                                  | Retail REIT - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                        |
|                                             | 15,000               |             | BBB-/Baa2                                                                             | DDR Corp., 4.625%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 15,718                      |
|                                             |                 |             |                                                                                  | Specialized REIT - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                        |
|                                             | 20,000               |             | BBB-/Baa3                                                                             | CubeSmart LP, 4.8%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 21,182                      |
|                                             | 25,000               |             | BBB/Baa2                                                                              | Health Care Real Estate Investment Trust, Inc., 4.5%, 1/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 25,747                      |
|                                             | 150,000              |             | BBB-/Baa3                                                                             | Healthcare Realty Trust, Inc., 6.5%, 1/17/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 169,267                     |
|                                             | 130,000              |             | BBB-/Baa2                                                                             | Hospitality Properties Trust, 5.0%, 8/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 135,182                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 351,378                     |
|                                             |                 |             |                                                                                  | Diversified Real Estate Activities - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             | 35,000               |             | BBB-/Baa2                                                                             | WP Carey, Inc., 4.60%, 4/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 34,986                      |
|                                             |                 |             |                                                                                  | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 707,644                     |
|                                             |                 |             |                                                                                  | Software & Services - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                        |
|                                             |                 |             |                                                                                  | Data Processing & Outsourced Services - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             | 22,000               |             | B-/Caa1                                                                               | First Data Corp., 8.25%, 1/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 23,870                      |
|                                             |                 |             |                                                                                  | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 23,870                      |
|                                             |                 |             |                                                                                  | Telecommunication Services - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                        |
|                                             |                 |             |                                                                                  | Integrated Telecommunication Services - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                        |
|                                             | 100,000              |             | NR/A2                                                                                 | GTP Acquisition Partners I LLC, 4.347%, 6/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 105,949                     |
|                                             | 24,671               |             | NR/NR                                                                                 | GTP Cellular Sites LLC, 3.721%, 3/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 25,860                      |
|                                             | 100,000              |             | A-/A2                                                                                 | Ooredoo International Finance, Ltd., 3.375%, 10/14/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 104,984                     |
|                                             | 90,000               |             | BBB+/Baa1                                                                             | Verizon Communications, Inc., 6.55%, 9/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 109,524                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 346,317                     |
|                                             |                 |             |                                                                                  | Wireless Telecommunication Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                        |
|                                             | 75,000               |             | NR/NR                                                                                 | WCP Wireless Site Funding, 6.829%, 11/15/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 78,391                      |
|                                             |                 |             |                                                                                  | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 424,708                     |
|                                             |                 |             |                                                                                  | Utilities - 5.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                        |
|                                             |                 |             |                                                                                  | Electric Utilities - 2.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             | 30,000               |             | A-/A2                                                                                 | Commonwealth Edison Co., 6.15%, 9/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 34,510                      |
|                                             | 68,540               |             | BBB-/Baa3                                                                             | Crockett Cogeneration LP, 5.869%, 3/30/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 72,756                      |
|                                             | 125,000              | 5.25             | BBB+/A3                                                                               | Electricite de France SA, Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 125,188                     |
|                                             | 100,000              |             | A+/Aa3                                                                                | Electricite de France, 6.0%, 1/22/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 104,940                     |
|                                             | 33,681               |             | B-/B1                                                                                 | FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 32,845                      |
|                                             | 200,000              |             | BB+/Baa3                                                                              | Israel Electric Corp., Ltd., 7.25%, 1/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 223,250                     |
|                                             | 26,062               |             | NR/NR                                                                                 | Orcal Geothermal, Inc., 6.21%, 12/30/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 25,541                      |
|                                             | 100,000              |             | BBB/Baa2                                                                              | Public Service Co. of New Mexico, 7.95%, 5/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 119,238                     |
|                                             | 75,000               | 6.25             | BBB-/Baa1                                                                             | Southern California Edison Co., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 79,875                      |
|                                             | 225,000              |             | BBB+/A3                                                                               | West Penn Power Co., 5.95%, 12/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 255,857                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 1,074,000                   |
|                                             |                 |             |                                                                                  | Gas Utilities - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             | 236,133              |             | A+/A1                                                                                 | Nakilat, Inc., 6.267%, 12/31/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 255,023                     |
|                                             |                 |             |                                                                                  | Multi-Utilities - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                        |
|                                             | 215,000              |             | BBB+/A3                                                                               | New York State Electric & Gas Corp., 6.15%, 12/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 236,332                     |
|                                             |                 |             |                                                                                  | Independent Power Producers & Energy Traders - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                        |
|                                             | 85,088               |             | BBB-/NR                                                                               | Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 93,242                      |
|                                             | 134,661              |             | BBB-/Baa3                                                                             | Kiowa Power Partners LLC, 5.737%, 3/30/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 143,182                     |
|                                             | 140,457              |             | BBB-/Baa3                                                                             | Panoche Energy Center LLC, 6.885%, 7/31/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 150,989                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 387,413                     |
|                                             |                 |             |                                                                                  | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 1,952,768                   |
|                                             |                 |             |                                                                                  | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                        |
|                                             |                 |             |                                                                                  | (Cost $10,847,533)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 11,772,992                  |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 21.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                        |
|                                             | 500,000              |             | AAA/Aaa                                                                               | Fannie Mae Pool, 4.5%, 4/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 533,359                     |
|                                             | 200,000              |             | AAA/Aaa                                                                               | Fannie Mae Pool, 5.0%, 5/25/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 218,047                     |
|                                             | 46,881               |             | AAA/Aaa                                                                               | Fannie Mae, 3.0%, 12/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 45,314                      |
|                                             | 497,536              |             | AAA/Aaa                                                                               | Fannie Mae, 3.0%, 8/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 480,838                     |
|                                             | 163,404              |             | AAA/Aaa                                                                               | Fannie Mae, 3.0%, 9/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 157,920                     |
|                                             | 97,551               |             | AAA/Aaa                                                                               | Fannie Mae, 3.5%, 7/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 98,210                      |
|                                             | 17,808               |             | AAA/Aaa                                                                               | Fannie Mae, 4.0%, 11/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 18,513                      |
|                                             | 35,713               |             | AAA/Aaa                                                                               | Fannie Mae, 4.0%, 12/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 37,282                      |
|                                             | 30,504               |             | AAA/Aaa                                                                               | Fannie Mae, 4.0%, 12/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 31,717                      |
|                                             | 698,082              |             | AAA/Aaa                                                                               | Fannie Mae, 4.0%, 12/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 725,789                     |
|                                             | 19,892               |             | AAA/Aaa                                                                               | Fannie Mae, 4.5%, 11/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 21,334                      |
|                                             | 44,793               |             | AAA/Aaa                                                                               | Fannie Mae, 4.5%, 12/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 47,771                      |
|                                             | 19,622               |             | AAA/Aaa                                                                               | Fannie Mae, 4.5%, 12/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 21,046                      |
|                                             | 13,764               |             | AAA/Aaa                                                                               | Fannie Mae, 4.5%, 4/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 14,698                      |
|                                             | 208,625              |             | AAA/Aaa                                                                               | Fannie Mae, 4.5%, 7/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 223,645                     |
|                                             | 19,150               |             | AAA/Aaa                                                                               | Fannie Mae, 5.0%, 6/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 20,936                      |
|                                             | 27,371               |             | AAA/Aaa                                                                               | Fannie Mae, 5.0%, 7/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 29,288                      |
|                                             | 13,152               |             | AAA/Aaa                                                                               | Fannie Mae, 5.0%, 7/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 14,356                      |
|                                             | 19,369               |             | AAA/Aaa                                                                               | Fannie Mae, 5.5%, 12/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 21,511                      |
|                                             | 6,744                |             | AAA/Aaa                                                                               | Fannie Mae, 5.5%, 2/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 7,280                       |
|                                             | 29,361               |             | AAA/Aaa                                                                               | Fannie Mae, 5.5%, 3/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 31,275                      |
|                                             | 34,967               |             | AAA/Aaa                                                                               | Fannie Mae, 5.5%, 9/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 38,836                      |
|                                             | 92,120               |             | AAA/Aaa                                                                               | Fannie Mae, 5.9%, 7/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 103,906                     |
|                                             | 4,999                |             | AAA/Aaa                                                                               | Fannie Mae, 6.0%, 1/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 5,640                       |
|                                             | 6,465                |             | AAA/Aaa                                                                               | Fannie Mae, 6.0%, 10/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 7,279                       |
|                                             | 6,263                |             | AAA/Aaa                                                                               | Fannie Mae, 6.0%, 11/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 7,047                       |
|                                             | 32,110               |             | AAA/Aaa                                                                               | Fannie Mae, 6.0%, 11/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 35,721                      |
|                                             | 21,457               |             | AAA/Aaa                                                                               | Fannie Mae, 6.0%, 4/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 24,118                      |
|                                             | 35,321               |             | AAA/Aaa                                                                               | Fannie Mae, 6.0%, 5/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 39,560                      |
|                                             | 203                  |             | AAA/Aaa                                                                               | Fannie Mae, 6.0%, 6/1/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 205                         |
|                                             | 11,863               |             | AAA/Aaa                                                                               | Fannie Mae, 6.0%, 6/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 13,203                      |
|                                             | 31,913               |             | AAA/Aaa                                                                               | Fannie Mae, 6.0%, 7/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 35,597                      |
|                                             | 5,795                |             | AAA/Aaa                                                                               | Fannie Mae, 6.0%, 7/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 6,444                       |
|                                             | 14,224               |             | AAA/Aaa                                                                               | Fannie Mae, 6.0%, 9/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 16,049                      |
|                                             | 13,280               |             | AAA/Aaa                                                                               | Fannie Mae, 6.0%, 9/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 14,923                      |
|                                             | 935                  |             | AAA/Aaa                                                                               | Fannie Mae, 6.5%, 1/1/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 946                         |
|                                             | 6,485                |             | AAA/Aaa                                                                               | Fannie Mae, 6.5%, 1/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 7,278                       |
|                                             | 5,766                |             | AAA/Aaa                                                                               | Fannie Mae, 6.5%, 10/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 6,471                       |
|                                             | 4,425                |             | AAA/Aaa                                                                               | Fannie Mae, 6.5%, 2/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 5,041                       |
|                                             | 19,012               |             | AAA/Aaa                                                                               | Fannie Mae, 6.5%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 21,328                      |
|                                             | 3,052                |             | AAA/Aaa                                                                               | Fannie Mae, 6.5%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 3,425                       |
|                                             | 11,381               |             | AAA/Aaa                                                                               | Fannie Mae, 6.5%, 4/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 12,782                      |
|                                             | 4,879                |             | AAA/Aaa                                                                               | Fannie Mae, 6.5%, 4/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 5,481                       |
|                                             | 4,368                |             | AAA/Aaa                                                                               | Fannie Mae, 6.5%, 7/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 4,904                       |
|                                             | 37,455               |             | AAA/Aaa                                                                               | Fannie Mae, 6.5%, 7/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 42,062                      |
|                                             | 8,179                |             | AAA/Aaa                                                                               | Fannie Mae, 6.5%, 8/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 9,189                       |
|                                             | 7,785                |             | AAA/Aaa                                                                               | Fannie Mae, 6.5%, 8/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 8,735                       |
|                                             | 4,783                |             | AAA/Aaa                                                                               | Fannie Mae, 7.0%, 1/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 5,546                       |
|                                             | 982                  |             | AAA/Aaa                                                                               | Fannie Mae, 7.0%, 11/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 995                         |
|                                             | 1,379                |             | AAA/Aaa                                                                               | Fannie Mae, 7.0%, 7/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 1,539                       |
|                                             | 3,961                |             | AAA/Aaa                                                                               | Fannie Mae, 7.0%, 8/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 4,345                       |
|                                             | 4,819                |             | AAA/Aaa                                                                               | Fannie Mae, 7.0%, 9/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 5,260                       |
|                                             | 12,845               |             | AAA/Aaa                                                                               | Fannie Mae, 7.0%, 9/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 14,275                      |
|                                             | 2,825                |             | AAA/Aaa                                                                               | Fannie Mae, 7.5%, 2/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 3,326                       |
|                                             | 9,959                |             | AAA/Aaa                                                                               | Fannie Mae, 8.0%, 10/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 11,940                      |
|                                             | 12,385               |             | AAA/Aaa                                                                               | Fannie Mae, 8.0%, 2/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 13,998                      |
|                                             | 35,188               |             | AAA/Aaa                                                                               | Fannie Mae, 8.0%, 3/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 40,986                      |
|                                             | 1,332                |             | AAA/Aaa                                                                               | Fannie Mae, 8.0%, 4/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 1,538                       |
|                                             | 1,950                |             | AAA/Aaa                                                                               | Fannie Mae, 8.0%, 5/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 2,222                       |
|                                             | 4,937                |             | AAA/Aaa                                                                               | Fannie Mae, 8.0%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 5,690                       |
|                                             | 4,274                |             | AAA/Aaa                                                                               | Fannie Mae, 9.5%, 2/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 4,341                       |
|                                             | 53,076               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 3.5%, 11/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 55,794                      |
|                                             | 18,236               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 5.0%, 10/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 19,784                      |
|                                             | 14,212               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 5.0%, 12/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 15,366                      |
|                                             | 16,492               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 5.0%, 9/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 17,892                      |
|                                             | 34,699               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 5.5%, 9/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 38,429                      |
|                                             | 10,098               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 6.0%, 1/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 11,360                      |
|                                             | 3,251                |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 6.0%, 10/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 3,610                       |
|                                             | 16,943               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 6.0%, 11/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 19,065                      |
|                                             | 16,929               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 6.0%, 12/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 19,051                      |
|                                             | 5,206                |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 6.0%, 12/1/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 5,772                       |
|                                             | 27,962               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 6.0%, 2/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 31,460                      |
|                                             | 8,508                |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 6.5%, 1/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 9,638                       |
|                                             | 21,564               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 6.5%, 10/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 24,181                      |
|                                             | 5,133                |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 6.5%, 2/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 5,806                       |
|                                             | 2,616                |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 6.5%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 2,937                       |
|                                             | 3,874                |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 6.5%, 4/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 4,339                       |
|                                             | 29,369               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 6.5%, 4/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 32,931                      |
|                                             | 10,209               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 6.5%, 7/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 11,460                      |
|                                             | 30,326               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 7.0%, 10/1/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 32,656                      |
|                                             | 3,337                |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 7.0%, 2/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 3,789                       |
|                                             | 2,810                |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 7.0%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 3,036                       |
|                                             | 601                  |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 7.0%, 4/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 612                         |
|                                             | 5,986                |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 7.0%, 4/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 6,852                       |
|                                             | 4,345                |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 7.0%, 8/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 4,775                       |
|                                             | 12,577               |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 7.0%, 9/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 13,862                      |
|                                             | 2,474                |             | AAA/Aaa                                                                               | Federal Home Loan Mortgage Corp., 7.5%, 8/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 2,818                       |
|                                             | 150,000              |             | AAA/Aaa                                                                               | Freddie Mac Gold Pool, 4.0%, 4/10/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 155,607                     |
|                                             | 150,000              |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 4.0%, 4/22/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 157,547                     |
|                                             | 99,107               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 4.0%, 8/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 104,667                     |
|                                             | 78,409               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 4.5%, 12/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 82,278                      |
|                                             | 29,580               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 4.5%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 31,451                      |
|                                             | 31,617               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 4.5%, 8/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 34,117                      |
|                                             | 37,393               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 5.0%, 7/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 39,940                      |
|                                             | 32,228               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 5.0%, 7/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 34,428                      |
|                                             | 31,797               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 5.0%, 9/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 35,082                      |
|                                             | 33,400               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 5.5%, 10/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 37,341                      |
|                                             | 23,545               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 5.5%, 3/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 26,072                      |
|                                             | 31,058               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 5.5%, 7/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 34,640                      |
|                                             | 69,151               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 5.5%, 8/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 77,125                      |
|                                             | 74,133               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 5.72%, 10/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 82,070                      |
|                                             | 15,894               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 1/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 18,306                      |
|                                             | 14,247               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 10/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 15,964                      |
|                                             | 22,441               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 10/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 25,471                      |
|                                             | 6,215                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 10/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 7,053                       |
|                                             | 51,843               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 11/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 58,877                      |
|                                             | 41,879               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 11/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 48,214                      |
|                                             | 31,099               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 12/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 35,298                      |
|                                             | 35,688               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 2/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 37,394                      |
|                                             | 29,056               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 2/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 33,321                      |
|                                             | 29,609               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 4/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 33,955                      |
|                                             | 13,810               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 5/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 14,373                      |
|                                             | 16,367               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 8/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 17,439                      |
|                                             | 25,659               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 8/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 29,525                      |
|                                             | 43,656               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 8/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 49,591                      |
|                                             | 24,670               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.0%, 9/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 28,404                      |
|                                             | 7,555                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 10/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 8,520                       |
|                                             | 7,524                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 12/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 8,486                       |
|                                             | 4,060                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 12/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 4,730                       |
|                                             | 46,266               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 12/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 52,923                      |
|                                             | 7,256                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 2/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 8,184                       |
|                                             | 3,519                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 3/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 3,967                       |
|                                             | 11,553               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 4/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 12,110                      |
|                                             | 645                  |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 4/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 647                         |
|                                             | 3,543                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 4/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 3,994                       |
|                                             | 4,643                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 4/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 5,277                       |
|                                             | 27,969               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 5/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 32,276                      |
|                                             | 11,116               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 5/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 12,681                      |
|                                             | 6,840                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 5/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 7,715                       |
|                                             | 3,328                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 6/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 3,338                       |
|                                             | 8,611                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 6/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 9,710                       |
|                                             | 9,755                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 6/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 11,264                      |
|                                             | 4,520                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 6/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 5,265                       |
|                                             | 1,411                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 6/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 1,591                       |
|                                             | 7,271                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 6/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 8,201                       |
|                                             | 22,753               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 7/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 25,647                      |
|                                             | 8,189                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 7/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 9,238                       |
|                                             | 8,351                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 6.5%, 9/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 9,423                       |
|                                             | 4,335                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 1/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 4,702                       |
|                                             | 7,027                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 1/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 8,292                       |
|                                             | 10,555               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 11/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 11,780                      |
|                                             | 1,615                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,747                       |
|                                             | 20,626               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 2/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 22,232                      |
|                                             | 2,232                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 2/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 2,310                       |
|                                             | 10,724               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 4/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 11,972                      |
|                                             | 2,562                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 4/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 2,634                       |
|                                             | 6,168                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 5/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 6,744                       |
|                                             | 40,895               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 5/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 45,915                      |
|                                             | 13,180               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 6/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 14,734                      |
|                                             | 24,561               |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 7/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 26,458                      |
|                                             | 1,907                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 7/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 2,133                       |
|                                             | 7,953                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 7/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 8,834                       |
|                                             | 4,682                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 8/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 5,285                       |
|                                             | 2,181                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.0%, 9/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 2,283                       |
|                                             | 1,974                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.5%, 1/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 2,129                       |
|                                             | 1,150                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.5%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,266                       |
|                                             | 4,172                |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.5%, 10/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 4,720                       |
|                                             | 329                  |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.5%, 6/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 342                         |
|                                             | 548                  |             | AAA/Aaa                                                                               | Government National Mortgage Association I, 7.5%, 8/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 586                         |
|                                             | 32,189               |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 4.5%, 9/20/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 34,706                      |
|                                             | 25,850               |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 5.0%, 1/20/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 27,692                      |
|                                             | 34,488               |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 5.0%, 11/20/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 36,937                      |
|                                             | 115,921              |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 5.9%, 2/20/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 128,274                     |
|                                             | 30,061               |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 6.0%, 11/20/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 34,597                      |
|                                             | 7,006                |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 6.0%, 12/20/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 7,372                       |
|                                             | 4,918                |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 6.0%, 6/20/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 5,063                       |
|                                             | 19,301               |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 6.0%, 7/20/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 20,454                      |
|                                             | 7,855                |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 6.5%, 12/20/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 9,035                       |
|                                             | 5,611                |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 6.5%, 8/20/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 6,489                       |
|                                             | 4,712                |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 6.5%, 9/20/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 5,466                       |
|                                             | 2,488                |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 7.0%, 1/20/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 2,945                       |
|                                             | 15,823               |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 7.0%, 2/20/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 18,644                      |
|                                             | 8,437                |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 7.0%, 5/20/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 9,824                       |
|                                             | 1,410                |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 7.5%, 8/20/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,645                       |
|                                             | 593                  |             | AAA/Aaa                                                                               | Government National Mortgage Association II, 8.0%, 8/20/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 700                         |
|                                             | 350,000              |             | AA+/Aaa                                                                               | U.S. Treasury Bonds, 4.375%, 5/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 404,578                     |
|                                             | 500,000              |             | AA+/Aaa                                                                               | U.S. Treasury Bonds, 4.5%, 2/15/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 586,875                     |
|                                             | 400,000              |             | AA+/Aaa                                                                               | U.S. Treasury Notes, 0.75%, 2/28/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 390,781                     |
|                                             | 650,000              |             | AA+/Aaa                                                                               | U.S. Treasury Notes, 2.0%, 2/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 618,160                     |
|                                             |                 |             |                                                                                  | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                        |
|                                             |                 |             |                                                                                  | (Cost $7,708,110)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 7,957,647                   |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | MUNICIPAL BONDS - 7.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                        |
|                                             |                 |             |                                                                                  | Municipal Airport - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             | 75,000               |             | BBB/Baa1                                                                              | Indianapolis Airport Authority, 5.1%, 1/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 81,980                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | Municipal Development - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                        |
|                                             | 135,000              |             | BBB/Baa3                                                                              | Selma Industrial Development Board, 5.8%, 5/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 143,358                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | Municipal Education - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                        |
|                                             | 10,000               |             | AA+/Aaa                                                                               | Amherst College, 3.794%, 11/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 8,818                       |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | Municipal General - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             | 90,000               |             | AA/A2                                                                                 | JobsOhio Beverage System, 3.985%, 1/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 86,547                      |
|                                             | 25,000               |             | AA/A2                                                                                 | JobsOhio Beverage System, 4.532%, 1/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 24,344                      |
|                                             | 75,000               |             | A+/A1                                                                                 | New Jersey Transportation Trust Fund Authority, 5.5%, 6/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 81,684                      |
|                                             | 25,000               |             | AAA/Aa1                                                                               | New York City Transitional Finance Authority Future Tax Secured Revenue, 5.0%, 11/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 27,172  |
|                                             | 25,000               |             | BBB/A3                                                                                | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 25,547                      |
|                                             | 50,000               |             | BBB/A3                                                                                | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 50,772                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 296,066                     |
|                                             |                 |             |                                                                                  | Municipal Higher Education - 3.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                        |
|                                             | 25,000               |             | A+/NR                                                                                 | Baylor University, 4.313%, 3/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 23,485                      |
|                                             | 45,000               |             | AAA/Aaa                                                                               | California Educational Facilities Authority, 5.0%, 6/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 55,197                      |
|                                             | 150,000              |             | AAA/Aaa                                                                               | Connecticut State Health & Educational Facility Authority, 5.0%, 7/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 163,918                     |
|                                             | 170,000              |             | AAA/Aaa                                                                               | Health & Educational Facilities Authority of the State of Missouri, 5.0%, 11/15/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 185,572                     |
|                                             | 75,000               |             | AAA/Aaa                                                                               | Houston Higher Education Finance Corp., 5.0%, 5/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 82,811                      |
|                                             | 25,000               |             | AA/Aa1                                                                                | Illinois Finance Authority, 5.0%, 10/1/51                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 25,752                      |
|                                             | 70,000               |             | AAA/Aaa                                                                               | Massachusetts Development Finance Agency, 5.0%, 10/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 76,770                      |
|                                             | 75,000               |             | AAA/Aaa                                                                               | Massachusetts Health & Educational Facilities Authority, 5.5%, 7/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 97,000                      |
|                                             | 60,000               |             | AAA/Aaa                                                                               | Massachusetts Health & Educational Facilities Authority, 6.0%, 7/1/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 69,836                      |
|                                             | 25,000               |             | AAA/Aaa                                                                               | Massachusetts Institute of Technology, 5.6%, 7/1/11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 30,683                      |
|                                             | 50,000               |             | AA/Aa1                                                                                | New York State Dormitory Authority Series A, 5.0%, 7/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 54,804                      |
|                                             | 65,000               |             | AAA/Aaa                                                                               | New York State Dormitory Authority, 5.0%, 10/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 70,587                      |
|                                             | 25,000               |             | AA/Aa1                                                                                | New York State Dormitory Authority, 5.0%, 7/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 27,642                      |
|                                             | 50,000               |             | AAA/Aaa                                                                               | Permanent University Fund, 5.0%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 58,496                      |
|                                             | 105,000              |             | AAA/Aaa                                                                               | President and Fellows of Harvard College, 6.3%, 10/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 116,129                     |
|                                             | 50,000               |             | A+/A1                                                                                 | The George Washington University, 1.827%, 9/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 49,831                      |
|                                             | 15,000               |             | AAA/Aaa                                                                               | The University of Texas System, 5.0%, 8/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 16,415                      |
|                                             | 50,000               |             | AA/Aa2                                                                                | University of California, 3.38%, 5/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 46,422                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 1,251,350                   |
|                                             |                 |             |                                                                                  | Municipal Medical - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             | 50,000               |             | AA-/A1                                                                                | Massachusetts Development Finance Agency, 5.25%, 4/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 53,280                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | Municipal Pollution - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                        |
|                                             | 60,000               |             | A-/Baa1                                                                               | County of Sweetwater Wyoming, 5.6%, 12/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 61,199                      |
|                                             | 60,000               |             | BBB/Baa3                                                                              | Courtland Industrial Development Board, 5.0%, 8/1/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 60,016                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 121,215                     |
|                                             |                 |             |                                                                                  | Municipal Power - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                        |
|                                             | 105,000              |             | AA-/A1                                                                                | South Carolina State Public Service Authority, 5.0%, 12/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 108,839                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | Municipal Transportation - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                        |
|                                             | 50,000               |             | AA+/Aa2                                                                               | Metropolitan Transit Authority of Harris County, 5.0%, 11/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 53,579                      |
|                                             | 10,000               |             | AA-/Aa3                                                                               | Port Authority of New York & New Jersey, 4.458%, 10/1/62                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 9,341                       |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 62,920                      |
|                                             |                 |             |                                                                                  | Municipal Water - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                        |
|                                             | 150,000              |             | AAA/Aa1                                                                               | City of Charleston South Carolina Waterworks & Sewer System Revenue, 5.0%, 1/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 161,546                     |
|                                             | 85,000               |             | AA-/Aa3                                                                               | City of San Francisco California Public Utilities Commission Water Revenue, 5.0%, 11/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 91,732  |
|                                             | 50,000               |             | AAA/Aa2                                                                               | Hampton Roads Sanitation District, 5.0%, 4/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 53,876                      |
|                                             | 40,000               |             | AAA/Aa1                                                                               | Metropolitan Water Reclamation District of Greater Chicago, 5.0%, 12/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 43,442                      |
|                                             | 35,000               |             | AAA/Aa1                                                                               | Metropolitan Water Reclamation District of Greater Chicago, 5.0%, 12/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 37,624                      |
|                                             | 50,000               |             | AAA/NR                                                                                | Tarrant Regional Water District, 5.0%, 3/1/52                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 52,754                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 440,974                     |
|                                             |                 |             |                                                                                  | Municipal Obligation - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             | 35,000               |             | AAA/Aa1                                                                               | State of Florida, 4.0%, 6/1/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 36,980                      |
|                                             | 10,000               |             | AA+/Aa1                                                                               | State of Washington, 3.0%, 7/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 9,595                       |
|                                             | 50,000               |             | AA+/Aa1                                                                               | State of Washington, 5.0%, 8/1/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 53,939                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 100,514                     |
|                                             |                 |             |                                                                                  | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                        |
|                                             |                 |             |                                                                                  | (Cost $2,557,802)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 2,669,314                   |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | SENIOR FLOATING RATE LOAN INTERESTS - 6.4% **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             |                 |             |                                                                                  | Energy - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             |                 |             |                                                                                  | Oil & Gas Refining & Marketing - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             | 105,248              | 3.75             | BB/Ba2                                                                                | Pilot Travel Centers LLC, Refinancing Tranche B Term Loan, 3/30/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 105,883                     |
|                                             |                 |             |                                                                                  | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 105,883                     |
|                                             |                 |             |                                                                                  | Capital Goods - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                        |
|                                             |                 |             |                                                                                  | Trading Companies & Distributors - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                        |
|                                             | 13,730               | 3.75             | BB/Ba3                                                                                | WESCO Distribution, Inc., Tranche B-1 Loan, 12/12/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 13,782                      |
|                                             |                 |             |                                                                                  | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 13,782                      |
|                                             |                 |             |                                                                                  | Automobiles & Components - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                        |
|                                             |                 |             |                                                                                  | Auto Parts & Equipment - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                        |
|                                             | 6,630                | 3.16             | BB-/Ba3                                                                               | Allison Transmission, Inc., New Term B-2 Loan, 8/7/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 6,638                       |
|                                             | 137,937              | 3.75             | B+/Ba3                                                                                | Allison Transmission, Inc., Term B-3 Loan, 8/23/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 138,282                     |
|                                             | 60,585               | 2.10             | B/B1                                                                                  | Federal-Mogul Corp., Tranche B Term Loan, 12/29/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 60,414                      |
|                                             | 35,559               | 2.10             | B/B1                                                                                  | Federal-Mogul Corp., Tranche C Term Loan, 12/28/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 35,459                      |
|                                             | 210,253              | 3.75             | BB/Ba2                                                                                | Tomkins LLC, Term B-2 Loan, 9/29/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 210,883                     |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 451,676                     |
|                                             |                 |             |                                                                                  | Tires & Rubber - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             | 205,000              | 4.75             | BB/Ba1                                                                                | The Goodyear Tire & Rubber Co., Term Loan (Second Lien), 3/27/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 206,151                     |
|                                             |                 |             |                                                                                  | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 657,827                     |
|                                             |                 |             |                                                                                  | Consumer Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             |                 |             |                                                                                  | Restaurants - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                        |
|                                             | 113,275              | 3.75             | BB/Ba3                                                                                | Burger King Corp., Tranche B Term Loan (2012), 9/28/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 114,045                     |
|                                             |                 |             |                                                                                  | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 114,045                     |
|                                             |                 |             |                                                                                  | Media - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                        |
|                                             |                 |             |                                                                                  | Broadcasting - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                        |
|                                             | 138,373              | 0.00             | B+/NR                                                                                 | Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 138,503                     |
|                                             |                 |             |                                                                                  | Movies & Entertainment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                        |
|                                             | 96,007               | 3.75             | NR/Baa3                                                                               | Cinedigm Digital Funding I LLC, Term Loan, 2/28/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 96,187                      |
|                                             | 83,580               | 3.50             | BB/Ba3                                                                                | Live Nation Entertainment, Inc., Term B-1 Loan, 8/17/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 83,841                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 180,028                     |
|                                             |                 |             |                                                                                  | Publishing - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                        |
|                                             | 137,361              | 3.75             | BB-/Ba3                                                                               | Interactive Data Corp., Refinanced Term Loan, 2/11/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 137,584                     |
|                                             |                 |             |                                                                                  | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 456,115                     |
|                                             |                 |             |                                                                                  | Household & Personal Products - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             |                 |             |                                                                                  | Personal Products - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             | 215,357              | 3.50             | BB-/Ba3                                                                               | NBTY, Inc., Term B-2 Loan, 10/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 216,245                     |
|                                             |                 |             |                                                                                  | Total Household & Personal Products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 216,245                     |
|                                             |                 |             |                                                                                  | Health Care Equipment & Services - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             |                 |             |                                                                                  | Health Care Facilities - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             | 30,798               | 3.00             | BB/Ba3                                                                                | HCA, Inc., Tranche B-4 Term Loan, 5/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 30,836                      |
|                                             | 73,860               | 2.90             | BB/Ba3                                                                                | HCA, Inc., Tranche B-5 Term Loan, 3/31/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 73,929                      |
|                                             | 85,937               | 2.40             | BB+/Ba2                                                                               | Universal Health Services, Inc., Tranche B-1 Term Loan, 11/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 86,514                      |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 191,279                     |
|                                             |                 |             |                                                                                  | Health Care Technology - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             | 240,653              | 3.75             | BB-/Ba3                                                                               | IMS Health, Inc., Term B Dollar Loan, 3/17/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 240,540                     |
|                                             |                 |             |                                                                                  | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 431,819                     |
|                                             |                 |             |                                                                                  | Pharmaceuticals, Biotechnology & Life Sciences - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             |                 |             |                                                                                  | Life Sciences Tools & Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             | 184,816              | 3.65             | BB-/Ba3                                                                               | Catalent Pharma Solutions, Inc., Refinancing Dollar Term-1 (2016), 9/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 185,786                     |
|                                             |                 |             |                                                                                  | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 185,786                     |
|                                             |                 |             |                                                                                  | Diversified Financials - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             |                 |             |                                                                                  | Investment Banking & Brokerage - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             | 98,010               | 3.25             | BB-/Ba2                                                                               | LPL Holdings, Inc., 2013 Incremental Tranche B Term Loan, 3/29/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 97,995                      |
|                                             |                 |             |                                                                                  | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 97,995                      |
|                                             |                 |             |                                                                                  | Software & Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                        |
|                                             |                 |             |                                                                                  | IT Consulting & Other Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             | 58,387               | 3.91             | BB/Ba3                                                                                | SunGard Data Systems, Inc., Tranche C Term Loan, 2/28/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 58,666                      |
|                                             |                 |             |                                                                                  | Data Processing & Outsourced Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                        |
|                                             | 44,590               | 4.15             | B+/B1                                                                                 | First Data Corp., 2018 Dollar Term Loan, 3/23/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 44,761                      |
|                                             | 3,383                | 4.24             | B/B1                                                                                  | First Data Corp., 2021 New Dollar Term Loan, 3/24/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 3,394                       |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 48,155                      |
|                                             |                 |             |                                                                                  | Systems Software - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                        |
|                                             | 13,213               | 2.15             | BB/Ba3                                                                                | The Reynolds & Reynolds Co., Tranche B Term Loan, 4/21/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 13,257                      |
|                                             |                 |             |                                                                                  | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 120,078                     |
|                                             |                 |             |                                                                                  | TOTAL SENIOR FLOATING RATE LOAN INTERESTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             |                 |             |                                                                                  | (Cost $2,339,946)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 2,399,575                   |
|                                             | Shares               |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | WARRANT - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                        |
|                                             |                 |             |                                                                                  | Automobiles & Components - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             |                 |             |                                                                                  | Auto Parts & Equipment - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                        |
|                                             | 37                   |             |                                                                                  | Lear Corp., 11/9/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 6,194                       |
|                                             |                 |             |                                                                                  | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 6,194                       |
|                                             |                 |             |                                                                                  | TOTAL WARRANT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                        |
|                                             |                 |             |                                                                                  | (Cost $1,998)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 6,194                       |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | TOTAL INVESTMENT IN SECURITIES - 92.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                        |
|                                             |                 |             |                                                                                  | (Cost $33,089,202) (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 34,607,680                  |
|                                             |                 |             |                                                                                  | OTHER ASSETS & LIABILITIES - 7.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 2,873,059                   |
|                                             |                 |             |                                                                                  | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 37,480,739                  |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             | †              |             |                                                                                  | Amount rounds to less than 0.1%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                        |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             | NR                   |             |                                                                                  | Not rated by either S&P or Moody's.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                        |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             | WR                   |             |                                                                                  | Rating withdrawn by either S&P or Moody's.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                        |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             | Perpetual            |             | Security with no stated maturity 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                        |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             | Step                 |             |                                                                                  | Bond issued with an initial coupon rate which converts to a higher rate at a later date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                        |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             | 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 31, 2014, the value of these securities amounted to $7,190,351 or 19.2% 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 U.S. banks, (iii) the 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, 2014, the net unrealized apprecaiation on investments based on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             |                 |             |                                                                                  | cost for federal income tax purposes of $33,148,791 was as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                        |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       |   1,776,650       |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |    (317,761) |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  | Net unrealized appreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 1,458,889                   |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             | (b)                  |             |                                                                                  | Debt obligation with a variable interest rate.  Rate shown is rate at end of period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                        |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             | (c)                  |             |                                                                                  | Security represents the interest only portion payments on a pool of underlying mortgages or                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |
|                                             |                 |             |                                                                                  | mortgage-backed securities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                        |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             | (d)                  |             |                                                                                  | Security issued with a zero coupon. Income is recognized through accretion of discount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                        |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
| CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION |                 |             |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |
|                                             |                 |             |                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                        |

|                                                                                                                                                       |   |                                                                                                                              | Notional Principal ($) (1) | Counterparty                                                                                                                                   | Obligation Entity/Index |                                                                                              | Coupon |             |    | Expiration Date |     |   | Premiums Received (Paid) |    |    | Net Unrealized Appreciation (Depreciation) |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|---------------------------------------------------------------------------------------------------|--------|------------------|---------|-----------------|----------|--------|--------------------------|---------|---------|--------------------------------------------|--------|
|                                                                                                                                                       |   |                                                                                                                              | 200,000                    | JPMorgan Chase & Co.                                                                                                                       | NA.HY.21.V1             |                                                                                              |   | 5.00             | %       |            | 12/20/18 |   |                     | $       | (14,020 | )                                          |   | $ | (1,871 | ) |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |                                                                                              |   |             |    |            |     |   |                     |    |    |                                       |   |   |   |   |
|                                                                                                                                                       |   |                      (1) |                       | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. |                    |                                                                                              |   |             |    |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |                                                                                              |   |             |    |            |     |   |                     |    |    |                                       |   |   |   |   |   |
| 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.) |   |                                                                                                                              |                       |                                                                                                                                           |                    |                                                                                              |   |             |    |
| 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 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, 2014, in valuing the Portfolio's investments:                                                |   |                                                                                                                              |                       |                                                                                                                                           |                    |                                                                                              |   |             |    |            |     |   |                     |    |    |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |                                                                                              |   | Level 1          |    |            | Level 2  |   |                     | Level 3 |    |                                       | Total  |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Convertible Corporate Bonds                                                                       |   | $                | -       |            |     | $      | 205,953                  |    |    | $                                          | -      |   |   | $ | 205,953 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Preferred Stocks                                                                                  |   |             |    |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |      Banks                                                               |   |             |    |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |         Regional Banks                                    |   |             | -       |            |     |   | 101,688                  |    |    |                                       | -      |   |   |   | 101,688 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |      Insurance                                                           |   |             |    |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |         Life & Health Insurance                       |   |             | -       |            |     |   | 119,850                  |    |    |                                       | -      |   |   |   | 119,850 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |         Reinsurance                                       |   |             | -       |            |     |   | -                        |    |    |                                       | 83,312 |   |   |   | 83,312 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |   All Other Preferred Stocks                                                            |   |             | 491,017 |            |     |   | -                        |    |    |                                       | -      |   |   |   | 491,017 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Convertible Preferred Stocks                                                                      |   |             | 181,815 |            |     |   | -                        |    |    |                                       | -      |   |   |   | 181,815 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Asset Backed Securities                                                                           |   |             | -       |            |     |   | 2,363,859                |    |    |                                       | -      |   |   |   | 2,363,859 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Collateralized Mortgage Obligations                                                               |   |             | -       |            |     |   | 6,254,464                |    |    |                                       | -      |   |   |   | 6,254,464 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Corporate Bonds                                                                                   |   |             | -       |            |     |   | 11,772,992               |    |    |                                       | -      |   |   |   | 11,772,992 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | U.S. Government and Agency Obligations                                                            |   |             | -       |            |     |   | 7,957,647                |    |    |                                       | -      |   |   |   | 7,957,647 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Municipal Bonds                                                                                   |   |             | -       |            |     |   | 2,669,314                |    |    |                                       | -      |   |   |   | 2,669,314 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Senior Floating Rate Loan Interests                                                               |   |             | -       |            |     |   | 2,399,575                |    |    |                                       | -      |   |   |   | 2,399,575 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Warrant                                                                                           |   |             | 6,194   |            |     |   | -                        |    |    |                                       | -      |   |   |   | 6,194 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Total                                                                                             |   | $                | 679,026 |            |     | $      | 33,845,342               |    |    | $                                          | 83,312 |   |   | $ | 34,607,680 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Other Financial Instruments                                                                       |   |             |    |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Unrealized appreciation on futures contracts                                                      |   | $                | 34,432  |            |     | $      | -                        |    |    | $                                          | -      |   |   | $ | 34,432 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Unrealized depreciation on credit default swap                                                    |   |             | -       |            |     |   | (1,871                   | )       |    |                                       | -      |   |   |   | (1,871 | ) |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Total Other Financial Instruments                                                                 |   | $                | 34,432  |            |     | $      | (1,871                   | )       |    | $                                          | -      |   |   | $ | 32,561 |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |                                                                                              |   |             |    |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | The following is a reconciliation of assets valued using significant observable inputs (Level 3): |   |             |    |            |     |   |                     |    |    |                                       |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |                                                                                              |   | Preferred Stocks |    |            |     |   |                     |    |    |                                       |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Balance as of 12/31/13                                                                            |   | $                | 111,878 |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Realized gain (loss)                                                                              |   |             | 2,217   |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Change in unrealized appreciation (depreciation)                                                  |   |             | 1,065   |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Purchases                                                                                         |   |             | -       |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Sales                                                                                             |   |             | (29,718 | )               |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Transfers in to Level 3*                                                                          |   |             | -       |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Transfers out of Level 3*                                                                         |   |             | -       |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Balance as of 3/31/14                                                                             |   | $                | 85,442  |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |                                                                                              |   |             |    |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           | *                       | Transfers are calculated on the beginning of period values.                                       |   |             |    |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |                                                                                              |   |             |    |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | During the year period March 31, 2014, there were no transfers between Levels 1, 2 and 3.         |   |             |    |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    |                                                                                              |   |             |    |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                                                                              |                       |                                                                                                                                           |                    | Net change in unrealized appreciation (depreciation) of investments still held as of 3/31/14      |   | $                | 1,065   |            |     |   |                     |    |    |                                       |   |   |   |   |   |   |

|   |                 |                                            |                                                                                                                                 | Pioneer High Yield VCT Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|--------|----------------------|-------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|-----------------------------------------------------------------------|
|   |                 |                                            |                                                                                                                                 | Schedule of Investments 3/31/14 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | Principal Amount ($) | FloatingRate (b)                                | S&P/Moody'sRatings                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Value   |
|   |                 |                                            |                                                                                                                                 | CONVERTIBLE CORPORATE BONDS - 14.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Energy - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Equipment & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   | 85,000               |                                            | NR/NR                                                                                                                                | SEACOR Holdings, Inc., 3.0%, 11/15/28 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 83,406                                                                |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Exploration & Production - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 400,000              |                                            | NR/NR                                                                                                                                | Cobalt International Energy, Inc., 2.625%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 376,750                                                               |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Storage & Transportation - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 200,000              |                                            | NR/NR                                                                                                                                | Golar LNG, Ltd., 3.75%, 3/7/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 218,720                                                               |
|   |                 |                                            |                                                                                                                                 | Coal & Consumable Fuels - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   | 60,000               |                                            | CCC+/NR                                                                                                                              | Alpha Appalachia Holdings, Inc., 3.25%, 8/1/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 59,812                                                                |
|   |                 |                                            |                                                                                                                                 | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 738,688                                                               |
|   |                 |                                            |                                                                                                                                 | Materials - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Diversified Metals & Mining - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   | 135,000              |                                            | NR/NR                                                                                                                                | RTI International Metals, Inc., 1.625%, 10/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 132,722                                                               |
|   |                 |                                            |                                                                                                                                 | Steel - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   | 205,000              |                                            | BB+/NR                                                                                                                               | Steel Dynamics, Inc., 5.125%, 6/15/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 221,656                                                               |
|   | 100,000              |                                            | BB-/B1                                                                                                                               | United States Steel Corp., 2.75%, 4/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 129,562                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 351,218                                                               |
|   |                 |                                            |                                                                                                                                 | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 483,940                                                               |
|   |                 |                                            |                                                                                                                                 | Capital Goods - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Electrical Components & Equipment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   | 459,000              |                                            | B/B3                                                                                                                                 | General Cable Corp., 4.5%, 11/15/29 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 460,721                                                               |
|   |                 |                                            |                                                                                                                                 | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 460,721                                                               |
|   |                 |                                            |                                                                                                                                 | Transportation - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Airlines - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                  |
|   | 120,000              |                                            | B/B2                                                                                                                                 | United Airlines, Inc., 4.5%, 1/15/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 285,150                                                               |
|   |                 |                                            |                                                                                                                                 | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 285,150                                                               |
|   |                 |                                            |                                                                                                                                 | Automobiles & Components - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Automobile Manufacturers - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                  |
|   | 361,000              |                                            | BBB-/Baa3                                                                                                                            | Ford Motor Co., 4.25%, 11/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 653,636                                                               |
|   |                 |                                            |                                                                                                                                 | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 653,636                                                               |
|   |                 |                                            |                                                                                                                                 | Consumer Durables & Apparel - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Homebuilding - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   | 450,000              |                                            | B/B2                                                                                                                                 | KB Home, 1.375%, 2/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 462,375                                                               |
|   | 109,000              |                                            | BB-/Ba3                                                                                                                              | Lennar Corp., 2.75%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 199,198                                                               |
|   | 185,000              |                                            | B+/B2                                                                                                                                | Standard Pacific Corp., 1.25%, 8/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 229,400                                                               |
|   | 100,000              |                                            | BB-/B1                                                                                                                               | The Ryland Group, Inc., 0.25%, 6/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 94,250                                                                |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 985,223                                                               |
|   |                 |                                            |                                                                                                                                 | Housewares & Specialties - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   | 265,000              |                                            | BB-/NR                                                                                                                               | Jarden Corp., 1.125%, 3/15/34 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 263,178                                                               |
|   |                 |                                            |                                                                                                                                 | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 1,248,401                                                             |
|   |                 |                                            |                                                                                                                                 | Consumer Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Specialized Consumer Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | 100,000              |                                            | NR/NR                                                                                                                                | Ascent Capital Group, Inc., 4.0%, 7/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 99,750                                                                |
|   | 65,000               |                                            | NR/NR                                                                                                                                | Carriage Services, Inc., 2.75%, 3/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 68,291                                                                |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 168,041                                                               |
|   |                 |                                            |                                                                                                                                 | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 168,041                                                               |
|   |                 |                                            |                                                                                                                                 | Media - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Broadcasting - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   | 175,000              |                                            | NR/NR                                                                                                                                | Liberty Media Corp., 1.375%, 10/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 164,172                                                               |
|   |                 |                                            |                                                                                                                                 | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 164,172                                                               |
|   |                 |                                            |                                                                                                                                 | Retailing - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Internet Retail - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   | 380,000              |                                            | NR/NR                                                                                                                                | Shutterfly, Inc., 0.25%, 5/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 375,012                                                               |
|   |                 |                                            |                                                                                                                                 | Total Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 375,012                                                               |
|   |                 |                                            |                                                                                                                                 | Health Care Equipment & Services - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Health Care Equipment - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   | 460,000              |                                            | B+/NR                                                                                                                                | Hologic, Inc., 2.0%, 12/15/37 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 525,838                                                               |
|   | 170,000              |                                            | NR/NR                                                                                                                                | NuVasive, Inc., 2.75%, 7/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 201,875                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 727,713                                                               |
|   |                 |                                            |                                                                                                                                 | Health Care Supplies - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 400,000              |                                            | CCC+/NR                                                                                                                              | Alere, Inc., 3.0%, 5/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 439,750                                                               |
|   | 85,000               |                                            | NR/NR                                                                                                                                | Endologix, Inc., 2.25%, 12/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 80,697                                                                |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 520,447                                                               |
|   |                 |                                            |                                                                                                                                 | Managed Health Care - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                  |
|   | 150,000              |                                            | NR/NR                                                                                                                                | Molina Healthcare, Inc., 1.125%, 1/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 168,094                                                               |
|   |                 |                                            |                                                                                                                                 | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 1,416,254                                                             |
|   |                 |                                            |                                                                                                                                 | Pharmaceuticals, Biotechnology & Life Sciences - 2.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Biotechnology - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | 75,000               |                                            | NR/NR                                                                                                                                | BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 82,172                                                                |
|   | 75,000               |                                            | NR/NR                                                                                                                                | BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 83,250                                                                |
|   | 265,000              |                                            | NR/NR                                                                                                                                | Corsicanto, Ltd., 3.5%, 1/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 183,347                                                               |
|   | 215,000              |                                            | NR/NR                                                                                                                                | Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 253,162                                                               |
|   | 235,000              |                                            | NR/NR                                                                                                                                | Cubist Pharmaceuticals, Inc., 1.875%, 9/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 283,469                                                               |
|   | 140,000              |                                            | NR/NR                                                                                                                                | Emergent Biosolutions, Inc., 2.875%, 1/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 150,500                                                               |
|   | 200,000              |                                            | NR/NR                                                                                                                                | PDL BioPharma, Inc., 4.0%, 2/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 210,500                                                               |
|   | 320,000              |                                            | NR/NR                                                                                                                                | Theravance, Inc., 2.125%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 412,400                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,658,800                                                             |
|   |                 |                                            |                                                                                                                                 | Pharmaceuticals - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   | 369,000              |                                            | NR/NR                                                                                                                                | Auxilium Pharmaceuticals, Inc., 1.5%, 7/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 487,541                                                               |
|   | 45,000               |                                            | NR/NR                                                                                                                                | Pacira Pharmaceuticals, Inc. Delaware, 3.25%, 2/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 127,997                                                               |
|   | 165,000              |                                            | NR/NR                                                                                                                                | Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 278,953                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 894,491                                                               |
|   |                 |                                            |                                                                                                                                 | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 2,553,291                                                             |
|   |                 |                                            |                                                                                                                                 | Diversified Financials - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Consumer Finance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   | 375,000              |                                            | B/NR                                                                                                                                 | DFC Global Corp., 3.25%, 4/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 319,688                                                               |
|   |                 |                                            |                                                                                                                                 | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 319,688                                                               |
|   |                 |                                            |                                                                                                                                 | Real Estate - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Real Estate Operating Companies - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   | 180,000              |                                            | NR/NR                                                                                                                                | Forest City Enterprises, Inc., 3.625%, 8/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 184,950                                                               |
|   |                 |                                            |                                                                                                                                 | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 184,950                                                               |
|   |                 |                                            |                                                                                                                                 | Software & Services - 2.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Internet Software & Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   | 205,000              |                                            | NR/NR                                                                                                                                | Akamai Technologies, Inc., 2/15/19 (144A) ©                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 202,950                                                               |
|   | 200,000              |                                            | NR/NR                                                                                                                                | WebMD Health Corp., 1.5%, 12/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 202,750                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 405,700                                                               |
|   |                 |                                            |                                                                                                                                 | Data Processing & Outsourced Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   | 115,000              |                                            | NR/NR                                                                                                                                | Cardtronics, Inc., 1.0%, 12/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 112,269                                                               |
|   |                 |                                            |                                                                                                                                 | Application Software - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 360,000              |                                            | NR/NR                                                                                                                                | Mentor Graphics Corp., 4.0%, 4/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 447,750                                                               |
|   | 700,000              |                                            | BB-/NR                                                                                                                               | Nuance Communications, Inc., 2.75%, 11/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 701,312                                                               |
|   | 145,000              |                                            | NR/NR                                                                                                                                | TIBCO Software, Inc., 2.25%, 5/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 145,544                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,294,606                                                             |
|   |                 |                                            |                                                                                                                                 | Systems Software - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   | 165,000              |                                            | NR/NR                                                                                                                                | ServiceNow, Inc., 11/1/18 (144A) (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 176,756                                                               |
|   |                 |                                            |                                                                                                                                 | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 1,989,331                                                             |
|   |                 |                                            |                                                                                                                                 | Technology Hardware & Equipment - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Communications Equipment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                  |
|   | 130,000              |                                            | NR/NR                                                                                                                                | Finisar Corp., 0.5%, 12/55/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 149,500                                                               |
|   |                 |                                            |                                                                                                                                 | Computer Storage & Peripherals - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   | 155,000              |                                            | BB/NR                                                                                                                                | SanDisk Corp., 0.5%, 10/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 170,694                                                               |
|   |                 |                                            |                                                                                                                                 | Electronic Components - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   | 310,000              |                                            | BB+/NR                                                                                                                               | Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 292,175                                                               |
|   | 350,000              |                                            | BB+/NR                                                                                                                               | Vishay Intertechnology, Inc., 2.25%, 6/1/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 466,375                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 758,550                                                               |
|   |                 |                                            |                                                                                                                                 | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,078,744                                                             |
|   |                 |                                            |                                                                                                                                 | Semiconductors & Semiconductor Equipment - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Semiconductor Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   | 146,000              |                                            | BBB/Baa1                                                                                                                             | Lam Research Corp., 1.25%, 5/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 181,131                                                               |
|   | 225,000              |                                            | BBB/NR                                                                                                                               | Novellus Systems, Inc., 2.625%, 5/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 384,047                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 565,178                                                               |
|   |                 |                                            |                                                                                                                                 | Semiconductors - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                  |
|   | 628,000              |                                            | BB+/NR                                                                                                                               | ON Semiconductor Corp., 2.625%, 12/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 766,160                                                               |
|   |                 |                                            |                                                                                                                                 | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 1,331,338                                                             |
|   |                 |                                            |                                                                                                                                 | TOTAL CONVERTIBLE CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | (Cost $11,577,254)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 13,451,357                                                            |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | PREFERRED STOCKS - 1.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Energy - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Storage & Transportation - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 4,500                | 7.62                                            | B+/Ba2                                                                                                                               | NuStar Logistics LP, Floating Rate Note, 1/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 120,600                                                               |
|   |                 |                                            |                                                                                                                                 | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 120,600                                                               |
|   |                 |                                            |                                                                                                                                 | Consumer Services - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Hotels, Resorts & Cruise Lines - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 500                  |                                            | NR/NR                                                                                                                                | Perseus Holding Corp., 14.0%, 4/15/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 41,000                                                                |
|   |                 |                                            |                                                                                                                                 | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 41,000                                                                |
|   |                 |                                            |                                                                                                                                 | Banks - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Regional Banks - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                  |
|   | 5,950                | 6.62                                            | BBB-/Ba1                                                                                                                             | Fifth Third Bancorp, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 157,734                                                               |
|   |                 |                                            |                                                                                                                                 | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 157,734                                                               |
|   |                 |                                            |                                                                                                                                 | Diversified Financials - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Other Diversified Financial Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 16,000               | 7.12                                            | BB+/B1                                                                                                                               | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 422,400                                                               |
|   | 10,350               | 8.12                                            | B/B3                                                                                                                                 | GMAC Capital Trust I, Floating Rate Note, 2/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 282,555                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 704,955                                                               |
|   |                 |                                            |                                                                                                                                 | Investment Banking & Brokerage - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   | 7,000                | 7.12                                            | BB+/Ba3                                                                                                                              | Morgan Stanley, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 185,710                                                               |
|   |                 |                                            |                                                                                                                                 | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 890,665                                                               |
|   |                 |                                            |                                                                                                                                 | Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Reinsurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   | 125,000              |                                            | NR/NR                                                                                                                                | Pangaea Re, 10/1/15 (Cat Bond) (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 137,522                                                               |
|   |                 |                                            |                                                                                                                                 | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 137,522                                                               |
|   |                 |                                            |                                                                                                                                 | Utilities - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Electric Utilities - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   | 8,000                |                                            | BB+/Ba1                                                                                                                              | PPL Capital Funding, Inc., 5.9%, 4/30/73                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 186,400                                                               |
|   |                 |                                            |                                                                                                                                 | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 186,400                                                               |
|   |                 |                                            |                                                                                                                                 | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | (Cost $1,416,399)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 1,533,921                                                             |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | CONVERTIBLE PREFERRED STOCKS - 2.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Energy - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Exploration & Production - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 13,170               |                                            | NR/NR                                                                                                                                | PetroQuest Energy, Inc., 6.875% (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 469,181                                                               |
|   | 1,054                |                                            | CCC/NR                                                                                                                               | SandRidge Energy, Inc., 7.0% (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 106,388                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 575,569                                                               |
|   |                 |                                            |                                                                                                                                 | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 575,569                                                               |
|   |                 |                                            |                                                                                                                                 | Consumer Durables & Apparel - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Home Furnishings - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   | 5,000                |                                            | NR/NR                                                                                                                                | Sealy Corp., 8.0%, 7/15/16 (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 396,250                                                               |
|   |                 |                                            |                                                                                                                                 | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 396,250                                                               |
|   |                 |                                            |                                                                                                                                 | Food, Beverage & Tobacco - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Packaged Foods & Meats - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 2,700                |                                            | NR/NR                                                                                                                                | Post Holdings, Inc., 2.5% (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 298,688                                                               |
|   |                 |                                            |                                                                                                                                 | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 298,688                                                               |
|   |                 |                                            |                                                                                                                                 | Health Care Equipment & Services - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Health Care Supplies - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 2,797                |                                            | CCC/NR                                                                                                                               | Alere, Inc., 3.0% (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 806,697                                                               |
|   |                 |                                            |                                                                                                                                 | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 806,697                                                               |
|   |                 |                                            |                                                                                                                                 | Diversified Financials - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Asset Management & Custody Banks - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 2,000                |                                            | BB+/NR                                                                                                                               | AMG Capital Trust II, 5.15%, 10/15/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 128,625                                                               |
|   |                 |                                            |                                                                                                                                 | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 128,625                                                               |
|   |                 |                                            |                                                                                                                                 | TOTAL CONVERTIBLE PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | (Cost $2,174,927)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 2,205,829                                                             |
|   | Shares               |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | COMMON STOCKS - 7.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Energy - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Drilling - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                  |
|   | 4,720                |                                            |                                                                                                                                 | Hercules Offshore, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 21,665                                                                |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Exploration & Production - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 5,400                |                                            |                                                                                                                                 | Marathon Oil Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 191,808                                                               |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Refining & Marketing - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   | 2,700                |                                            |                                                                                                                                 | Marathon Petroleum Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 235,008                                                               |
|   |                 |                                            |                                                                                                                                 | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 448,481                                                               |
|   |                 |                                            |                                                                                                                                 | Materials - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Commodity Chemicals - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                  |
|   | 6,590                |                                            |                                                                                                                                 | Axiall Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 296,023                                                               |
|   | 4,642                |                                            |                                                                                                                                 | LyondellBasell Industries NV                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 412,859                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 708,882                                                               |
|   |                 |                                            |                                                                                                                                 | Diversified Metals & Mining - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   | 14,658               |                                            |                                                                                                                                 | Freeport-McMoRan Copper & Gold, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 484,740                                                               |
|   |                 |                                            |                                                                                                                                 | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 1,193,622                                                             |
|   |                 |                                            |                                                                                                                                 | Capital Goods - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Aerospace & Defense - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   | 7,366                |                                            |                                                                                                                                 | Orbital Sciences Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 205,511                                                               |
|   |                 |                                            |                                                                                                                                 | Electrical Components & Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   | 20,112               |                                            |                                                                                                                                 | General Cable Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 515,068                                                               |
|   |                 |                                            |                                                                                                                                 | Construction & Farm Machinery & Heavy Trucks - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 15,596               |                                            |                                                                                                                                 | Commercial Vehicle Group, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 142,236                                                               |
|   | 3,800                |                                            |                                                                                                                                 | Joy Global, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 220,400                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 362,636                                                               |
|   |                 |                                            |                                                                                                                                 | Industrial Machinery - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 1,142                |                                            |                                                                                                                                 | ESCO Technologies, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 40,187                                                                |
|   | 4,579                |                                            |                                                                                                                                 | Kennametal, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 202,850                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 243,037                                                               |
|   |                 |                                            |                                                                                                                                 | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 1,326,252                                                             |
|   |                 |                                            |                                                                                                                                 | Transportation - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Marine - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   | 161,006              |                                            |                                                                                                                                 | Horizon Lines, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 119,144                                                               |
|   |                 |                                            |                                                                                                                                 | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 119,144                                                               |
|   |                 |                                            |                                                                                                                                 | Consumer Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Hotels, Resorts & Cruise Lines - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 952                  |                                            | NR/NR                                                                                                                                | Perseus Holding Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 2,380                                                                 |
|   |                 |                                            |                                                                                                                                 | Restaurants - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   | 2,314                |                                            |                                                                                                                                 | Starbucks Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 169,801                                                               |
|   |                 |                                            |                                                                                                                                 | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 172,181                                                               |
|   |                 |                                            |                                                                                                                                 | Household & Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   | 1,769                |                                            |                                                                                                                                 | Nu Skin Enterprises, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 146,562                                                               |
|   |                 |                                            |                                                                                                                                 | Total Household & Personal Products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 146,562                                                               |
|   |                 |                                            |                                                                                                                                 | Health Care Equipment & Services - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Health Care Supplies - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 2,700                |                                            |                                                                                                                                 | Alere, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 92,745                                                                |
|   |                 |                                            |                                                                                                                                 | Health Care Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 9,932                |                                            |                                                                                                                                 | BioScrip, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 69,325                                                                |
|   |                 |                                            |                                                                                                                                 | Managed Health Care - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                  |
|   | 4,000                |                                            |                                                                                                                                 | Aetna, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 299,880                                                               |
|   | 4,200                |                                            |                                                                                                                                 | Cigna Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 351,666                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 651,546                                                               |
|   |                 |                                            |                                                                                                                                 | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 813,616                                                               |
|   |                 |                                            |                                                                                                                                 | Pharmaceuticals, Biotechnology & Life Sciences - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Biotechnology - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | 4,256                |                                            |                                                                                                                                 | Cubist Pharmaceuticals, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 311,326                                                               |
|   | 2,363                |                                            |                                                                                                                                 | Vertex Pharmaceuticals, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 167,111                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 478,437                                                               |
|   |                 |                                            |                                                                                                                                 | Life Sciences Tools & Services - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   | 1,866                |                                            |                                                                                                                                 | Bio-Rad Laboratories, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 239,072                                                               |
|   | 4,006                |                                            |                                                                                                                                 | Thermo Fisher Scientific, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 481,681                                                               |
|   | 1,607                |                                            |                                                                                                                                 | Waters Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 174,215                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 894,968                                                               |
|   |                 |                                            |                                                                                                                                 | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 1,373,405                                                             |
|   |                 |                                            |                                                                                                                                 | Real Estate - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Real Estate Operating Companies - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   | 24,050               |                                            |                                                                                                                                 | Forest City Enterprises, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 459,355                                                               |
|   |                 |                                            |                                                                                                                                 | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 459,355                                                               |
|   |                 |                                            |                                                                                                                                 | Technology Hardware & Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Computer Storage & Peripherals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   | 3,800                |                                            |                                                                                                                                 | EMC Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 104,158                                                               |
|   |                 |                                            |                                                                                                                                 | Electronic Equipment Manufacturers - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   | 6,534                |                                            |                                                                                                                                 | Itron, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 232,218                                                               |
|   |                 |                                            |                                                                                                                                 | Electronic Manufacturing Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   | 3,230                |                                            |                                                                                                                                 | TE Connectivity, Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 194,478                                                               |
|   |                 |                                            |                                                                                                                                 | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 530,854                                                               |
|   |                 |                                            |                                                                                                                                 | Telecommunication Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Integrated Telecommunication Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   | 25,476               |                                            |                                                                                                                                 | Windstream Holdings, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 209,922                                                               |
|   |                 |                                            |                                                                                                                                 | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 209,922                                                               |
|   |                 |                                            |                                                                                                                                 | TOTAL COMMON STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | (Cost $4,967,641)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 6,793,394                                                             |
|   | Principal Amount ($) |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                 |                                            |                                                                                                                                 | ASSET BACKED SECURITIES - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Banks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Thrifts & Mortgage Finance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                  |
|   | 100,000              |                                            | CCC/C                                                                                                                                | Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 90,883                                                                |
|   |                 |                                            |                                                                                                                                 | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 90,883                                                                |
|   |                 |                                            |                                                                                                                                 | Diversified Financials - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Other Diversified Financial Services - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   | 19,936               |                                            | BBB/NR                                                                                                                               | Mid-State Capital Trust 2010-1, 7.0%, 12/15/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 20,721                                                                |
|   |                 |                                            |                                                                                                                                 | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 20,721                                                                |
|   |                 |                                            |                                                                                                                                 | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | (Cost $112,511)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 111,604                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | COLLATERALIZED MORTGAGE OBLIGATIONS - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Banks - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Thrifts & Mortgage Finance - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                  |
|   | 62,766               |                                            | CCC/Caa3                                                                                                                             | Global Mortgage Securitization, Ltd., 5.25%, 4/25/32 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 49,608                                                                |
|   | 100,000              | 5.99                                            | BB+/Ba2                                                                                                                              | GS Mortgage Securities Corp. II Commercial Mortgage Pass Through Certificates Series 2004-GG2, Floating Rate Note, 8/10/38                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 99,931  |
|   | 38,799               |                                            | BB/Ba3                                                                                                                               | RALI Series 2003-QS15 Trust, 5.5%, 8/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 40,435                                                                |
|   | 450,000              |                                            | BB/B1                                                                                                                                | TimberStar Trust 1, 7.5296%, 10/15/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 458,808                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 648,782                                                               |
|   |                 |                                            |                                                                                                                                 | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 648,782                                                               |
|   |                 |                                            |                                                                                                                                 | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | (Cost $648,798)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 648,782                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | CORPORATE BONDS - 60.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Energy - 17.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Drilling - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   | 350,000              |                                            | BB/Ba3                                                                                                                               | Atwood Oceanics, Inc., 6.5%, 2/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 376,250                                                               |
|   | 100,000              |                                            | B/B3                                                                                                                                 | Hercules Offshore, Inc., 7.5%, 10/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 101,000                                                               |
|   | 200,000              |                                            | NR/NR                                                                                                                                | North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 196,000                                                               |
|   | 190,000              |                                            | CCC+/Caa1                                                                                                                            | Ocean Rig UDW, Inc., 7.25%, 4/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 189,762                                                               |
|   | 150,000              |                                            | B-/B3                                                                                                                                | Offshore Group Investment, Ltd., 7.125%, 4/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 152,625                                                               |
|   | 200,000              |                                            | B-/B3                                                                                                                                | Offshore Group Investment, Ltd., 7.5%, 11/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 213,000                                                               |
|   | 150,000              |                                            | B+/B1                                                                                                                                | Pacific Drilling SA, 5.375%, 6/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 148,875                                                               |
|   | 310,000              |                                            | B+/B1                                                                                                                                | Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 335,575                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,713,087                                                             |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Equipment & Services - 2.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   | 300,000              |                                            | B+/B2                                                                                                                                | Basic Energy Services, Inc., 7.75%, 2/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 322,125                                                               |
|   | 160,000              |                                            | BB-/Ba3                                                                                                                              | Bristow Group, Inc., 6.25%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 169,600                                                               |
|   | 95,000               |                                            | BB-/B1                                                                                                                               | Calfrac Holdings LP, 7.5%, 12/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 99,750                                                                |
|   | 225,000              |                                            | NR/B1                                                                                                                                | Exterran Partners LP, 6.0%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 221,335                                                               |
|   | 398,000              |                                            | B/B1                                                                                                                                 | Exterran Partners LP, 6.0%, 4/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 396,010                                                               |
|   | 350,000              |                                            | BB/Ba3                                                                                                                               | Forum Energy Technologies, Inc., 6.25%, 10/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 371,000                                                               |
|   | 2,000                |                                            | NR/NR                                                                                                                                | Green Field Energy Services, Inc., 11/15/16 (144A) (c) (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 140                                                                   |
|   | 165,000              |                                            | B-/B3                                                                                                                                | Hiland Partners LP, 7.25%, 10/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 179,438                                                               |
|   | 50,000               |                                            | BB-/B1                                                                                                                               | Key Energy Services, Inc., 6.75%, 3/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 52,562                                                                |
|   | 105,000              |                                            | B/B3                                                                                                                                 | Seitel, Inc., 9.5%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 108,675                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,920,635                                                             |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Exploration & Production - 10.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   | 120,000              |                                            | BB-/B1                                                                                                                               | Antero Resources Finance Corp., 6.0%, 12/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 127,650                                                               |
|   | 100,000              |                                            | CCC+/Caa1                                                                                                                            | Aurora USA Oil & Gas, Inc., 7.5%, 4/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 110,250                                                               |
|   | 150,000              |                                            | BB-/B1                                                                                                                               | Berry Petroleum Co., LLC, 6.375%, 9/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 155,250                                                               |
|   | 55,000               |                                            | B-/B3                                                                                                                                | Bonanza Creek Energy, Inc., 6.75%, 4/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 58,712                                                                |
|   | 130,000              |                                            | B-/B3                                                                                                                                | BreitBurn Energy Partners LP, 7.875%, 4/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 140,725                                                               |
|   | 520,000              |                                            | B-/B3                                                                                                                                | Carrizo Oil & Gas, Inc., 8.625%, 10/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 557,700                                                               |
|   | 100,000              |                                            | B-/B3                                                                                                                                | Chaparral Energy, Inc., 7.625%, 11/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 108,250                                                               |
|   | 100,000              |                                            | BB+/Ba1                                                                                                                              | Cimarex Energy Co., 5.875%, 5/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 108,500                                                               |
|   | 160,000              |                                            | B-/B3                                                                                                                                | Comstock Resources, Inc., 7.75%, 4/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 170,400                                                               |
|   | 150,000              |                                            | BB+/Ba3                                                                                                                              | Concho Resources, Inc., 5.5%, 4/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 156,000                                                               |
|   | 100,000              |                                            | BBB-/Baa3                                                                                                                            | Continental Resources, Inc., 5.0%, 9/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 105,000                                                               |
|   | 195,000              |                                            | BB/B1                                                                                                                                | Denbury Resources, Inc., 4.625%, 7/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 181,350                                                               |
|   | 155,000              |                                            | B+/B3                                                                                                                                | Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 162,362                                                               |
|   | 200,000              |                                            | B/B2                                                                                                                                 | EP Energy LLC, 7.75%, 9/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 224,500                                                               |
|   | 400,000              |                                            | B/B2                                                                                                                                 | EP Energy LLC, 9.375%, 5/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 462,500                                                               |
|   | 195,000              |                                            | B-/B3                                                                                                                                | EPL Oil & Gas, Inc., 8.25%, 2/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 211,088                                                               |
|   | 245,000              |                                            | CCC+/B3                                                                                                                              | Gulfport Energy Corp., 7.75%, 11/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 266,438                                                               |
|   | 225,000              |                                            | CCC+/Caa1                                                                                                                            | Halcon Resources Corp., 8.875%, 5/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 233,438                                                               |
|   | 50,000               |                                            | B-/B3                                                                                                                                | Jones Energy Holdings LLC, 6.75%, 4/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 50,938                                                                |
|   | 100,000              |                                            | B/B3                                                                                                                                 | Kodiak Oil & Gas Corp., 5.5%, 1/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 102,625                                                               |
|   | 100,000              |                                            | B/B3                                                                                                                                 | Kodiak Oil & Gas Corp., 5.5%, 2/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 102,375                                                               |
|   | 355,000              |                                            | B/B3                                                                                                                                 | Kodiak Oil & Gas Corp., 8.125%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 393,606                                                               |
|   | 150,000              |                                            | B-/NR                                                                                                                                | Legacy Reserves LP, 6.625%, 12/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 149,625                                                               |
|   | 400,000              |                                            | B+/B1                                                                                                                                | Linn Energy LLC, 7.0%, 11/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 417,000                                                               |
|   | 135,000              |                                            | B-/Caa1                                                                                                                              | Memorial Production Partners LP, 7.625%, 5/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 142,425                                                               |
|   | 160,000              |                                            | CCC+/Caa1                                                                                                                            | Midstates Petroleum Co., Inc., 10.75%, 10/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 176,800                                                               |
|   | 535,000              |                                            | B-/Caa1                                                                                                                              | Northern Oil and Gas, Inc., 8.0%, 6/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 568,438                                                               |
|   | 80,000               |                                            | B+/B2                                                                                                                                | Oasis Petroleum, Inc., 6.5%, 11/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 86,000                                                                |
|   | 185,000              |                                            | B-/B3                                                                                                                                | PDC Energy, Inc., 7.75%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 202,575                                                               |
|   | 190,000              |                                            | B-/Caa1                                                                                                                              | Penn Virginia Corp., 7.25%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 201,875                                                               |
|   | 150,000              |                                            | B-/Caa1                                                                                                                              | Penn Virginia Corp., 8.5%, 5/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 166,875                                                               |
|   | 160,000              |                                            | B-/Caa1                                                                                                                              | QR Energy LP, 9.25%, 8/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 171,200                                                               |
|   | 175,000              |                                            | BB/Ba2                                                                                                                               | Range Resources Corp., 5.0%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 177,188                                                               |
|   | 350,000              |                                            | B-/B3                                                                                                                                | Resolute Energy Corp., 8.5%, 5/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 365,750                                                               |
|   | 385,000              |                                            | BB-/B2                                                                                                                               | Rosetta Resources, Inc., 5.625%, 5/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 393,662                                                               |
|   | 155,000              |                                            | BB-/B2                                                                                                                               | Rosetta Resources, Inc., 5.875%, 6/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 158,488                                                               |
|   | 325,000              |                                            | CCC+/B3                                                                                                                              | Samson Investment Co., 10.5%, 2/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 354,250                                                               |
|   | 360,000              |                                            | B-/B3                                                                                                                                | Sanchez Energy Corp., 7.75%, 6/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 384,300                                                               |
|   | 85,000               |                                            | BB-/Ba3                                                                                                                              | SM Energy Co., 6.5%, 11/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 91,800                                                                |
|   | 265,000              |                                            | B-/B3                                                                                                                                | Stone Energy Corp., 7.5%, 11/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 286,862                                                               |
|   | 595,000              |                                            | B+/B3                                                                                                                                | Swift Energy Co., 7.875%, 3/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 595,000                                                               |
|   | 105,000              |                                            | CCC+/Caa1                                                                                                                            | Talos Production LLC, 9.75%, 2/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 109,988                                                               |
|   | 100,000              |                                            | B/B3                                                                                                                                 | Vanguard Natural Resources LLC, 7.875%, 4/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 107,750                                                               |
|   | 200,000              |                                            | BB+/Ba2                                                                                                                              | Whiting Petroleum Corp., 5.75%, 3/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 215,000                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 9,712,508                                                             |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Refining & Marketing - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   | 525,000              |                                            | B+/B2                                                                                                                                | Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 528,938                                                               |
|   | 235,000              |                                            | BB+/Ba2                                                                                                                              | Tesoro Corp., 5.375%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 241,756                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 770,694                                                               |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Storage & Transportation - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 100,000              |                                            | B+/NR                                                                                                                                | Atlas Pipeline Partners LP, 4.75%, 11/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 95,000                                                                |
|   | 65,000               |                                            | B/B1                                                                                                                                 | Genesis Energy LP, 5.75%, 2/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 67,275                                                                |
|   | 150,000              |                                            | BB-/B1                                                                                                                               | Holly Energy Partners LP, 6.5%, 3/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 159,375                                                               |
|   | 395,000              |                                            | BB+/Ba3                                                                                                                              | Sabine Pass Liquefaction LLC, 5.625%, 2/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 407,344                                                               |
|   | 220,000              |                                            | BB/Ba3                                                                                                                               | Targa Resources Partners LP, 4.25%, 11/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 204,050                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 933,044                                                               |
|   |                 |                                            |                                                                                                                                 | Coal & Consumable Fuels - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   | 100,000              |                                            | B-/Caa1                                                                                                                              | Murray Energy Corp., 8.625%, 6/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 105,250                                                               |
|   | 200,000              |                                            | BB-/B1                                                                                                                               | SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 213,500                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 318,750                                                               |
|   |                 |                                            |                                                                                                                                 | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 15,368,718                                                            |
|   |                 |                                            |                                                                                                                                 | Materials - 6.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Commodity Chemicals - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                  |
|   | 500,000              |                                            | BB/Ba3                                                                                                                               | Axiall Corp., 4.875%, 5/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 490,625                                                               |
|   | 200,000              |                                            | CCC+/B3                                                                                                                              | Hexion US Finance Corp., 8.875%, 2/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 208,000                                                               |
|   | 125,000              |                                            | BB-/B2                                                                                                                               | Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 130,625                                                               |
|   | 200,000              |                                            | BB-/B2                                                                                                                               | Tronox Finance LLC, 6.375%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 205,500                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,034,750                                                             |
|   |                 |                                            |                                                                                                                                 | Specialty Chemicals - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                  |
|   | 200,000              |                                            | B/B1                                                                                                                                 | Rentech Nitrogen Partners LP, 6.5%, 4/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 196,000                                                               |
|   |                 |                                            |                                                                                                                                 | Metal & Glass Containers - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   | 215,000              |                                            | BB+/Ba1                                                                                                                              | Ball Corp., 4.0%, 11/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 201,025                                                               |
|   | 50,000               |                                            | CCC+/Caa2                                                                                                                            | Beverage Packaging Holdings Luxembourg II SA, 6.0%, 6/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 51,750                                                                |
|   | 765,000              |                                            | BB-/Ba3                                                                                                                              | Crown Cork & Seal Co., Inc., 7.375%, 12/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 849,153                                                               |
|   | 225,000              |                                            | CCC+/Caa2                                                                                                                            | Reynolds Group Issuer, Inc., 8.25%, 2/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 245,531                                                               |
|   | 350,000              |                                            | CCC+/Caa2                                                                                                                            | Reynolds Group Issuer, Inc., 8.5%, 5/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 367,062                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,714,521                                                             |
|   |                 |                                            |                                                                                                                                 | Paper Packaging - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   | 200,000              |                                            | B-/NR                                                                                                                                | Exopack Holding Corp., 10.0%, 6/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 217,000                                                               |
|   | 285,000              |                                            | B/B3                                                                                                                                 | Packaging Dynamics Corp., 8.75%, 2/1/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 292,481                                                               |
|   | 310,000              |                                            | BB/B1                                                                                                                                | Sealed Air Corp., 6.875%, 7/15/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 311,550                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 821,031                                                               |
|   |                 |                                            |                                                                                                                                 | Aluminum - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                  |
|   | 200,000              |                                            | BB-/Ba3                                                                                                                              | Kaiser Aluminum Corp., 8.25%, 6/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 225,500                                                               |
|   |                 |                                            |                                                                                                                                 | Diversified Metals & Mining - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   | 250,000              |                                            | B/B3                                                                                                                                 | Global Brass & Copper, Inc., 9.5%, 6/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 288,750                                                               |
|   | 55,000               |                                            | B/Caa1                                                                                                                               | Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 61,738                                                                |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 350,488                                                               |
|   |                 |                                            |                                                                                                                                 | Gold - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 100,000              |                                            | BB/Ba3                                                                                                                               | Eldorado Gold Corp., 6.125%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 100,000                                                               |
|   | 240,000              |                                            | BB-/B1                                                                                                                               | IAMGOLD Corp., 6.75%, 10/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 213,600                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 313,600                                                               |
|   |                 |                                            |                                                                                                                                 | Steel - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   | 265,000              |                                            | CCC/Caa2                                                                                                                             | Essar Steel Algoma, Inc., 9.875%, 6/15/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 172,250                                                               |
|   | 230,000              |                                            | B-/Caa1                                                                                                                              | JMC Steel Group, Inc., 8.25%, 3/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 235,175                                                               |
|   | 145,000              |                                            | BB+/Ba2                                                                                                                              | Steel Dynamics, Inc., 6.375%, 8/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 157,688                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 565,113                                                               |
|   |                 |                                            |                                                                                                                                 | Forest Products - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   | 235,000              |                                            | B-/B3                                                                                                                                | Millar Western Forest Products, Ltd., 8.5%, 4/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 247,338                                                               |
|   |                 |                                            |                                                                                                                                 | Paper Products - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                  |
|   | 150,000              |                                            | BB/Ba2                                                                                                                               | Clearwater Paper Corp., 4.5%, 2/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 144,375                                                               |
|   | 265,000              |                                            | BB-/Ba3                                                                                                                              | Resolute Forest Products, Inc., 5.875%, 5/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 258,375                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 402,750                                                               |
|   |                 |                                            |                                                                                                                                 | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 5,871,091                                                             |
|   |                 |                                            |                                                                                                                                 | Capital Goods - 5.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Aerospace & Defense - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   | 300,000              |                                            | CCC+/Caa1                                                                                                                            | Accudyne Industries Borrower, 7.75%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 323,250                                                               |
|   | 200,000              |                                            | BB-/Ba3                                                                                                                              | Bombardier, Inc., 4.75%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 200,000                                                               |
|   | 275,000              |                                            | BB-/Ba3                                                                                                                              | Bombardier, Inc., 6.0%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 275,000                                                               |
|   | 110,000              |                                            | BB-/Ba3                                                                                                                              | Bombardier, Inc., 6.125%, 1/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 111,100                                                               |
|   | 210,000              |                                            | BB/B1                                                                                                                                | DigitalGlobe, Inc., 5.25%, 2/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 207,375                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,116,725                                                             |
|   |                 |                                            |                                                                                                                                 | Building Products - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   | 100,000              |                                            | BB-/NR                                                                                                                               | Gibraltar Industries, Inc., 6.25%, 2/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 106,625                                                               |
|   | 330,000              |                                            | BB-/B1                                                                                                                               | Griffon Corp., 5.25%, 3/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 326,700                                                               |
|   | 80,000               |                                            | B-/Caa1                                                                                                                              | Unifrax I LLC, 7.5%, 2/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 84,800                                                                |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 518,125                                                               |
|   |                 |                                            |                                                                                                                                 | Industrial Conglomerates - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                  |
|   | 240,000              |                                            | B+/B2                                                                                                                                | JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 256,800                                                               |
|   | 200,000              |                                            | B-/B3                                                                                                                                | Park-Ohio Industries, Inc., 8.125%, 4/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 223,000                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 479,800                                                               |
|   |                 |                                            |                                                                                                                                 | Construction & Farm Machinery & Heavy Trucks - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 370,000              |                                            | CCC-/B3                                                                                                                              | Navistar International Corp., 8.25%, 11/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 377,400                                                               |
|   | 350,000              |                                            | B+/B1                                                                                                                                | Titan International, Inc., 6.875%, 10/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 371,000                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 748,400                                                               |
|   |                 |                                            |                                                                                                                                 | Industrial Machinery - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 400,000              |                                            | B-/Caa1                                                                                                                              | BC Mountain LLC, 7.0%, 2/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 396,000                                                               |
|   | 100,000              |                                            | B/B2                                                                                                                                 | Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 104,000                                                               |
|   | 100,000              |                                            | B-/Caa1                                                                                                                              | Gardner Denver, Inc., 6.875%, 8/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 103,000                                                               |
|   | 250,000              |                                            | B/B1                                                                                                                                 | Mcron Finance Sub LLC, 8.375%, 5/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 276,250                                                               |
|   | 235,000              |                                            | B/B3                                                                                                                                 | Xerium Technologies, Inc., 8.875%, 6/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 250,862                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,130,112                                                             |
|   |                 |                                            |                                                                                                                                 | Trading Companies & Distributors - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 175,000              |                                            | BB+/NR                                                                                                                               | Aviation Capital Group Corp., 6.75%, 4/6/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 193,069                                                               |
|   | 200,000              |                                            | B/B2                                                                                                                                 | Avis Budget Car Rental LLC, 5.5%, 4/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 201,500                                                               |
|   | 200,000              |                                            | BB/Ba3                                                                                                                               | Rexel SA, 5.25%, 6/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 204,500                                                               |
|   | 25,000               |                                            | B/B2                                                                                                                                 | The Hertz Corp., 6.25%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 26,750                                                                |
|   | 125,000              |                                            | BB-/B2                                                                                                                               | United Rentals North America, Inc., 5.75%, 11/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 125,938                                                               |
|   | 200,000              |                                            | B+/B1                                                                                                                                | WESCO Distribution, Inc., 5.375%, 12/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 204,500                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 956,257                                                               |
|   |                 |                                            |                                                                                                                                 | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 4,949,419                                                             |
|   |                 |                                            |                                                                                                                                 | Commercial Services & Supplies - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Environmental & Facilities Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   | 110,000              |                                            | B/B3                                                                                                                                 | Safway Group Holding LLC, 7.0%, 5/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 117,150                                                               |
|   |                 |                                            |                                                                                                                                 | Diversified Support Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   | 230,000              |                                            | B/Caa2                                                                                                                               | NANA Development Corp., 9.5%, 3/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 235,750                                                               |
|   |                 |                                            |                                                                                                                                 | Security & Alarm Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | 165,000              |                                            | BB+/Ba2                                                                                                                              | Allegion US Holding Co, Inc., 5.75%, 10/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 173,662                                                               |
|   |                 |                                            |                                                                                                                                 | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 526,562                                                               |
|   |                 |                                            |                                                                                                                                 | Transportation - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Airlines - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                  |
|   | 100,000              |                                            | BB+/Ba3                                                                                                                              | Air Canada 2013-1 Class B Pass Through Trust, 5.375%, 11/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 101,500                                                               |
|   | 14,259               |                                            | BB+/Ba2                                                                                                                              | Continental Airlines 1997-4 Class B Pass Through Trust, 6.9%, 1/2/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 14,713                                                                |
|   | 125,000              |                                            | NR/NR                                                                                                                                | Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 129,375                                                               |
|   | 100,000              |                                            | B/B2                                                                                                                                 | United Continental Holdings, Inc., 6.375%, 6/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 107,875                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 353,463                                                               |
|   |                 |                                            |                                                                                                                                 | Trucking - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                  |
|   | 200,000              |                                            | CCC+/Caa1                                                                                                                            | syncreon Group BV, 8.625%, 11/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 208,500                                                               |
|   |                 |                                            |                                                                                                                                 | Airport Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   | 150,000              |                                            | B/B2                                                                                                                                 | Aguila 3 SA, 7.875%, 1/31/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 159,375                                                               |
|   |                 |                                            |                                                                                                                                 | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 721,338                                                               |
|   |                 |                                            |                                                                                                                                 | Automobiles & Components - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Auto Parts & Equipment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 145,000              |                                            | BB+/B2                                                                                                                               | Dana Holding Corp., 6.0%, 9/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 150,981                                                               |
|   | 100,000              |                                            | BB-/Ba3                                                                                                                              | LKQ Corp., 4.75%, 5/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 94,750                                                                |
|   | 115,000              |                                            | B-/B3                                                                                                                                | Meritor, Inc., 6.75%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 121,612                                                               |
|   | 95,000               |                                            | B+/B2                                                                                                                                | Stackpole International Intermediate, 7.75%, 10/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 101,769                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 469,112                                                               |
|   |                 |                                            |                                                                                                                                 | Tires & Rubber - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   | 85,000               |                                            | B+/B1                                                                                                                                | The Goodyear Tire & Rubber Co., 7.0%, 5/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 94,350                                                                |
|   |                 |                                            |                                                                                                                                 | Automobile Manufacturers - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                  |
|   | 115,000              |                                            | B/B1                                                                                                                                 | Chrysler Group LLC, 8.0%, 6/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 125,925                                                               |
|   | 200,000              |                                            | B/B1                                                                                                                                 | Chrysler Group LLC, 8.25%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 226,250                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 352,175                                                               |
|   |                 |                                            |                                                                                                                                 | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 915,637                                                               |
|   |                 |                                            |                                                                                                                                 | Consumer Durables & Apparel - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Homebuilding - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   | 365,000              |                                            | CCC/Caa2                                                                                                                             | Beazer Homes USA, Inc., 9.125%, 6/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 385,988                                                               |
|   | 100,000              |                                            | BB-/B2                                                                                                                               | Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 106,500                                                               |
|   | 250,000              |                                            | B/B2                                                                                                                                 | KB Home, 7.0%, 12/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 269,062                                                               |
|   | 190,000              |                                            | B/B2                                                                                                                                 | KB Home, 7.5%, 9/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 208,050                                                               |
|   | 175,000              |                                            | BB-/Ba3                                                                                                                              | Lennar Corp., 4.5%, 6/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 178,062                                                               |
|   | 225,000              |                                            | BB-/Ba3                                                                                                                              | Lennar Corp., 4.75%, 11/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 218,812                                                               |
|   | 115,000              |                                            | B+/Ba3                                                                                                                               | Meritage Homes Corp., 7.0%, 4/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 126,788                                                               |
|   | 75,000               |                                            | B/B2                                                                                                                                 | Rialto Holdings LLC, 7.0%, 12/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 77,250                                                                |
|   | 105,000              |                                            | BB-/B1                                                                                                                               | The Ryland Group, Inc., 5.375%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 104,212                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,674,724                                                             |
|   |                 |                                            |                                                                                                                                 | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 1,674,724                                                             |
|   |                 |                                            |                                                                                                                                 | Consumer Services - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Casinos & Gaming - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 605,330              |                                            | NR/NR                                                                                                                                | Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 90,800                                                                |
|   | 200,000              |                                            | B+/B3                                                                                                                                | MGM Resorts International, Inc., 6.75%, 10/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 221,750                                                               |
|   | 200,000              |                                            | B/B2                                                                                                                                 | Scientific Games International, Inc., 6.25%, 9/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 210,000                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 522,550                                                               |
|   |                 |                                            |                                                                                                                                 | Hotels, Resorts & Cruise Lines - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   | 210,000              |                                            | B+/B3                                                                                                                                | Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 238,350                                                               |
|   |                 |                                            |                                                                                                                                 | Restaurants - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   | 150,000              |                                            | B-/Caa1                                                                                                                              | Burger King Capital Holdings LLC, 4/15/19 (Step) (144A) ©                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 137,250                                                               |
|   |                 |                                            |                                                                                                                                 | Education Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   | 130,000              |                                            | CCC/Caa1                                                                                                                             | Cambium Learning Group, Inc., 9.75%, 2/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 131,300                                                               |
|   |                 |                                            |                                                                                                                                 | Specialized Consumer Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | 330,000              |                                            | BB-/Ba3                                                                                                                              | Sotheby's, 5.25%, 10/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 322,575                                                               |
|   |                 |                                            |                                                                                                                                 | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 1,352,025                                                             |
|   |                 |                                            |                                                                                                                                 | Media - 4.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Advertising - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   | 175,000              |                                            | B-/B3                                                                                                                                | MDC Partners, Inc., 6.75%, 4/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 184,188                                                               |
|   | 150,000              |                                            | BB/B1                                                                                                                                | The Nielsen Co Luxembourg SARL, 5.5%, 10/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 156,562                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 340,750                                                               |
|   |                 |                                            |                                                                                                                                 | Broadcasting - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   | 350,000              |                                            | B+/B2                                                                                                                                | Quebecor Media, Inc., 5.75%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 350,875                                                               |
|   | 150,000              |                                            | B/B1                                                                                                                                 | Sinclair Television Group, Inc., 6.375%, 11/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 156,000                                                               |
|   | 145,000              |                                            | B/B3                                                                                                                                 | Townsquare Radio LLC, 9.0%, 4/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 159,500                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 666,375                                                               |
|   |                 |                                            |                                                                                                                                 | Cable & Satellite - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   | 200,000              |                                            | BB-/B1                                                                                                                               | CCO Holdings LLC, 5.25%, 3/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 201,500                                                               |
|   | 250,000              |                                            | BB-/B1                                                                                                                               | CCO Holdings LLC, 6.5%, 4/30/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 265,000                                                               |
|   | 225,000              |                                            | B+/B3                                                                                                                                | Intelsat Jackson Holdings SA, 7.25%, 4/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 241,875                                                               |
|   | 125,000              |                                            | B-/Caa2                                                                                                                              | Intelsat Luxembourg SA, 7.75%, 6/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 131,562                                                               |
|   | 115,000              |                                            | BB/B1                                                                                                                                | Sirius XM Holdings, Inc., 4.625%, 5/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 108,388                                                               |
|   | 375,000              |                                            | BB/Ba2                                                                                                                               | Videotron, Ltd., 5.375%, 6/15/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 376,875                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,325,200                                                             |
|   |                 |                                            |                                                                                                                                 | Movies & Entertainment - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 220,000              |                                            | BB-/B2                                                                                                                               | Cinemark USA, Inc., 4.875%, 6/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 211,475                                                               |
|   | 225,000              |                                            | B+/B3                                                                                                                                | Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 246,094                                                               |
|   | 100,000              |                                            | B-/B3                                                                                                                                | Regal Entertainment Group, 5.75%, 3/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 103,000                                                               |
|   | 194,000              |                                            | B-/B3                                                                                                                                | Regal Entertainment Group, 5.75%, 6/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 196,910                                                               |
|   | 180,000              |                                            | B-/B3                                                                                                                                | Regal Entertainment Group, Inc., 5.75%, 2/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 175,950                                                               |
|   | 25,000               |                                            | B+/B1                                                                                                                                | WMG Acquisition Corp., 5.625%, 4/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 25,375                                                                |
|   | 325,000              |                                            | B/Caa1                                                                                                                               | WMG Acquisition Corp., 6.75%, 4/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 327,031                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,285,835                                                             |
|   |                 |                                            |                                                                                                                                 | Publishing - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 280,000              |                                            | BB/Ba1                                                                                                                               | Gannett Co., Inc., 6.375%, 10/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 297,150                                                               |
|   |                 |                                            |                                                                                                                                 | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 3,915,310                                                             |
|   |                 |                                            |                                                                                                                                 | Retailing - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Department Stores - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   | 310,000              |                                            | CCC+/Caa2                                                                                                                            | Neiman Marcus Group, Ltd. LLC, 8.0%, 10/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 340,612                                                               |
|   |                 |                                            |                                                                                                                                 | Computer & Electronics Retail - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   | 100,000              |                                            | B+/B1                                                                                                                                | Rent-A-Center, Inc., 4.75%, 5/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 93,250                                                                |
|   |                 |                                            |                                                                                                                                 | Automotive Retail - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   | 105,000              |                                            | BB-/Ba3                                                                                                                              | CST Brands, Inc., 5.0%, 5/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 103,162                                                               |
|   |                 |                                            |                                                                                                                                 | Total Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 537,024                                                               |
|   |                 |                                            |                                                                                                                                 | Food, Beverage & Tobacco - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Distillers & Vintners - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   | 145,000              |                                            | BB+/Ba1                                                                                                                              | Constellation Brands, Inc., 3.75%, 5/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 141,738                                                               |
|   | 180,000              |                                            | BB+/Ba1                                                                                                                              | Constellation Brands, Inc., 4.25%, 5/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 175,950                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 317,688                                                               |
|   |                 |                                            |                                                                                                                                 | Packaged Foods & Meats - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 100,000              |                                            | BB-/B1                                                                                                                               | B&G Foods, Inc., 4.625%, 6/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 98,875                                                                |
|   | 93,000               |                                            | B/B1                                                                                                                                 | Chiquita Brands International, Inc., 7.875%, 2/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 103,811                                                               |
|   | 200,000              |                                            | CCC+/Caa1                                                                                                                            | Dole Food Co., Inc., 7.25%, 5/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 201,000                                                               |
|   | 205,000              |                                            | B/B1                                                                                                                                 | Post Holdings, Inc., 6.75%, 12/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 217,044                                                               |
|   | 75,000               |                                            | B/B1                                                                                                                                 | Post Holdings, Inc., 7.375%, 2/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 80,625                                                                |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 701,355                                                               |
|   |                 |                                            |                                                                                                                                 | Tobacco - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   | 365,000              |                                            | B-/Caa1                                                                                                                              | Alliance One International, Inc., 9.875%, 7/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 373,212                                                               |
|   |                 |                                            |                                                                                                                                 | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 1,392,255                                                             |
|   |                 |                                            |                                                                                                                                 | Household & Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   | 200,000              |                                            | B/B2                                                                                                                                 | Revlon Consumer Products Corp., 5.75%, 2/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 201,000                                                               |
|   |                 |                                            |                                                                                                                                 | Total Household & Personal Products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 201,000                                                               |
|   |                 |                                            |                                                                                                                                 | Health Care Equipment & Services - 3.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Health Care Equipment - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   | 285,000              |                                            | B+/B2                                                                                                                                | Physio-Control International, Inc., 9.875%, 1/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 319,912                                                               |
|   |                 |                                            |                                                                                                                                 | Health Care Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 150,000              |                                            | CCC+/Caa2                                                                                                                            | BioScrip, Inc., 8.875%, 2/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 156,375                                                               |
|   | 325,000              |                                            | CCC+/Caa2                                                                                                                            | Gentiva Health Services, Inc., 11.5%, 9/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 343,281                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 499,656                                                               |
|   |                 |                                            |                                                                                                                                 | Health Care Facilities - 2.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   | 350,000              |                                            | B/B3                                                                                                                                 | Capella Healthcare, Inc., 9.25%, 7/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 371,875                                                               |
|   | 730,000              |                                            | B-/B3                                                                                                                                | CHS, Inc., 7.125%, 7/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 792,050                                                               |
|   | 105,000              |                                            | BB/Ba3                                                                                                                               | HCA, Inc., 5.875%, 3/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 113,138                                                               |
|   | 75,000               |                                            | B-/B3                                                                                                                                | Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 75,188                                                                |
|   | 450,000              |                                            | B-/B3                                                                                                                                | Kindred Healthcare, Inc., 8.25%, 6/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 482,062                                                               |
|   | 370,000              |                                            | B+/B3                                                                                                                                | Universal Hospital Services, Inc., 7.625%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 395,900                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 2,230,213                                                             |
|   |                 |                                            |                                                                                                                                 | Managed Health Care - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                  |
|   | 225,000              |                                            | BB/Ba2                                                                                                                               | WellCare Health Plans, Inc., 5.75%, 11/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 236,250                                                               |
|   |                 |                                            |                                                                                                                                 | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 3,286,031                                                             |
|   |                 |                                            |                                                                                                                                 | Pharmaceuticals, Biotechnology & Life Sciences - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Biotechnology - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | 393,000              |                                            | B-/Caa2                                                                                                                              | Lantheus Medical Imaging, Inc., 9.75%, 5/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 391,035                                                               |
|   |                 |                                            |                                                                                                                                 | Pharmaceuticals - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   | 200,000              |                                            | B/B1                                                                                                                                 | Endo Finance LLC, 5.75%, 1/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 205,000                                                               |
|   | 150,000              |                                            | BB+/Ba1                                                                                                                              | Forest Laboratories, Inc., 4.375%, 2/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 157,875                                                               |
|   | 165,000              |                                            | CCC+/Caa2                                                                                                                            | JLL, 7.5%, 2/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 169,950                                                               |
|   | 120,000              |                                            | CCC+/Caa1                                                                                                                            | Par Pharmaceutical Companies, Inc., 7.375%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 129,900                                                               |
|   | 155,000              |                                            | B/B1                                                                                                                                 | Valeant Pharmaceuticals International, Inc., 5.625%, 12/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 162,750                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 825,475                                                               |
|   |                 |                                            |                                                                                                                                 | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 1,216,510                                                             |
|   |                 |                                            |                                                                                                                                 | Diversified Financials - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Other Diversified Financial Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 185,000              | 5.65                                            | BB/Ba1                                                                                                                               | Voya Financial, Inc., Floating Rate Note, 5/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 183,890                                                               |
|   |                 |                                            |                                                                                                                                 | Specialized Finance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                  |
|   | 75,000               |                                            | B+/B2                                                                                                                                | Nationstar Mortgage LLC, 6.5%, 7/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 70,688                                                                |
|   | 300,000              |                                            | B/B1                                                                                                                                 | Oxford Finance LLC, 7.25%, 1/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 318,000                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 388,688                                                               |
|   |                 |                                            |                                                                                                                                 | Consumer Finance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   | 40,000               |                                            | BB-/Ba2                                                                                                                              | General Motors Financial Co, Inc., 4.25%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 39,500                                                                |
|   |                 |                                            |                                                                                                                                 | Asset Management & Custody Banks - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 200,000              |                                            | BB+/Ba1                                                                                                                              | Neuberger Berman Group LLC, 5.875%, 3/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 213,000                                                               |
|   |                 |                                            |                                                                                                                                 | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 825,078                                                               |
|   |                 |                                            |                                                                                                                                 | Insurance - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Insurance Brokers - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   | 150,000              |                                            | CCC+/Caa2                                                                                                                            | USI, Inc. New York, 7.75%, 1/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 156,375                                                               |
|   |                 |                                            |                                                                                                                                 | Life & Health Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   | 200,000              |                                            | BB-/B1                                                                                                                               | Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 213,000                                                               |
|   |                 |                                            |                                                                                                                                 | Reinsurance - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   | 250,000              | 7.39                                            | BB-/NR                                                                                                                               | Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 256,575                                                               |
|   | 250,000              | 12.80                                           | NR/NR                                                                                                                                | Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 272,650 |
|   | 250,000              | 4.06                                            | BB/NR                                                                                                                                | Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 253,025                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 782,250                                                               |
|   |                 |                                            |                                                                                                                                 | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 1,151,625                                                             |
|   |                 |                                            |                                                                                                                                 | Real Estate - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Diversified REIT - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   | 375,000              |                                            | B/Ba3                                                                                                                                | CNL Lifestyle Properties, Inc., 7.25%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 393,750                                                               |
|   |                 |                                            |                                                                                                                                 | Mortgage REIT - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | 50,000               |                                            | B+/B3                                                                                                                                | iStar Financial, Inc., 4.875%, 7/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 51,250                                                                |
|   | 200,000              |                                            | NR/NR                                                                                                                                | NorthStar Realty Finance Corp., 3.0%, 9/30/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 199,640                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 250,890                                                               |
|   |                 |                                            |                                                                                                                                 | Office REIT - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   | 300,000              |                                            | BB/Ba1                                                                                                                               | DuPont Fabros Technology LP, 5.875%, 9/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 317,250                                                               |
|   |                 |                                            |                                                                                                                                 | Specialized REIT - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   | 100,000              |                                            | BB/Ba3                                                                                                                               | Aviv Healthcare Properties LP, 7.75%, 2/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 108,000                                                               |
|   |                 |                                            |                                                                                                                                 | Real Estate Development - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   | 300,000              |                                            | B/Ba3                                                                                                                                | The Howard Hughes Corp., 6.875%, 10/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 324,000                                                               |
|   |                 |                                            |                                                                                                                                 | Real Estate Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 60,000               |                                            | BB-/B2                                                                                                                               | Kennedy-Wilson, Inc., 5.875%, 4/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 60,000                                                                |
|   |                 |                                            |                                                                                                                                 | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 1,453,890                                                             |
|   |                 |                                            |                                                                                                                                 | Software & Services - 2.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Internet Software & Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   | 130,000              |                                            | BB/Ba3                                                                                                                               | Equinix, Inc., 5.375%, 4/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 132,600                                                               |
|   | 75,000               |                                            | BB+/Ba1                                                                                                                              | IAC, 4.875%, 11/30/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 78,281                                                                |
|   | 365,000              |                                            | BB/B1                                                                                                                                | j2 Global, Inc., 8.0%, 8/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 397,850                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 608,731                                                               |
|   |                 |                                            |                                                                                                                                 | IT Consulting & Other Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   | 275,000              |                                            | BB-/B3                                                                                                                               | Entegris, Inc., 6.0%, 4/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 281,188                                                               |
|   |                 |                                            |                                                                                                                                 | Data Processing & Outsourced Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   | 100,000              |                                            | BB-/Ba2                                                                                                                              | Audatex North America, Inc., 6.0%, 6/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 106,750                                                               |
|   | 100,000              |                                            | BB-/Ba2                                                                                                                              | Audatex North America, Inc., 6.125%, 11/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 106,375                                                               |
|   | 89,000               |                                            | B-/Caa1                                                                                                                              | First Data Corp., 12.625%, 1/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 105,910                                                               |
|   | 50,000               |                                            | B+/B1                                                                                                                                | First Data Corp., 7.375%, 6/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 53,750                                                                |
|   | 89,000               |                                            | B-/Caa1                                                                                                                              | First Data Corp., 8.25%, 1/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 96,565                                                                |
|   | 200,000              |                                            | BB/Ba3                                                                                                                               | WEX, Inc., 4.75%, 2/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 188,000                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 657,350                                                               |
|   |                 |                                            |                                                                                                                                 | Application Software - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 135,000              |                                            | BB/B2                                                                                                                                | ACI Worldwide, Inc., 6.375%, 8/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 142,256                                                               |
|   |                 |                                            |                                                                                                                                 | Systems Software - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   | 319,740              |                                            | NR/NR                                                                                                                                | Pegasus Solutions, Inc., 13.0%, 4/15/14 (144A) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 303,753                                                               |
|   |                 |                                            |                                                                                                                                 | Home Entertainment Software - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   | 150,000              |                                            | BB+/Ba2                                                                                                                              | Activision Blizzard, Inc., 5.625%, 9/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 160,500                                                               |
|   | 100,000              |                                            | BB+/Ba2                                                                                                                              | Activision Blizzard, Inc., 6.125%, 9/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 108,875                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 269,375                                                               |
|   |                 |                                            |                                                                                                                                 | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 2,262,653                                                             |
|   |                 |                                            |                                                                                                                                 | Technology Hardware & Equipment - 2.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Communications Equipment - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                  |
|   | 410,000              |                                            | BB+/Ba3                                                                                                                              | Brocade Communications Systems, Inc., 4.625%, 1/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 391,550                                                               |
|   | 125,000              |                                            | NR/NR                                                                                                                                | Emulex Corp., 1.75%, 11/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 125,469                                                               |
|   | 150,000              |                                            | B-/B2                                                                                                                                | ViaSat, Inc., 6.875%, 6/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 160,875                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 677,894                                                               |
|   |                 |                                            |                                                                                                                                 | Computer Hardware - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   | 210,000              |                                            | BB/Ba3                                                                                                                               | NCR Corp., 5.0%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 210,262                                                               |
|   |                 |                                            |                                                                                                                                 | Computer Storage & Peripherals - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   | 475,000              |                                            | BBB-/Ba1                                                                                                                             | Seagate HDD Cayman, 4.75%, 6/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 469,062                                                               |
|   |                 |                                            |                                                                                                                                 | Electronic Equipment Manufacturers - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   | 325,000              |                                            | B+/B1                                                                                                                                | Viasystems, Inc., 7.875%, 5/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 350,188                                                               |
|   |                 |                                            |                                                                                                                                 | Electronic Components - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   | 130,000              |                                            | B+/Ba2                                                                                                                               | Belden, Inc., 5.5%, 9/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 131,625                                                               |
|   |                 |                                            |                                                                                                                                 | Electronic Manufacturing Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   | 50,000               |                                            | BB+/Ba1                                                                                                                              | Flextronics International, Ltd., 4.625%, 2/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 50,438                                                                |
|   | 80,000               |                                            | BB+/Ba1                                                                                                                              | Flextronics International, Ltd., 5.0%, 2/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 80,600                                                                |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 131,038                                                               |
|   |                 |                                            |                                                                                                                                 | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,970,069                                                             |
|   |                 |                                            |                                                                                                                                 | Telecommunication Services - 4.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Integrated Telecommunication Services - 3.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   | 375,000              |                                            | BB/Ba2                                                                                                                               | CenturyLink, Inc., 6.45%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 403,125                                                               |
|   | 75,000               |                                            | BB/Ba2                                                                                                                               | CenturyLink, Inc., 6.75%, 12/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 79,594                                                                |
|   | 389,000              |                                            | B/B3                                                                                                                                 | Cincinnati Bell, Inc., 8.375%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 425,955                                                               |
|   | 731,000              |                                            | BB-/Ba2                                                                                                                              | Frontier Communications Corp., 8.75%, 4/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 834,254                                                               |
|   | 200,000              |                                            | BB-/Ba2                                                                                                                              | Frontier Communications Corp., 9.25%, 7/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 237,000                                                               |
|   | 105,000              |                                            | BB-/B1                                                                                                                               | tw telecom holdings inc, 5.375%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 107,100                                                               |
|   | 230,000              |                                            | B/B1                                                                                                                                 | Windstream Corp., 6.375%, 8/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 224,250                                                               |
|   | 405,000              |                                            | B/B1                                                                                                                                 | Windstream Corp., 7.5%, 6/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 427,275                                                               |
|   | 500,000              |                                            | B/B1                                                                                                                                 | Windstream Corp., 7.75%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 536,250                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 3,274,803                                                             |
|   |                 |                                            |                                                                                                                                 | Wireless Telecommunication Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                  |
|   | 195,000              |                                            | BB-/B1                                                                                                                               | Sprint Corp., 7.125%, 6/15/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 204,750                                                               |
|   | 80,000               |                                            | BB/Ba3                                                                                                                               | T-Mobile USA, Inc., 6.5%, 1/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 83,800                                                                |
|   | 360,000              |                                            | BB/Ba3                                                                                                                               | T-Mobile USA, Inc., 6.542%, 4/28/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 387,450                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 676,000                                                               |
|   |                 |                                            |                                                                                                                                 | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 3,950,803                                                             |
|   |                 |                                            |                                                                                                                                 | Utilities - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Gas Utilities - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | 100,000              |                                            | NR/Ba2                                                                                                                               | AmeriGas Finance LLC, 7.0%, 5/20/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 109,250                                                               |
|   |                 |                                            |                                                                                                                                 | Independent Power Producers & Energy Traders - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   | 330,000              |                                            | BB-/Ba3                                                                                                                              | AES Corp. Virginia, 4.875%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 315,150                                                               |
|   | 75,000               |                                            | BB-/Ba3                                                                                                                              | AES Corp. Virginia, 5.5%, 3/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 74,438                                                                |
|   | 450,000              |                                            | BB-/B1                                                                                                                               | NRG Energy, Inc., 6.625%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 466,875                                                               |
|   | 290,000              |                                            | BB-/B1                                                                                                                               | NRG Energy, Inc., 7.625%, 5/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 302,688                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,159,151                                                             |
|   |                 |                                            |                                                                                                                                 | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 1,268,401                                                             |
|   |                 |                                            |                                                                                                                                 | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | (Cost $52,486,153)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 54,810,163                                                            |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | SENIOR FLOATING RATE LOAN INTERESTS - 3.6% **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Energy - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Exploration & Production - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 60,000               | 8.12                                            | B-/B2                                                                                                                                | Fieldwood Energy LLC, Closing Date Loan (Second Lien), 9/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 62,566                                                                |
|   | 200,000              | 5.00                                            | B-/B1                                                                                                                                | Samson Investment Co., Tranche 1 Term Loan (Second Lien), 9/25/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 202,075                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 264,641                                                               |
|   |                 |                                            |                                                                                                                                 | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 264,641                                                               |
|   |                 |                                            |                                                                                                                                 | Capital Goods - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Industrial Conglomerates - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                  |
|   | 80,000               | 8.25                                            | B-/Caa1                                                                                                                              | Filtration Group Corp., Initial Term Loan (Second Lien), 11/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 82,150                                                                |
|   |                 |                                            |                                                                                                                                 | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 82,150                                                                |
|   |                 |                                            |                                                                                                                                 | Commercial Services & Supplies - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Diversified Commercial & Prof Svc - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   | 252,093              | 3.75                                            | NR/NR                                                                                                                                | Seven Seas Cruises S de RL LLC, Term B2 Loan, 12/21/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 252,723                                                               |
|   |                 |                                            |                                                                                                                                 | Security & Alarm Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | 186,215              | 4.25                                            | B/Ba3                                                                                                                                | Monitronics International, Inc., Term B Loan, 3/23/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 186,623                                                               |
|   |                 |                                            |                                                                                                                                 | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 439,346                                                               |
|   |                 |                                            |                                                                                                                                 | Automobiles & Components - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Auto Parts & Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                  |
|   | 169,433              | 5.00                                            | B+/B2                                                                                                                                | HHI Holdings LLC, Additional Term Loan, 10/5/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 170,774                                                               |
|   | 59,250               | 4.25                                            | NR/NR                                                                                                                                | Metaldyne LLC, Tranche B Term Loan, 12/18/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 59,565                                                                |
|   | 302,716              | 4.00                                            | BB-/B1                                                                                                                               | Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 302,716                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 533,055                                                               |
|   |                 |                                            |                                                                                                                                 | Automobile Manufacturers - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                  |
|   | 379,275              | 3.50                                            | BB+/Ba1                                                                                                                              | Chrysler Group LLC, Term Loan B, 5/24/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 379,986                                                               |
|   |                 |                                            |                                                                                                                                 | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 913,041                                                               |
|   |                 |                                            |                                                                                                                                 | Consumer Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Restaurants - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   | 105,191              | 4.00                                            | BB-/Ba3                                                                                                                              | Landry's, Inc., B Term Loan, 4/24/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 105,993                                                               |
|   |                 |                                            |                                                                                                                                 | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 105,993                                                               |
|   |                 |                                            |                                                                                                                                 | Media - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Broadcasting - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   | 39,574               | 4.00                                            | B+/NR                                                                                                                                | Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 39,611                                                                |
|   |                 |                                            |                                                                                                                                 | Cable & Satellite - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                  |
|   | 112,996              | 4.75                                            | B/Ba3                                                                                                                                | WideOpenWest Finance LLC, Term B Loan, 4/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 113,440                                                               |
|   |                 |                                            |                                                                                                                                 | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 153,051                                                               |
|   |                 |                                            |                                                                                                                                 | Food & Staples Retailing - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Food Distributors - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                  |
|   | 148,125              | 5.75                                            | B/B1                                                                                                                                 | AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 148,818                                                               |
|   | 280,000              | 8.25                                            | CCC+/Caa1                                                                                                                            | Del Monte Foods Consumer Products,Term Loan (Second Lien), 5/26/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 279,300                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 428,118                                                               |
|   |                 |                                            |                                                                                                                                 | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 428,118                                                               |
|   |                 |                                            |                                                                                                                                 | Health Care Equipment & Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Health Care Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 74,622               | 6.75                                            | B+/B1                                                                                                                                | Ardent Medical Services, Inc., 1st Lien Term Loan, 5/2/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 74,995                                                                |
|   | 30,629               | 7.25                                            | NR/B1                                                                                                                                | BioScrip, Inc., Delayed Draw Term Loan, 7/31/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 30,878                                                                |
|   | 33,414               | 7.25                                            | BB-/B1                                                                                                                               | BioScrip, Inc., Initial Term B Loan, 7/31/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 33,685                                                                |
|   | 324,188              | 6.50                                            | B/B2                                                                                                                                 | Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 321,486                                                               |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 461,044                                                               |
|   |                 |                                            |                                                                                                                                 | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 461,044                                                               |
|   |                 |                                            |                                                                                                                                 | Diversified Financials - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Other Diversified Financial Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 123,674              | 5.25                                            | BB/Ba3                                                                                                                               | WorldPay, Facility B2A Term Loan, 8/6/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 125,096                                                               |
|   |                 |                                            |                                                                                                                                 | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 125,096                                                               |
|   |                 |                                            |                                                                                                                                 | Software & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Application Software - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   | 59,543               | 8.50                                            | B-/B1                                                                                                                                | Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 58,277                                                                |
|   | 48,083               | 4.25                                            | B+/B1                                                                                                                                | Vertafore, Inc., Term Loan (2013), 10/3/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 48,339                                                                |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 106,616                                                               |
|   |                 |                                            |                                                                                                                                 | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 106,616                                                               |
|   |                 |                                            |                                                                                                                                 | Technology Hardware & Equipment - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Semiconductors & Semiconductor Equipment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Semiconductor Equipment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   | 200,553              | 4.50                                            | NR/B1                                                                                                                                | Aeroflex, Inc., Tranche B-1 Term Loan, 11/9/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 202,659                                                               |
|   |                 |                                            |                                                                                                                                 | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 202,659                                                               |
|   |                 |                                            |                                                                                                                                 | TOTAL SENIOR FLOATING RATE LOAN INTERESTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | (Cost $3,243,732)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 3,281,755                                                             |
|   | Shares               |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | WARRANTS - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Energy - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Oil & Gas Equipment & Services - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                  |
|   | 75                   |                                            |                                                                                                                                 | Green Field Energy Services, Inc., 11/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 76                                                                    |
|   |                 |                                            |                                                                                                                                 | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 76                                                                    |
|   |                 |                                            |                                                                                                                                 | Automobiles & Components - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Auto Parts & Equipment - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                  |
|   | 70                   |                                            |                                                                                                                                 | Lear Corp., 11/9/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 11,719                                                                |
|   |                 |                                            |                                                                                                                                 | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 11,719                                                                |
|   |                 |                                            |                                                                                                                                 | TOTAL WARRANTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | (Cost $6,780)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 11,795                                                                |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | TOTAL INVESTMENT IN SECURITIES - 91.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | (Cost $76,634,195) (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 82,848,600                                                            |
|   |                 |                                            |                                                                                                                                 | OTHER ASSETS & LIABILITIES - 8.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 7,369,033                                                             |
|   |                 |                                            |                                                                                                                                 | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 90,217,633                                                            |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | *                    |                                            |                                                                                                                                 | Non-income producing security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                  |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | †              |                                            |                                                                                                                                 | Amount rounds to less than 0.1%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                  |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | NR                   |                                            |                                                                                                                                 | Not rated by either S&P or Moody's.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                  |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | PIK                  |                                            |                                                                                                                                 | Represents a pay-in-kind security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                  |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | REIT                 |                                            |                                                                                                                                 | Real Estate Investment Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                  |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | (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.                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | (Step)               |                                            |                                                                                                                                 | Bond issued with an initial coupon rate which converts to a higher rate at a later 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 31, 2014, the value of these securities amounted to $26,415,480 or 29.3% 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, 2014, the net unrealized appreciation on investments based on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |
|   |                 |                                            |                                                                                                                                 | cost for federal income tax purposes of $76,686,276 was as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       |           7,799,384 |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |          (1,637,060)     |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 |                                            |                                                                                                                                 | Net unrealized appreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       |           6,162,324 |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   | (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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                  |
|   |                 |                                            |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                  |
|   |                 | CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION |                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

----

| Notional Principal ($)                                                                                                                                     |       | Counterparty | Obligation Entity/Index     |                                                                                         | Coupon |             |      | Expiration Date |    |     | Premiums Received (Paid) |    |   | Net Unrealized Appreciation (Depreciation) |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|-----------------------------|----------------------------------------------------------------------------------------------|--------|------------------|-----------|-----------------|---------|----------|--------------------------|---------|--------|--------------------------------------------|---------|
|                                                                                                                                                       | (3,200,000 | )            | J.P. Morgan Chase & Co. | NA.HY.21.V1                                                                                  |   |             | 5.00      | %               |    | 12/20/18 |                     |    | $      | 244,000                                    |    |   | $ | 10,256 |   |
|                                                                                                                                                       |       |         |                        |                                                                                         |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |
| 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.) |       |         |                        |                                                                                         |   |
| 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 as Level 2 and securities valued                         |       |         |                        |                                                                                         |   |             |      |            |    |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                          |       |         |                        |                                                                                         |   |             |      |            |    |     |                     |    |   |                                       |    |
|                                                                                                                                                       |       |         |                        |                                                                                         |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |
| The following is a summary of the inputs used as of March 31, 2014, in valuing the Portfolio's investments:                                                |       |         |                        |                                                                                         |   |             |      |            |    |     |                     |    |   |                                       |    |
|                                                                                                                                                       |       |         |                        |                                                                                         |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |
|                                                                                                                                                       |       |         |                        |                                                                                         |   | Level 1          |      |            | Level 2 |     |                     | Level 3 |   |                                       | Total   |   |
|                                                                                                                                                       |       |         |                        | Convertible Corporate Bonds                                                                  |   | $                | -         |            |    | $        | 13,451,357               |    |   | $                                          | -       |   |   | $ | 13,451,357 |   |
|                                                                                                                                                       |       |         |                        | Preferred Stocks                                                                             |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |      Consumer Services                                              |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |        Hotels, Resorts & Cruise Lines                 |   |             | -         |            |    |     | 41,000                   |    |   |                                       | -       |   |   |   | 41,000 |   |
|                                                                                                                                                       |       |         |                        |      Insurance                                                      |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |        Reinsurance                                        |   |             | -         |            |    |     | -                        |    |   |                                       | 137,522 |   |   |   | 137,522 |   |
|                                                                                                                                                       |       |         |                        |      All Other Preferred Stocks                                     |   |             | 1,355,399 |            |    |     | -                        |    |   |                                       | -       |   |   |   | 1,355,399 |   |
|                                                                                                                                                       |       |         |                        | Convertible Preferred Stocks                                                                 |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |      Energy                                                         |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |        Oil & Gas Exploration & Production         |   |             | -         |            |    |     | 575,569                  |    |   |                                       | -       |   |   |   | 575,569 |   |
|                                                                                                                                                       |       |         |                        |      Consumer Durables & Apparel                                |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |        Home Furnishings                                   |   |             | -         |            |    |     | 396,250                  |    |   |                                       | -       |   |   |   | 396,250 |   |
|                                                                                                                                                       |       |         |                        |      Food, Beverage & Tobacco                                   |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |        Packaged Foods & Meats                         |   |             | -         |            |    |     | 298,688                  |    |   |                                       | -       |   |   |   | 298,688 |   |
|                                                                                                                                                       |       |         |                        |      Diversified Financials                                         |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |        Asset Management & Custody Banks               |   |             | -         |            |    |     | 128,625                  |    |   |                                       | -       |   |   |   | 128,625 |   |
|                                                                                                                                                       |       |         |                        |      All Other Convertible Preferred Stocks                         |   |             | 806,697   |            |    |     | -                        |    |   |                                       | -       |   |   |   | 806,697 |   |
|                                                                                                                                                       |       |         |                        | Common Stocks                                                                                |   |             | -         |            |    |     | -                        |    |   |                                       | -       |   |   |   | - |   |
|                                                                                                                                                       |       |         |                        |      Consumer Services                                              |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |        Hotels, Resorts & Cruise Lines                 |   |             | -         |            |    |     | 2,380                    |    |   |                                       | -       |   |   |   | 2,380 |   |
|                                                                                                                                                       |       |         |                        |      All Other Common Stocks                                        |   |             | 6,791,014 |            |    |     | -                        |    |   |                                       | -       |   |   |   | 6,791,014 |   |
|                                                                                                                                                       |       |         |                        | Asset Backed Securities                                                                      |   |             | -         |            |    |     | 111,604                  |    |   |                                       | -       |   |   |   | 111,604 |   |
|                                                                                                                                                       |       |         |                        | Collateralized Mortgage Obligations                                                          |   |             | -         |            |    |     | 648,782                  |    |   |                                       | -       |   |   |   | 648,782 |   |
|                                                                                                                                                       |       |         |                        | Corporate Bonds                                                                              |   |             | -         |            |    |     | 54,810,163               |    |   |                                       | -       |   |   |   | 54,810,163 |   |
|                                                                                                                                                       |       |         |                        | Senior Floating Rate Loan Interests                                                          |   |             | -         |            |    |     | 3,281,755                |    |   |                                       | -       |   |   |   | 3,281,755 |   |
|                                                                                                                                                       |       |         |                        | Warrants                                                                                     |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |      Energy                                                         |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |        Oil & Gas Equipment & Services             |   |             | -         |            |    |     | 76                       |    |   |                                       | -       |   |   |   | 76 |   |
|                                                                                                                                                       |       |         |                        |      Automobiles & Components                                   |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |        Auto Parts & Equipment - 0.0% †          |   |             | 11,719    |            |    |     | -                        |    |   |                                       | -       |   |   |   | 11,719 |   |
|                                                                                                                                                       |       |         |                        | Total                                                                                        |   | $                | 8,964,829 |            |    | $        | 73,746,249               |    |   | $                                          | 137,522 |   |   | $ | 82,848,600 |   |
|                                                                                                                                                       |       |         |                        | Other Financial Instruments                                                                  |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        | Unrealized Appreciation on Credit Default Swap                                               |   | $                | -         |            |    | $        | 10,256                   |    |   | $                                          | -       |   |   | $ | 10,256 |   |
|                                                                                                                                                       |       |         |                        | Total Other Financial Instruments                                                            |   | $                | -         |            |    | $        | 10,256                   |    |   | $                                          | -       |   |   | $ | 10,256 |   |
|                                                                                                                                                       |       |         |                        |                                                                                         |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        | During the period ended March 31, 2014, there were no transfers between Levels 1, 2 and 3.   |   |             |      |            |    |     |                     |    |   |
|                                                                                                                                                       |       |         |                        |                                                                                         |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |                                                                                         |   | Preferred Stocks |      |            |    |     |                     |    |   |                                       |    |
|                                                                                                                                                       |       |         |                        | Balance as of 11/30/12                                                                       |   | $                | 134,341   |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        | Realized gain (loss)1                                                                        |   |             | -         |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        | Change in unrealized appreciation (depreciation)                                             |   |             | 3,181     |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        | Purchases                                                                                    |   |             | -         |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        | Sales                                                                                        |   |             | -         |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        | Transfers in and out of Level 3                                                              |   |             | -         |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        | Balance as of 8/31/13                                                                        |   | $                | 137,522   |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        |                                                                                         |   |             |      |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |
|                                                                                                                                                       |       |         |                        | Net change in unrealized appreciation (depreciation) of investments still held as of 3/31/14 |   | $                | 3,181     |            |    |     |                     |    |   |                                       |    |   |   |   |   |   |

|                                                                                                                                                       |                 |             |                   | Pioneer Emerging Markets VCT Portfolio                                                                                                                    |                                                        |                                                 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------|------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------|------------------------------------------------------|
|                                                                                                                                                       |                 |             |                   | Schedule of Investments 3/31/14 (unaudited)                                                                                                               |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       | Shares               |             |                   |                                                                                                                                                      |                                                        | Value                                                |
|                                                                                                                                                       |                 |             |                   | PREFERRED STOCKS - 2.7%                                                                                                                                   |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Energy - 0.3%                                                                                                                                             |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Integrated Oil & Gas - 0.3%                                                                                                                           |                                                        |                                                 |
|                                                                                                                                                       | 34,791               |             |                   | Petroleo Brasileiro SA                                                                                                                                    | $                                                           | 242,273                                              |
|                                                                                                                                                       |                 |             |                   | Total Energy                                                                                                                                              | $                                                           | 242,273                                              |
|                                                                                                                                                       |                 |             |                   | Materials - 1.6%                                                                                                                                          |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Steel - 1.6%                                                                                                                                              |                                                        |                                                 |
|                                                                                                                                                       | 127,500              |             |                   | Bradespar SA                                                                                                                                              | $                                                           | 1,107,301                                            |
|                                                                                                                                                       |                 |             |                   | Total Materials                                                                                                                                           | $                                                           | 1,107,301                                            |
|                                                                                                                                                       |                 |             |                   | Automobiles & Components - 0.1%                                                                                                                       |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Automobile Manufacturers - 0.1%                                                                                                                           |                                                        |                                                 |
|                                                                                                                                                       | 649                  |             |                   | Hyundai Motor Co.                                                                                                                                         | $                                                           | 83,008                                               |
|                                                                                                                                                       |                 |             |                   | Total Automobiles & Components                                                                                                                        | $                                                           | 83,008                                               |
|                                                                                                                                                       |                 |             |                   | Food & Staples Retailing - 0.7%                                                                                                                       |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Hypermarkets & Super Centers - 0.7%                                                                                                                   |                                                        |                                                 |
|                                                                                                                                                       | 10,796               |             |                   | Cia Brasileira de Distribuicao Grupo Pao de Acucar                                                                                                        | $                                                           | 475,233                                              |
|                                                                                                                                                       |                 |             |                   | Total Food & Staples Retailing                                                                                                                        | $                                                           | 475,233                                              |
|                                                                                                                                                       |                 |             |                   | TOTAL PREFERRED STOCKS                                                                                                                                    |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | (Cost $2,316,092)                                                                                                                                         | $                                                           | 1,907,815                                            |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | COMMON STOCKS - 93.0%                                                                                                                                     |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Energy - 7.1%                                                                                                                                             |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Oil & Gas Equipment & Services - 1.1%                                                                                                             |                                                        |                                                 |
|                                                                                                                                                       | 337,650              |             |                   | Dayang Enterprise Holdings Bhd                                                                                                                            | $                                                           | 388,381                                              |
|                                                                                                                                                       | 15,666               |             |                   | Saipem S.p.A.                                                                                                                                             |                                                        | 382,784                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 771,165                                              |
|                                                                                                                                                       |                 |             |                   | Integrated Oil & Gas - 2.3%                                                                                                                           |                                                        |                                                 |
|                                                                                                                                                       | 1,273,200            |             |                   | China Petroleum & Chemical Corp.                                                                                                                      | $                                                           | 1,137,264                                            |
|                                                                                                                                                       | 28,739               |             |                   | Gazprom OAO (A.D.R.)                                                                                                                                      |                                                        | 223,302                                              |
|                                                                                                                                                       | 4,004                |             |                   | Lukoil OAO (A.D.R.)                                                                                                                                       |                                                        | 223,924                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 1,584,490                                            |
|                                                                                                                                                       |                 |             |                   | Oil & Gas Exploration & Production - 2.9%                                                                                                         |                                                        |                                                 |
|                                                                                                                                                       | 26,000               |             |                   | Kunlun Energy Co., Ltd.                                                                                                                                   | $                                                           | 43,532                                               |
|                                                                                                                                                       | 108,972              |             |                   | Pacific Rubiales Energy Corp.                                                                                                                             |                                                        | 1,964,090                                            |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 2,007,622                                            |
|                                                                                                                                                       |                 |             |                   | Oil & Gas Refining & Marketing - 0.8%                                                                                                             |                                                        |                                                 |
|                                                                                                                                                       | 36,524               |             |                   | Reliance Industries, Ltd.                                                                                                                                 | $                                                           | 571,546                                              |
|                                                                                                                                                       |                 |             |                   | Total Energy                                                                                                                                              | $                                                           | 4,934,823                                            |
|                                                                                                                                                       |                 |             |                   | Materials - 8.7%                                                                                                                                          |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Fertilizers & Agricultural Chemicals - 2.9%                                                                                                           |                                                        |                                                 |
|                                                                                                                                                       | 179,237              |             |                   | Phosagro OAO (G.D.R.)                                                                                                                                     | $                                                           | 2,012,362                                            |
|                                                                                                                                                       |                 |             |                   | Construction Materials - 2.1%                                                                                                                             |                                                        |                                                 |
|                                                                                                                                                       | 211,000              |             |                   | Anhui Conch Cement Co., Ltd.                                                                                                                              | $                                                           | 905,466                                              |
|                                                                                                                                                       | 446,070              |             |                   | Cemex SAB de CV *                                                                                                                                         |                                                        | 565,586                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 1,471,052                                            |
|                                                                                                                                                       |                 |             |                   | Metal & Glass Containers - 0.5%                                                                                                                       |                                                        |                                                 |
|                                                                                                                                                       | 102,603              |             |                   | Nampak, Ltd.                                                                                                                                              | $                                                           | 349,612                                              |
|                                                                                                                                                       |                 |             |                   | Aluminum - 0.5%                                                                                                                                           |                                                        |                                                 |
|                                                                                                                                                       | 553,000              |             |                   | China Hongqiao Group, Ltd.                                                                                                                                | $                                                           | 349,422                                              |
|                                                                                                                                                       |                 |             |                   | Diversified Metals & Mining - 0.4%                                                                                                                    |                                                        |                                                 |
|                                                                                                                                                       | 38,409               |             |                   | Grupo Mexico SAB de CV                                                                                                                                    | $                                                           | 121,235                                              |
|                                                                                                                                                       | 8,129                |             |                   | MMC Norilsk Nickel OJSC (A.D.R.)                                                                                                                          |                                                        | 135,442                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 256,677                                              |
|                                                                                                                                                       |                 |             |                   | Gold - 0.6%                                                                                                                                               |                                                        |                                                 |
|                                                                                                                                                       | 206,279              |             |                   | Sibanye Gold, Ltd.                                                                                                                                        | $                                                           | 438,675                                              |
|                                                                                                                                                       |                 |             |                   | Steel - 1.7%                                                                                                                                              |                                                        |                                                 |
|                                                                                                                                                       | 1,431                |             |                   | POSCO                                                                                                                                                     | $                                                           | 397,966                                              |
|                                                                                                                                                       | 101,649              |             |                   | Severstal OAO (G.D.R.)                                                                                                                                    |                                                        | 771,987                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 1,169,953                                            |
|                                                                                                                                                       |                 |             |                   | Total Materials                                                                                                                                           | $                                                           | 6,047,753                                            |
|                                                                                                                                                       |                 |             |                   | Capital Goods - 11.1%                                                                                                                                     |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Construction & Engineering - 5.9%                                                                                                                     |                                                        |                                                 |
|                                                                                                                                                       | 304,217              |             |                   | Astaldi S.p.A.                                                                                                                                            | $                                                           | 3,138,555                                            |
|                                                                                                                                                       | 1,016,000            |             |                   | China Communications Construction Co., Ltd.                                                                                                               |                                                        | 712,342                                              |
|                                                                                                                                                       | 268,000              |             |                   | China Railway Construction Corp., Ltd.                                                                                                                    |                                                        | 227,615                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 4,078,512                                            |
|                                                                                                                                                       |                 |             |                   | Electrical Components & Equipment - 0.2%                                                                                                              |                                                        |                                                 |
|                                                                                                                                                       | 11,600               |             |                   | Sumitomo Electric Industries, Ltd.                                                                                                                        | $                                                           | 172,355                                              |
|                                                                                                                                                       |                 |             |                   | Heavy Electrical Equipment - 0.5%                                                                                                                         |                                                        |                                                 |
|                                                                                                                                                       | 103,769              |             |                   | Bharat Heavy Electricals, Ltd.                                                                                                                            | $                                                           | 336,584                                              |
|                                                                                                                                                       |                 |             |                   | Industrial Conglomerates - 2.2%                                                                                                                           |                                                        |                                                 |
|                                                                                                                                                       | 24,231               |             |                   | Bidvest Group, Ltd.                                                                                                                                       | $                                                           | 640,904                                              |
|                                                                                                                                                       | 8,577                |             |                   | Industries Qatar QSC                                                                                                                                      |                                                        | 439,513                                              |
|                                                                                                                                                       | 527,716              |             |                   | Jaiprakash Associates, Ltd.                                                                                                                               |                                                        | 468,509                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 1,548,926                                            |
|                                                                                                                                                       |                 |             |                   | Construction & Farm Machinery & Heavy Trucks - 1.6%                                                                                               |                                                        |                                                 |
|                                                                                                                                                       | 713,000              |             |                   | CSR Corp., Ltd. *                                                                                                                                         | $                                                           | 601,500                                              |
|                                                                                                                                                       | 2,727                |             |                   | Hyundai Heavy Industries Co., Ltd.                                                                                                                        |                                                        | 543,196                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 1,144,696                                            |
|                                                                                                                                                       |                 |             |                   | Trading Companies & Distributors - 0.7%                                                                                                               |                                                        |                                                 |
|                                                                                                                                                       | 488,000              |             |                   | Noble Group, Ltd.                                                                                                                                         | $                                                           | 461,703                                              |
|                                                                                                                                                       |                 |             |                   | Total Capital Goods                                                                                                                                       | $                                                           | 7,742,776                                            |
|                                                                                                                                                       |                 |             |                   | Transportation - 4.9%                                                                                                                                     |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Airlines - 1.7%                                                                                                                                           |                                                        |                                                 |
|                                                                                                                                                       | 872,751              |             |                   | Air Arabia PJSC                                                                                                                                           | $                                                           | 333,955                                              |
|                                                                                                                                                       | 5,814                |             |                   | Copa Holdings SA                                                                                                                                          |                                                        | 844,135                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 1,178,090                                            |
|                                                                                                                                                       |                 |             |                   | Marine - 0.2%                                                                                                                                             |                                                        |                                                 |
|                                                                                                                                                       | 744,000              |             |                   | China Shipping Container Lines Co., Ltd. *                                                                                                                | $                                                           | 169,889                                              |
|                                                                                                                                                       |                 |             |                   | Trucking - 0.2%                                                                                                                                           |                                                        |                                                 |
|                                                                                                                                                       | 189,206              |             |                   | Aramex PJSC                                                                                                                                               | $                                                           | 169,958                                              |
|                                                                                                                                                       |                 |             |                   | Highways & Railtracks - 2.8%                                                                                                                          |                                                        |                                                 |
|                                                                                                                                                       | 53,015               |             |                   | Arteris SA                                                                                                                                                | $                                                           | 426,263                                              |
|                                                                                                                                                       | 577,143              |             |                   | OHL Mexico SAB de CV *                                                                                                                                    |                                                        | 1,497,161                                            |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 1,923,424                                            |
|                                                                                                                                                       |                 |             |                   | Total Transportation                                                                                                                                      | $                                                           | 3,441,361                                            |
|                                                                                                                                                       |                 |             |                   | Automobiles & Components - 7.0%                                                                                                                       |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Auto Parts & Equipment - 2.0%                                                                                                                         |                                                        |                                                 |
|                                                                                                                                                       | 173,144              |             |                   | Tupy SA                                                                                                                                                   | $                                                           | 1,395,207                                            |
|                                                                                                                                                       |                 |             |                   | Automobile Manufacturers - 5.0%                                                                                                                           |                                                        |                                                 |
|                                                                                                                                                       | 2,234                |             |                   | Mahindra & Mahindra, Ltd.                                                                                                                             | $                                                           | 36,573                                               |
|                                                                                                                                                       | 1,022,420            |             |                   | Tata Motors, Ltd.                                                                                                                                         |                                                        | 3,458,588                                            |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 3,495,161                                            |
|                                                                                                                                                       |                 |             |                   | Total Automobiles & Components                                                                                                                        | $                                                           | 4,890,368                                            |
|                                                                                                                                                       |                 |             |                   | Consumer Durables & Apparel - 2.4%                                                                                                                    |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Leisure Products - 2.4%                                                                                                                                   |                                                        |                                                 |
|                                                                                                                                                       | 3,093,000            |             |                   | Goodbaby International Holdings, Ltd.                                                                                                                     | $                                                           | 1,651,584                                            |
|                                                                                                                                                       |                 |             |                   | Total Consumer Durables & Apparel                                                                                                                     | $                                                           | 1,651,584                                            |
|                                                                                                                                                       |                 |             |                   | Consumer Services - 0.8%                                                                                                                                  |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Casinos & Gaming - 0.1%                                                                                                                               |                                                        |                                                 |
|                                                                                                                                                       | 81,459               |             |                   | NagaCorp, Ltd.                                                                                                                                            | $                                                           | 84,893                                               |
|                                                                                                                                                       |                 |             |                   | Restaurants - 0.7%                                                                                                                                        |                                                        |                                                 |
|                                                                                                                                                       | 5,962                |             |                   | Yum! Brands, Inc.                                                                                                                                         | $                                                           | 449,475                                              |
|                                                                                                                                                       |                 |             |                   | Total Consumer Services                                                                                                                                   | $                                                           | 534,368                                              |
|                                                                                                                                                       |                 |             |                   | Retailing - 1.8%                                                                                                                                          |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Department Stores - 1.3%                                                                                                                                  |                                                        |                                                 |
|                                                                                                                                                       | 110,000              |             |                   | Matahari Department Store Tbk PT *                                                                                                                        | $                                                           | 135,005                                              |
|                                                                                                                                                       | 106,924              |             |                   | Woolworths Holdings, Ltd.                                                                                                                                 |                                                        | 745,398                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 880,403                                              |
|                                                                                                                                                       |                 |             |                   | General Merchandise Stores - 0.1%                                                                                                                         |                                                        |                                                 |
|                                                                                                                                                       | 900                  |             |                   | Ryohin Keikaku Co., Ltd.                                                                                                                                  | $                                                           | 86,581                                               |
|                                                                                                                                                       |                 |             |                   | Specialty Stores - 0.4%                                                                                                                                   |                                                        |                                                 |
|                                                                                                                                                       | 8,132                |             |                   | Folli Follie SA *                                                                                                                                         | $                                                           | 300,234                                              |
|                                                                                                                                                       |                 |             |                   | Total Retailing                                                                                                                                           | $                                                           | 1,267,218                                            |
|                                                                                                                                                       |                 |             |                   | Food & Staples Retailing - 0.5%                                                                                                                       |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Hypermarkets & Super Centers - 0.5%                                                                                                                   |                                                        |                                                 |
|                                                                                                                                                       | 144,679              |             |                   | Wal-Mart de Mexico SAB de CV                                                                                                                              | $                                                           | 344,718                                              |
|                                                                                                                                                       |                 |             |                   | Total Food & Staples Retailing                                                                                                                        | $                                                           | 344,718                                              |
|                                                                                                                                                       |                 |             |                   | Food, Beverage & Tobacco - 0.3%                                                                                                                       |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Agricultural Products - 0.2%                                                                                                                              |                                                        |                                                 |
|                                                                                                                                                       | 267,000              |             |                   | Golden Agri-Resources, Ltd.                                                                                                                               | $                                                           | 122,241                                              |
|                                                                                                                                                       |                 |             |                   | Packaged Foods & Meats - 0.1%                                                                                                                         |                                                        |                                                 |
|                                                                                                                                                       | 286,492              |             |                   | Flour Mills of Nigeria Plc                                                                                                                                | $                                                           | 116,471                                              |
|                                                                                                                                                       |                 |             |                   | Total Food, Beverage & Tobacco                                                                                                                        | $                                                           | 238,712                                              |
|                                                                                                                                                       |                 |             |                   | Household & Personal Products - 0.9%                                                                                                                  |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Personal Products - 0.9%                                                                                                                                  |                                                        |                                                 |
|                                                                                                                                                       | 21,503               |             |                   | Able C&C Co., Ltd.                                                                                                                                    | $                                                           | 663,798                                              |
|                                                                                                                                                       |                 |             |                   | Total Household & Personal Products                                                                                                                   | $                                                           | 663,798                                              |
|                                                                                                                                                       |                 |             |                   | Pharmaceuticals, Biotechnology & Life Sciences - 0.5%                                                                                                 |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Pharmaceuticals - 0.5%                                                                                                                                    |                                                        |                                                 |
|                                                                                                                                                       | 12,105               |             |                   | Hikma Pharmaceuticals Plc                                                                                                                                 | $                                                           | 335,897                                              |
|                                                                                                                                                       |                 |             |                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                  | $                                                           | 335,897                                              |
|                                                                                                                                                       |                 |             |                   | Banks - 11.5%                                                                                                                                             |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Diversified Banks - 11.5%                                                                                                                                 |                                                        |                                                 |
|                                                                                                                                                       | 31,000               |             |                   | Aozora Bank, Ltd.                                                                                                                                         | $                                                           | 88,237                                               |
|                                                                                                                                                       | 2,147                |             |                   | Axis Bank, Ltd.                                                                                                                                           |                                                        | 52,174                                               |
|                                                                                                                                                       | 45,511               |             |                   | Banco Santander Brasil SA (A.D.R.)                                                                                                                        |                                                        | 253,496                                              |
|                                                                                                                                                       | 303,100              |             |                   | Bank Rakyat Indonesia Persero Tbk PT                                                                                                                      |                                                        | 257,981                                              |
|                                                                                                                                                       | 1,334,000            |             |                   | China Construction Bank Corp.                                                                                                                             |                                                        | 934,599                                              |
|                                                                                                                                                       | 2,575                |             |                   | Credicorp, Ltd.                                                                                                                                           |                                                        | 355,144                                              |
|                                                                                                                                                       | 46,556               |             |                   | Grupo Financiero Santander Mexico SAB de CV                                                                                                               |                                                        | 114,136                                              |
|                                                                                                                                                       | 33,248               |             |                   | ICICI Bank, Ltd.                                                                                                                                          |                                                        | 692,521                                              |
|                                                                                                                                                       | 1,691,000            |             |                   | Industrial & Commercial Bank of China, Ltd.                                                                                                           |                                                        | 1,040,688                                            |
|                                                                                                                                                       | 79,071               |             |                   | Itau Unibanco Holding SA (A.D.R.)                                                                                                                         |                                                        | 1,174,995                                            |
|                                                                                                                                                       | 3,840                |             |                   | KB Financial Group, Inc.                                                                                                                                  |                                                        | 134,628                                              |
|                                                                                                                                                       | 139,100              |             |                   | Malayan Banking Bhd                                                                                                                                       |                                                        | 412,425                                              |
|                                                                                                                                                       | 489,775              |             |                   | Mega Financial Holding Co., Ltd.                                                                                                                          |                                                        | 379,681                                              |
|                                                                                                                                                       | 595,477              |             |                   | Philippine National Bank *                                                                                                                                |                                                        | 1,094,279                                            |
|                                                                                                                                                       | 4,898                |             |                   | Qatar National Bank                                                                                                                                       |                                                        | 252,690                                              |
|                                                                                                                                                       | 18,272               |             |                   | Sberbank of Russia (A.D.R.)                                                                                                                               |                                                        | 178,198                                              |
|                                                                                                                                                       | 71,693               |             |                   | Turkiye Halk Bankasi AS                                                                                                                                   |                                                        | 443,109                                              |
|                                                                                                                                                       | 4,053,973            |             |                   | United Bank for Africa Plc                                                                                                                                |                                                        | 174,391                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 8,033,372                                            |
|                                                                                                                                                       |                 |             |                   | Total Banks                                                                                                                                               | $                                                           | 8,033,372                                            |
|                                                                                                                                                       |                 |             |                   | Diversified Financials - 5.0%                                                                                                                             |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Other Diversified Financial Services - 2.8%                                                                                                               |                                                        |                                                 |
|                                                                                                                                                       | 351,500              |             |                   | China Conch Venture Holdings, Ltd. *                                                                                                                      | $                                                           | 900,505                                              |
|                                                                                                                                                       | 202,307              |             |                   | FirstRand, Ltd.                                                                                                                                           |                                                        | 693,831                                              |
|                                                                                                                                                       | 237,000              |             |                   | Fubon Financial Holding Co., Ltd.                                                                                                                         |                                                        | 322,255                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 1,916,591                                            |
|                                                                                                                                                       |                 |             |                   | Multi-Sector Holdings - 0.2%                                                                                                                              |                                                        |                                                 |
|                                                                                                                                                       | 140,000              |             |                   | First Pacific Co., Ltd.                                                                                                                                   | $                                                           | 139,641                                              |
|                                                                                                                                                       |                 |             |                   | Investment Banking & Brokerage - 2.0%                                                                                                                 |                                                        |                                                 |
|                                                                                                                                                       | 813,600              |             |                   | Haitong Securities Co., Ltd.                                                                                                                              | $                                                           | 1,078,909                                            |
|                                                                                                                                                       | 665,000              |             |                   | Yuanta Financial Holding Co., Ltd.                                                                                                                        |                                                        | 336,156                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 1,415,065                                            |
|                                                                                                                                                       |                 |             |                   | Total Diversified Financials                                                                                                                              | $                                                           | 3,471,297                                            |
|                                                                                                                                                       |                 |             |                   | Insurance - 2.3%                                                                                                                                          |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Life & Health Insurance - 2.3%                                                                                                                        |                                                        |                                                 |
|                                                                                                                                                       | 221,000              |             |                   | China Life Insurance Co, Ltd./Taiwan                                                                                                                      | $                                                           | 203,362                                              |
|                                                                                                                                                       | 164,000              |             |                   | China Life Insurance Co., Ltd.                                                                                                                            |                                                        | 464,598                                              |
|                                                                                                                                                       | 112,500              |             |                   | Ping An Insurance Group Co. of China, Ltd.                                                                                                                |                                                        | 933,541                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 1,601,501                                            |
|                                                                                                                                                       |                 |             |                   | Total Insurance                                                                                                                                           | $                                                           | 1,601,501                                            |
|                                                                                                                                                       |                 |             |                   | Real Estate - 1.9%                                                                                                                                        |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Diversified REIT's - 0.4%                                                                                                                                 |                                                        |                                                 |
|                                                                                                                                                       | 141,546              |             |                   | Mexico Real Estate Management SA de CV                                                                                                                    | $                                                           | 266,983                                              |
|                                                                                                                                                       |                 |             |                   | Diversified Real Estate Activities - 0.2%                                                                                                                 |                                                        |                                                 |
|                                                                                                                                                       | 34,900               |             |                   | Takara Leben Co., Ltd.                                                                                                                                    | $                                                           | 107,594                                              |
|                                                                                                                                                       |                 |             |                   | Real Estate Development - 1.3%                                                                                                                            |                                                        |                                                 |
|                                                                                                                                                       | 110,000              |             |                   | China Overseas Land & Investment, Ltd.                                                                                                                | $                                                           | 285,368                                              |
|                                                                                                                                                       | 234,621              |             |                   | Emaar Properties PJSC                                                                                                                                     |                                                        | 637,183                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 922,551                                              |
|                                                                                                                                                       |                 |             |                   | Total Real Estate                                                                                                                                         | $                                                           | 1,297,128                                            |
|                                                                                                                                                       |                 |             |                   | Software & Services - 5.3%                                                                                                                            |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Internet Software & Services - 2.9%                                                                                                                   |                                                        |                                                 |
|                                                                                                                                                       | 20,200               |             |                   | Tencent Holdings, Ltd.                                                                                                                                    | $                                                           | 1,406,427                                            |
|                                                                                                                                                       | 21,007               |             |                   | Yandex NV *                                                                                                                                               |                                                        | 634,201                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 2,040,628                                            |
|                                                                                                                                                       |                 |             |                   | IT Consulting & Other Services - 2.4%                                                                                                                 |                                                        |                                                 |
|                                                                                                                                                       | 9,372,000            |             |                   | China ITS Holdings Co., Ltd.                                                                                                                              | $                                                           | 1,692,224                                            |
|                                                                                                                                                       |                 |             |                   | Total Software & Services                                                                                                                             | $                                                           | 3,732,852                                            |
|                                                                                                                                                       |                 |             |                   | Technology Hardware & Equipment - 2.3%                                                                                                                |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Electronic Manufacturing Services - 2.3%                                                                                                                  |                                                        |                                                 |
|                                                                                                                                                       | 576,920              |             |                   | Hon Hai Precision Industry Co., Ltd.                                                                                                                      | $                                                           | 1,635,863                                            |
|                                                                                                                                                       |                 |             |                   | Total Technology Hardware & Equipment                                                                                                                 | $                                                           | 1,635,863                                            |
|                                                                                                                                                       |                 |             |                   | Semiconductors & Semiconductor Equipment - 7.6%                                                                                                       |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Semiconductor Equipment - 3.2%                                                                                                                            |                                                        |                                                 |
|                                                                                                                                                       | 144,600              |             |                   | ASM Pacific Technology, Ltd.                                                                                                                              | $                                                           | 1,403,757                                            |
|                                                                                                                                                       | 98,558               |             |                   | Wonik IPS Co., Ltd. *                                                                                                                                     |                                                        | 827,772                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 2,231,529                                            |
|                                                                                                                                                       |                 |             |                   | Semiconductors - 4.4%                                                                                                                                     |                                                        |                                                 |
|                                                                                                                                                       | 826                  |             |                   | Samsung Electronics Co., Ltd.                                                                                                                             | $                                                           | 1,044,092                                            |
|                                                                                                                                                       | 35,580               |             |                   | SK Hynix, Inc.                                                                                                                                            |                                                        | 1,206,993                                            |
|                                                                                                                                                       | 39,430               |             |                   | Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.)                                                                                                     |                                                        | 789,389                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 3,040,474                                            |
|                                                                                                                                                       |                 |             |                   | Total Semiconductors & Semiconductor Equipment                                                                                                        | $                                                           | 5,272,003                                            |
|                                                                                                                                                       |                 |             |                   | Telecommunication Services - 9.4%                                                                                                                         |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Wireless Telecommunication Services - 9.4%                                                                                                                |                                                        |                                                 |
|                                                                                                                                                       | 1,049,051            |             |                   | Global Telecom Holding (G.D.R.) *                                                                                                                         | $                                                           | 3,484,224                                            |
|                                                                                                                                                       | 30,072               |             |                   | Millicom International Cellular SA                                                                                                                        |                                                        | 3,062,855                                            |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 6,547,079                                            |
|                                                                                                                                                       |                 |             |                   | Total Telecommunication Services                                                                                                                          | $                                                           | 6,547,079                                            |
|                                                                                                                                                       |                 |             |                   | Utilities - 1.7%                                                                                                                                          |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Electric Utilities - 1.2%                                                                                                                                 |                                                        |                                                 |
|                                                                                                                                                       | 52,525               |             |                   | Enersis SA (A.D.R.)                                                                                                                                       | $                                                           | 815,713                                              |
|                                                                                                                                                       |                 |             |                   | Independent Power Producers & Energy Traders - 0.5%                                                                                                   |                                                        |                                                 |
|                                                                                                                                                       | 328,000              |             |                   | Huaneng Power International, Inc.                                                                                                                         | $                                                           | 314,877                                              |
|                                                                                                                                                       | 23,848               |             |                   | NTPC, Ltd.                                                                                                                                                |                                                        | 47,579                                               |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 362,456                                              |
|                                                                                                                                                       |                 |             |                   | Total Utilities                                                                                                                                           | $                                                           | 1,178,169                                            |
|                                                                                                                                                       |                 |             |                   | TOTAL COMMON STOCKS                                                                                                                                       |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | (Cost $60,415,088)                                                                                                                                        | $                                                           | 64,862,640                                           |
|                                                                                                                                                       | Principal Amount ($) | FloatingRate (c) | S&P/Moody'sRatings |                                                                                                                                                      |                                                        |
|                                                                                                                                                       |                 |             |                   | CORPORATE BONDS - 0.2%                                                                                                                                    |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Household & Personal Products - 0.2%                                                                                                                  |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Personal Products - 0.2%                                                                                                                                  |                                                        |                                                 |
| BRL                                                                                                                                                        | 136,000              |             | NR/NR                  | Hypermarcas SA,, 11.3%, 10/15/18                                                                                                                          | $                                                           | 37,268                                               |
| BRL                                                                                                                                                        | 136,000              |             | NR/NR                  | Hypermarcas SA,, 3.0%, 10/15/15                                                                                                                           |                                                        | 62,329                                               |
|                                                                                                                                                       |                 |             |                   | Total Household & Personal Products                                                                                                                   | $                                                           | 99,597                                               |
|                                                                                                                                                       |                 |             |                   | TOTAL CORPORATE BONDS                                                                                                                                     |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | (Cost $148,475)                                                                                                                                           | $                                                           | 99,597                                               |
|                                                                                                                                                       | Shares               |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | RIGHTS / WARRANTS - 1.4%                                                                                                                                  |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Household & Personal Products - 0.0%                                                                                                                  |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Personal Products - 0.0%                                                                                                                                  |                                                        |                                                 |
|                                                                                                                                                       | 136                  |             |                   | Hypermarcas SA,, 10/15/15                                                                                                                                 | $                                                           | 0                                                    |
|                                                                                                                                                       |                 |             |                   | Total Household & Personal Products                                                                                                                   | $                                                           | 0                                                    |
|                                                                                                                                                       |                 |             |                   | Banks - 1.4%                                                                                                                                              |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Diversified Banks - 1.4%                                                                                                                                  |                                                        |                                                 |
|                                                                                                                                                       | 23,419               |             | NR/NR                  | HSBC Bank Plc, 2/10/15                                                                                                                                    | $                                                           | 267,892                                              |
|                                                                                                                                                       | 6,635                |             | NR/NR                  | HSBC Bank Plc, 2/23/15                                                                                                                                    |                                                        | 318,455                                              |
|                                                                                                                                                       | 17,243               |             | NR/NR                  | HSBC Bank Plc, 4/13/15                                                                                                                                    |                                                        | 413,799                                              |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      | $                                                           | 1,000,146                                            |
|                                                                                                                                                       |                 |             |                   | Total Banks                                                                                                                                               | $                                                           | 1,000,146                                            |
|                                                                                                                                                       |                 |             |                   | TOTAL RIGHTS / WARRANTS                                                                                                                                   |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | (Cost $871,592)                                                                                                                                           | $                                                           | 1,000,146                                            |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | TOTAL INVESTMENT IN SECURITIES - 97.3%                                                                                                                    |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | (Cost $63,751,247) (a)                                                                                                                                    | $                                                           | 67,870,198                                           |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | OTHER ASSETS & LIABILITIES - 2.7%                                                                                                                     | $                                                           | 1,851,735                                            |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | TOTAL NET ASSETS - 100.0%                                                                                                                                 | $                                                           | 69,721,933                                           |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       | †              |             |                   | Amount rounds to less than 0.1%.                                                                                                                          |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       | *                    |             |                   | Non-income producing security.                                                                                                                            |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       | NR                   |             |                   | Not rated by either S&P or Moody's.                                                                                                                   |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       | (A.D.R.)             |             |                   | American Depositary Receipts.                                                                                                                             |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       | (G.D.R.)             |             |                   | Global Depositary Receipts.                                                                                                                               |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       | (a)                  |             |                   | At March 31, 2014, the net unrealized gain on investments based on cost for federal income tax purposes of $63,751,247 was as follows:                    |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost                                            |  $      7,600,910        |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value                                            |         (3,481,959) |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | Net unrealized depreciation                                                                                                                               |                                                        |  $      4,118,951 |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       | (b)                  |             |                   | Distributions of investments by country of issue (excluding temporary cash investments) as a percentage of total investment in securities, is as follows: |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   | China                                                                                                                                                     |                                                        | 13.5%                                                |
|                                                                                                                                                       |                 |             |                   | Cayman Islands                                                                                                                                            |                                                        | 9.5%                                                 |
|                                                                                                                                                       |                 |             |                   | India                                                                                                                                                     |                                                        | 8.1%                                                 |
|                                                                                                                                                       |                 |             |                   | Brazil                                                                                                                                                    |                                                        | 7.4%                                                 |
|                                                                                                                                                       |                 |             |                   | South Korea                                                                                                                                               |                                                        | 7.0%                                                 |
|                                                                                                                                                       |                 |             |                   | Taiwan                                                                                                                                                    |                                                        | 5.3%                                                 |
|                                                                                                                                                       |                 |             |                   | Russia                                                                                                                                                    |                                                        | 5.1%                                                 |
|                                                                                                                                                       |                 |             |                   | Italy                                                                                                                                                     |                                                        | 5.1%                                                 |
|                                                                                                                                                       |                 |             |                   | Egypt                                                                                                                                                     |                                                        | 5.0%                                                 |
|                                                                                                                                                       |                 |             |                   | Luxembourg                                                                                                                                                |                                                        | 4.4%                                                 |
|                                                                                                                                                       |                 |             |                   | South Africa                                                                                                                                              |                                                        | 4.3%                                                 |
|                                                                                                                                                       |                 |             |                   | Mexico                                                                                                                                                    |                                                        | 4.2%                                                 |
|                                                                                                                                                       |                 |             |                   | Canada                                                                                                                                                    |                                                        | 2.8%                                                 |
|                                                                                                                                                       |                 |             |                   | United Kingdom                                                                                                                                            |                                                        | 1.9%                                                 |
|                                                                                                                                                       |                 |             |                   | United Arab Emirates                                                                                                                                      |                                                        | 1.6%                                                 |
|                                                                                                                                                       |                 |             |                   | Philippines                                                                                                                                               |                                                        | 1.6%                                                 |
|                                                                                                                                                       |                 |             |                   | Bermuda                                                                                                                                                   |                                                        | 1.4%                                                 |
|                                                                                                                                                       |                 |             |                   | Panama                                                                                                                                                    |                                                        | 1.2%                                                 |
|                                                                                                                                                       |                 |             |                   | Chile                                                                                                                                                     |                                                        | 1.2%                                                 |
|                                                                                                                                                       |                 |             |                   | Malaysia                                                                                                                                                  |                                                        | 1.2%                                                 |
|                                                                                                                                                       |                 |             |                   | Qatari                                                                                                                                                    |                                                        | 1.0%                                                 |
|                                                                                                                                                       |                 |             |                   | Other (individually less than 1%)                                                                                                                         |                                                        | 4.9%                                                 |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        | 97.7%                                                |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       | (c)                  |             |                   | Debt obligation with a variable interest rate. Rate shown is rate at end of period.                                                                       |                                                        |                                                 |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
|                                                                                                                                                       | NOTE:                |             |                   | 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.) |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)                            |                 |             |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                         |                 |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                          |                 |             |
|                                                                                                                                                       |                 |             |                   |                                                                                                                                                      |                                                        |                                                 |
| The following is a summary of the inputs used as of March 31, 2014, in valuing the Fund's investments:                                                     |                 |             |

|   |   |                                                                                 |                                                                                                                | Level 1 |            |   | Level 2 |     |       | Level 3 |   |   | Total  |   |
|--------|--------|--------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|---------|-----------------|--------|--------------|----------|------------|--------------|--------|--------|--------|--------|
|   |   | Preferred Stocks                                                                     |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |
|   |   |     Automobiles & Components                                 |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |
|   |   |        Automobile Manufacturers                   |                                                                                                                | $       | -               |   |         | $        | 83,008     |         |   | $      | -      |   |   | $ | 83,008 |   |
|   |   |      All Other Preferred Stocks                             |                                                                                                                | $       | 1,824,807       |   |         |     |       |         |   |   | -      |   |   |   | 1,824,807 |   |
|   |   | Common Stocks *                                                                      |                                                                                                                |    | -               |   |         |     | -          |         |   |   | -      |   |   |   | - |   |
|   |   |     Energy                                                       |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   |        Integrated Oil & Gas                   |                                                                                                                |    | 447,226         |   |         |     | -          |         |   |   | -      |   |   |   | 447,226 |   |
|   |   |        Oil & Gas Exploration & Production |                                                                                                                |    | 1,964,090       |   |         |     | -          |         |   |   | -      |   |   |   | 1,964,090 |   |
|   |   |     Materials                                                    |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   |        Construction Materials                     |                                                                                                                |    | 565,586         |   |         |     | -          |         |   |   | -      |   |   |   | 565,586 |   |
|   |   |        Diversified Metals & Mining            |                                                                                                                |    | 121,235         |   |         |     | -          |         |   |   | -      |   |   |   | 121,235 |   |
|   |   |      Transportation                                         |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   |        Airlines                                   |                                                                                                                |    | 844,135         |   |         |     | -          |         |   |   | -      |   |   |   | 844,135 |   |
|   |   |        Highways & Railtracks                  |                                                                                                                |    | 1,923,424       |   |         |     | -          |         |   |   | -      |   |   |   | 1,923,424 |   |
|   |   |      Automobiles & Components                           |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   |        Auto Parts & Equipment                 |                                                                                                                |    | 1,395,207       |   |         |     | -          |         |   |   | -      |   |   |   | 1,395,207 |   |
|   |   |      Consumer Durables & Apparel                        |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   |        Restaurants                                |                                                                                                                |    | 449,475         |   |         |     | -          |         |   |   | -      |   |   |   | 449,475 |   |
|   |   |        Packaged Foods & Meats                 |                                                                                                                |    | 116,471         |   |         |     | -          |         |   |   | -      |   |   |   | 116,471 |   |
|   |   |      Banks                                                  |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   |         Diversified Banks                    |                                                                                                                |    | 2,072,162       |   |         |     | -          |         |   |   | -      |   |   |   | 2,072,162 |   |
|   |   |      Real Estate                                            |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   |         Diversified REIT's                   |                                                                                                                |    | 266,983         |   |         |     | -          |         |   |   | -      |   |   |   | 266,983 |   |
|   |   |      Software & Services                                |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   |         Internet Software & Services     |                                                                                                                |    | 634,201         |   |         |     | -          |         |   |   | -      |   |   |   | 634,201 |   |
|   |   |      Semiconductors & Semiconductor Equipment           |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   |        Semiconductors                             |                                                                                                                |    | 789,389         |   |         |     | -          |         |   |   | -      |   |   |   | 789,389 |   |
|   |   |      Utilities                                              |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   |        Electric Utilities                         |                                                                                                                |    | 815,713         |   |         |     | -          |         |   |   | -      |   |   |   | 815,713 |   |
|   |   | All Other Common Stocks                                                              |                                                                                                                |    | -               |   |         |     | 52,457,343 |         |   |   | -      |   |   |   | 52,457,343 |   |
|   |   | Corporate Bonds                                                                      |                                                                                                                |    | -               |   |         |     | -          |         |   |   | 99,597 |   |   |   | 99,597 |   |
|   |   | Rights/Warrants                                                                      |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   |      Household & Personal Products                      |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   |         Personal Products                    |                                                                                                                |    | -               |   |         |     | -          |         |   |   | -      | **     |   |   |   |   |
|   |   |       Banks                                            |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   |         Diversified Banks                    |                                                                                                                |    | 1,000,146       |   |         |     | -          |         |   |   | -      |   |   |   | 1,000,146 |   |
|   |   | Total                                                                                |                                                                                                                | $       | 15,230,250      |   |         | $        | 52,540,351 |         |   | $      | 99,597 |   |   | $ | 67,870,198 |   |
|   |   | Other Financial Instruments                                                          |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |
|   |   | Forward Foreign Currency Portfolio Hedge Contracts                                   |                                                                                                                |    | -               |   |         |     | 122,461    |         |   |   | -      |   |   |   | 122,461 |   |
|   |   | Total                                                                                |                                                                                                                | $       | 15,230,250      |   |         | $        | 52,662,812 |         |   | $      | 99,597 |   |   | $ | 67,992,659 |   |
|   | *      |                                                                                 | Level 2 securities are valued using inputs/data furnished by independent pricing services using fair value factors. |    |            |   |         |     |       |         |   |   |
|   | **     |                                                                                 | Security is valued at $0.                                                                                           |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |   |
|   |   |                                                                                 |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |   |
|   |   |                                                                                 | During the period ended March 31, 2014, there were no transfers between Levels 1, 2 and 3.                          |    |            |   |         |     |       |         |   |   |   |   |   |   |
|   |   |                                                                                 |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |   |
|   |   |                                                                                 |                                                                                                                |    | Corporate Bonds |   |         | Warrants |       |         |   |   |   |   |   |   |   |
|   |   |                                                                                 | Balance as of 11/30/12                                                                                              |    | $               | 93,485 |         |     | $          | -            |   |   |   | **     |   |   |   |   |   |
|   |   |                                                                                 | Realized gain (loss)                                                                                                |    |            | -      |         |     |       | -            |   |   |   |   |   |   |   |   |   |
|   |   |                                                                                 | Change in unrealized appreciation (depreciation)                                                                    |    |            | 6,112  |         |     |       | -            |   |   |   |   |   |   |   |   |   |
|   |   |                                                                                 | Purchases                                                                                                           |    |            | -      |         |     |       | -            |   |   |   |   |   |   |   |   |   |
|   |   |                                                                                 | Sales                                                                                                               |    |            | -      |         |     |       | -            |   |   |   |   |   |   |   |   |   |
|   |   |                                                                                 | Transfers in and out of Level 3                                                                                     |    |            | -      |         |     |       | -            |   |   |   |   |   |   |   |   |   |
|   |   |                                                                                 | Balance as of 8/31/13                                                                                               |    | $               | 99,597 |         |     | $          | -            |   |   |   | **     |   |   |   |   |   |
|   |   |                                                                                 |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |   |
|   | **     |                                                                                 | Security is valued at $0.                                                                                           |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |   |
|   |   |                                                                                 |                                                                                                                |    |            |   |         |     |       |         |   |   |   |   |   |   |   |   |   |
|   |   |                                                                                 | Net change in unrealized appreciation (depreciation) of investments still held as of 3/31/14                        |    | $               | 6,112  |         |     |       |         |   |   |   |   |   |   |   |   |   |

|   |                                                                      |             |                   | Pioneer Strategic Income VCT Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|--------|---------------------------------------------------------------------------|------------------|------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|-----------------------------------------------------------------|
|   |                                                                      |             |                   | Schedule of Investments 3/31/14 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | Principal Amount ($)                                                      | FloatingRate (b) | S&P/Moody'sRatings |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Value   |
|   |                                                                      |             |                   | CONVERTIBLE CORPORATE BONDS - 3.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   |                                                                      |             |                   | Energy - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             |                   | Oil & Gas Exploration & Production - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 85,000                                                                    |             | NR/NR                  | Cobalt International Energy, Inc., 2.625%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 80,059                                                          |
|   |                                                                      |             |                   | Oil & Gas Storage & Transportation - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 100,000                                                                   |             | NR/NR                  | Golar LNG, Ltd., 3.75%, 3/7/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 109,360                                                         |
|   |                                                                      |             |                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 189,419                                                         |
|   |                                                                      |             |                   | Materials - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                            |
|   |                                                                      |             |                   | Diversified Metals & Mining - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   | 100,000                                                                   |             | BB/NR                  | Vedanta Resources Jersey, Ltd., 5.5%, 7/13/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 100,750                                                         |
|   |                                                                      |             |                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 100,750                                                         |
|   |                                                                      |             |                   | Capital Goods - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | Electrical Components & Equipment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   | 74,000                                                                    |             | B/B3                   | General Cable Corp., 4.5%, 11/15/29 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 74,278                                                          |
|   |                                                                      |             |                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 74,278                                                          |
|   |                                                                      |             |                   | Consumer Durables & Apparel - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   |                                                                      |             |                   | Homebuilding - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   | 60,000                                                                    |             | B/B2                   | KB Home, Inc., 1.375%, 2/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 61,650                                                          |
|   | 20,000                                                                    |             | BB-/B1                 | The Ryland Group, Inc., 0.25%, 6/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 18,850                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 80,500                                                          |
|   |                                                                      |             |                   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 80,500                                                          |
|   |                                                                      |             |                   | Health Care Equipment & Services - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   |                                                                      |             |                   | Health Care Equipment - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   | 103,000                                                                   |             | NR/NR                  | NuVasive, Inc., 2.75%, 7/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 122,312                                                         |
|   |                                                                      |             |                   | Health Care Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 34,000                                                                    |             | B+/B2                  | Omnicare, Inc., 3.25%, 12/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 36,295                                                          |
|   |                                                                      |             |                   | Managed Health Care - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   | 50,000                                                                    |             | NR/NR                  | Molina Healthcare, Inc., 1.125%, 1/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 56,031                                                          |
|   |                                                                      |             |                   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 214,638                                                         |
|   |                                                                      |             |                   | Pharmaceuticals, Biotechnology & Life Sciences - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   |                                                                      |             |                   | Biotechnology - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | 50,000                                                                    |             | NR/NR                  | Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 58,875                                                          |
|   |                                                                      |             |                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 58,875                                                          |
|   |                                                                      |             |                   | Software & Services - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                            |
|   |                                                                      |             |                   | Internet Software & Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                            |
|   | 75,000                                                                    |             | NR/NR                  | WebMD Health Corp., 1.5%, 12/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 76,031                                                          |
|   |                                                                      |             |                   | Application Software - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 80,000                                                                    |             | NR/NR                  | Mentor Graphics Corp., 4.0%, 4/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 99,500                                                          |
|   | 55,000                                                                    |             | BB-/NR                 | Nuance Communications, Inc., 2.75%, 11/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 55,103                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 154,603                                                         |
|   |                                                                      |             |                   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 230,634                                                         |
|   |                                                                      |             |                   | Technology Hardware & Equipment - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   |                                                                      |             |                   | Computer Storage & Peripherals - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   | 55,000                                                                    |             | BB/NR                  | SanDisk Corp., 0.5%, 10/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 60,569                                                          |
|   |                                                                      |             |                   | Electronic Components - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   | 95,000                                                                    |             | BB+/NR                 | Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 89,538                                                          |
|   |                                                                      |             |                   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 150,107                                                         |
|   |                                                                      |             |                   | Semiconductors & Semiconductor Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   |                                                                      |             |                   | Semiconductor Equipment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                            |
|   | 50,000                                                                    |             | BBB/Baa1               | Lam Research Corp., 1.25%, 5/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 62,031                                                          |
|   |                                                                      |             |                   | Semiconductors - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   | 150,000                                                                   |             | A-/NR                  | Intel Corp., 2.95%, 12/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 176,531                                                         |
|   |                                                                      |             |                   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 238,562                                                         |
|   |                                                                      |             |                   | TOTAL CONVERTIBLE CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   |                                                                      |             |                   | (Cost $1,213,311)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 1,337,763                                                       |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | Shares                                                                    |             |                   | PREFERRED STOCKS - 2.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                            |
|   |                                                                      |             |                   | Energy - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             |                   | Oil & Gas Storage & Transportation - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 2,300                                                                     | 7.62             | B+/Ba2                 | NuStar Logistics LP, Floating Rate Note, 1/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 61,640                                                          |
|   |                                                                      |             |                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 61,640                                                          |
|   |                                                                      |             |                   | Banks - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   |                                                                      |             |                   | Diversified Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   | 5,325                                                                     | 6.00             | A-/Baa1                | US Bancorp, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 146,171                                                         |
|   |                                                                      |             |                   | Regional Banks - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   | 1,000                                                                     | 6.25             | A-/NR                  | CoBank ACB, Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 101,688                                                         |
|   | 1,700                                                                     | 6.62             | BBB-/Ba1               | Fifth Third Bancorp, Floating Rate Note, 12/31/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 45,067                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 146,755                                                         |
|   |                                                                      |             |                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 292,926                                                         |
|   |                                                                      |             |                   | Diversified Financials - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             |                   | Other Diversified Financial Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 5,800                                                                     | 7.88             | BB+/Ba2                | Citigroup Capital XIII, Floating Rate Note, 10/30/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 160,892                                                         |
|   | 4,000                                                                     | 7.12             | BB+/B1                 | Citigroup, Inc., Floating Rate Note, 12/31/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 105,600                                                         |
|   | 1,950                                                                     | 8.12             | B/B3                   | GMAC Capital Trust I, Floating Rate Note, 2/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 53,235                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 319,727                                                         |
|   |                                                                      |             |                   | Consumer Finance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                            |
|   | 30                                                                        |             | B/B3                   | Ally Financial, Inc., 7.0% (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 29,781                                                          |
|   |                                                                      |             |                   | Investment Banking & Brokerage - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   | 1,600                                                                     | 7.12             | BB+/Ba3                | Morgan Stanley, Floating Rate Note, 12/31/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 42,448                                                          |
|   |                                                                      |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 391,956                                                         |
|   |                                                                      |             |                   | Insurance - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                            |
|   |                                                                      |             |                   | Property & Casualty Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   | 3,325                                                                     | 5.10             | BBB/Baa1               | The Allstate Corp., Floating Rate Note, 1/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 82,792                                                          |
|   |                                                                      |             |                   | Reinsurance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   | 22,499                                                                    | 0.00             | NR/NR                  | Altair Re, Floating Rate Note, 4/30/16 (Cat Bond)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 25,303                                                          |
|   | 30,000                                                                    | N/A              | NR/NR                  | Altair Re, Floating Rate Note, 6/30/16 (Cat Bond)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 30,522                                                          |
|   | 50,000                                                                    |             | NR/NR                  | Pangaea Re, 0.0%, 10/1/15 (Cat Bond) (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 55,009                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 110,834                                                         |
|   |                                                                      |             |                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 193,626                                                         |
|   |                                                                      |             |                   | Telecommunication Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   |                                                                      |             |                   | Integrated Telecommunication Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   | 4,000                                                                     |             | BBB-/Baa3              | Qwest Corp., 7.375%, 6/1/51                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 104,600                                                         |
|   |                                                                      |             |                   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 104,600                                                         |
|   |                                                                      |             |                   | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   |                                                                      |             |                   | (Cost $990,920)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 1,044,748                                                       |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | CONVERTIBLE PREFERRED STOCKS - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   |                                                                      |             |                   | Banks - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   |                                                                      |             |                   | Diversified Banks - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   | 170                                                                       |             | BBB+/Baa3              | Wells Fargo & Co., 7.5% (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 199,410                                                         |
|   |                                                                      |             |                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 199,410                                                         |
|   |                                                                      |             |                   | Diversified Financials - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             |                   | Other Diversified Financial Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 83                                                                        |             | BB+/Ba3                | Bank of America Corp., 7.25%, 12/31/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 94,969                                                          |
|   |                                                                      |             |                   | Asset Management & Custody Banks - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 1,000                                                                     |             | BB+/NR                 | AMG Capital Trust II, 5.15%, 10/15/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 64,312                                                          |
|   |                                                                      |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 159,281                                                         |
|   |                                                                      |             |                   | TOTAL CONVERTIBLE PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   |                                                                      |             |                   | (Cost $328,240)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 358,691                                                         |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | COMMON STOCK - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   |                                                                      |             |                   | Real Estate - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   |                                                                      |             |                   | Real Estate Development - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                            |
|   | 53,917                                                                    |             |                   | Newhall Land Development LLC *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 242,626                                                         |
|   |                                                                      |             |                   | TOTAL COMMON STOCK                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   |                                                                      |             |                   | (Cost $44,603)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 242,626                                                         |
|   | Principal Amount ($)                                                      | FloatingRate (b) | S&P/Moody'sRatings |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |
|   |                                                                      |             |                   | ASSET BACKED SECURITIES - 3.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                            |
|   |                                                                      |             |                   | Food & Staples Retailing - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   |                                                                      |             |                   | Food Retail - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   | 49,250                                                                    |             | BBB-/NR                | CKE Restaurant Holdings, Inc., 4.474%, 3/20/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 49,747                                                          |
|   |                                                                      |             |                   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 49,747                                                          |
|   |                                                                      |             |                   | Banks - 2.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   |                                                                      |             |                   | Thrifts & Mortgage Finance - 2.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   | 26,460                                                                    | 0.30             | BB/Baa1                | Accredited Mortgage Loan Trust, Floating Rate Note, 9/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 25,613                                                          |
|   | 188,203                                                                   |             | NR/Caa2                | Bayview Commercial Asset Trust, 3.855%, 9/25/37 (Step) (144A) (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 11,292                                                          |
|   | 85,261                                                                    |             | A/NR                   | Beacon Container Finance LLC, 3.72%, 9/20/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 85,470                                                          |
|   | 54,904                                                                    | 0.28             | CCC/Ba1                | Bear Stearns Asset Backed Securities Trust 2006-4, Floating Rate Note, 10/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 54,399                                                          |
|   | 8,299                                                                     | 0.89             | AA/Baa3                | Carrington Mortgage Loan Trust Series 2005-NC1, Floating Rate Note, 2/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 8,289                                                           |
|   | 46,856                                                                    |             | BB/B2                  | Citicorp Residential Mortgage Trust Series 2006-1, 5.836%, 7/25/36 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 46,674                                                          |
|   | 51,119                                                                    |             | B-/B1                  | Citicorp Residential Mortgage Trust Series 2006-3, 5.703%, 11/25/36 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 50,986                                                          |
|   | 97,102                                                                    | 4.00             | AA/NR                  | Citigtoup Mortgage Loan Trust 2014-A, Floating Rate Note, 1/1/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 100,860                                                         |
|   | 1,182                                                                     | 6.24             | BBB/Baa3               | Conseco Financial Corp., Floating Rate Note, 12/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 1,215                                                           |
|   | 15,597                                                                    | 4.46             | BB+/Ba1                | Countrywide Asset-Backed Certificates, Floating Rate Note, 10/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 15,631                                                          |
|   | 43,971                                                                    | 5.07             | BB+/Ba2                | Countrywide Asset-Backed Certificates, Floating Rate Note, 2/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 44,844                                                          |
|   | 12,410                                                                    | 0.40             | B/Ba3                  | Countrywide Asset-Backed Certificates, Floating Rate Note, 4/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 12,104                                                          |
|   | 26,884                                                                    | 0.33             | B-/B2                  | Countrywide Asset-Backed Certificates, Floating Rate Note, 6/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 25,605                                                          |
|   | 13,485                                                                    | 0.24             | CCC/B1                 | Credit-Based Asset Servicing and Securitization LLC, Floating Rate Note, 4/25/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 10,930  |
|   | 66,410                                                                    |             | AAA/Aaa                | Equifirst Mortgage Loan Trust 2003-1, 4.01%, 12/25/32 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 66,962                                                          |
|   | 354                                                                       | 1.23             | AAA/NR                 | First Franklin Mortgage Loan Trust 2004-FF10, Floating Rate Note, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 353                                                             |
|   | 5,324                                                                     | 0.83             | AA+/NR                 | First Franklin Mortgage Loan Trust 2005-FF5, Floating Rate Note, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 5,296                                                           |
|   | 15,781                                                                    | 0.66             | NR/Baa1                | First Franklin Mortgage Loan Trust 2005-FFH3, Floating Rate Note, 9/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 15,455                                                          |
|   | 16,479                                                                    |             | AAA/NR                 | First Investors Auto Owner Trust 2012-2, 1.47%, 5/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 16,558                                                          |
|   | 25,000                                                                    |             | BBB/NR                 | First Investors Auto Owner Trust 2013-1, 2.53%, 1/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 25,069                                                          |
|   | 52,318                                                                    | 0.40             | B+/B3                  | GSAA Home Equity Trust 2005-11, Floating Rate Note, 10/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 52,348                                                          |
|   | 7,702                                                                     | 0.81             | AA/A1                  | Home Equity Asset Trust 2005-3, Floating Rate Note, 8/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 7,688                                                           |
|   | 12,624                                                                    | 0.32             | BB+/A2                 | Home Equity Asset Trust 2006-4, Floating Rate Note, 8/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 12,337                                                          |
|   | 46,932                                                                    | 1.36             | A+/Aa2                 | HSBC Home Equity Loan Trust USA 2007-3, Floating Rate Note, 11/20/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 46,590                                                          |
|   | 13,043                                                                    | 0.85             | AA+/A2                 | Irwin Whole Loan Home Equity Trust 2005-C, Floating Rate Note, 3/25/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 12,117                                                          |
|   | 18,247                                                                    | 0.39             | AA+/A1                 | JP Morgan Mortgage Acquisition Corp 2005-OPT2, Floating Rate Note, 12/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 18,206                                                          |
|   | 30,449                                                                    | 0.40             | A+/Aa1                 | Lehman Brothers Small Balance Commercial, Floating Rate Note, 2/25/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 27,088  |
|   | 75,000                                                                    | 5.50             | BBB/Baa1               | Mastr Specialized Loan Trust, Floating Rate Note, 11/25/34 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 72,676                                                          |
|   | 25,000                                                                    |             | AAA/NR                 | Nationstar Mortgage Advance Receivables Trust 2013-T2, 1.679%, 6/20/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 24,883  |
|   | 12,992                                                                    | 0.62             | AA+/A1                 | RAMP Series 2005-EFC2 Trust, Floating Rate Note, 7/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 12,808                                                          |
|   | 20,531                                                                    | 0.28             | CCC/Baa3               | Structured Asset Securities Corp Mortgage Loan Trust 2007-BC2, Floating Rate Note, 3/25/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 19,899  |
|   | 42,421                                                                    | 0.53             | AA+/NR                 | Wells Fargo Home Equity Asset-Backed Securities 2005-3 Trust, Floating Rate Note, 12/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 41,740  |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 971,985                                                         |
|   |                                                                      |             |                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 971,985                                                         |
|   |                                                                      |             |                   | Diversified Financials - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             |                   | Other Diversified Financial Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 99,989                                                                    |             | NR/NR                  | AXIS Equipment Finance Receivables II LLC, 4.94%, 7/20/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 99,782                                                          |
|   | 38,595                                                                    |             | A+/NR                  | Sierra Timeshare 2012-2 Receivables Funding LLC, 2.38%, 3/20/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 39,221                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 139,003                                                         |
|   |                                                                      |             |                   | Consumer Finance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                            |
|   | 9,000                                                                     |             | BBB+/NR                | American Credit Acceptance Receivables Trust 2012-2, 4.05%, 2/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 9,147                                                           |
|   | 17,274                                                                    |             | A+/NR                  | American Credit Acceptance Receivables Trust, 1.64%, 11/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 17,316                                                          |
|   | 25,000                                                                    |             | A+/NR                  | AmeriCredit Automobile Receivables Trust 2013-1, 1.57%, 1/8/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 24,969                                                          |
|   | 20,000                                                                    |             | BBB/Baa1               | Capital Auto Receivables Asset Trust/ Ally, 2.19%, 9/20/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 19,856                                                          |
|   | 50,000                                                                    |             | AA/Aaa                 | Santander Drive Auto Receivables Trust 2012-1, 3.78%, 11/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 51,485                                                          |
|   | 25,000                                                                    |             | A/Aaa                  | Santander Drive Auto Receivables Trust 2012-5, 2.7%, 8/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 25,736                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 148,509                                                         |
|   |                                                                      |             |                   | Asset Management & Custody Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 102,083                                                                   |             | A/NR                   | Triton Container Finance LLC, 4.21%, 5/14/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 102,392                                                         |
|   |                                                                      |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 389,904                                                         |
|   |                                                                      |             |                   | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             |                   | (Cost $1,395,270)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 1,411,636                                                       |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | COLLATERALIZED MORTGAGE OBLIGATIONS - 9.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   |                                                                      |             |                   | Banks - 7.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   |                                                                      |             |                   | Thrifts & Mortgage Finance - 7.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   | 3,387                                                                     | 2.53             | BBB+/Ba3               | Adjustable Rate Mortgage Trust 2004-5, Floating Rate Note, 4/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 3,264                                                           |
|   | 48,536                                                                    |             | BB-/NR                 | Alternative Loan Trust 2003-16T1, 5.25%, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 51,545                                                          |
|   | 18,651                                                                    | 0.60             | BBB+/Baa1              | Alternative Loan Trust 2004-18CB, Floating Rate Note, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 18,789                                                          |
|   | 5,753                                                                     |             | CCC/B2                 | Alternative Loan Trust 2004-28CB, 5.5%, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 5,962                                                           |
|   | 3,129                                                                     | 0.55             | BBB+/Ba1               | Alternative Loan Trust 2004-2CB, Floating Rate Note, 3/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 3,110                                                           |
|   | 22,770                                                                    |             | CCC/Caa3               | Alternative Loan Trust 2005-1CB, 5.5%, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 20,154                                                          |
|   | 12,646                                                                    |             | AA+/Baa1               | Alternative Loan Trust Resecuritization 2003-23T2R, 4.25%, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 13,105                                                          |
|   | 22,438                                                                    | 2.33             | AA+/Ba1                | American Home Mortgage Investment Trust 2005-1, Floating Rate Note, 6/25/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 22,722                                                          |
|   | 26,029                                                                    |             | A+/Baa2                | Banc of America Alternative Loan Trust 2003-2, 5.75%, 4/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 28,640                                                          |
|   | 19,924                                                                    |             | NR/B1                  | Banc of America Alternative Loan Trust 2004-10, 5.5%, 11/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 20,142                                                          |
|   | 12,809                                                                    |             | NR/B2                  | Banc of America Alternative Loan Trust 2004-10, 6.0%, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 12,831                                                          |
|   | 11,746                                                                    |             | NR/Ba2                 | Banc of America Alternative Loan Trust 2004-2, 6.0%, 3/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 12,152                                                          |
|   | 23,831                                                                    |             | NR/B2                  | Banc of America Alternative Loan Trust 2004-3, 6.0%, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 24,151                                                          |
|   | 20,286                                                                    |             | NR/B2                  | Banc of America Alternative Loan Trust 2004-4, 5.25%, 5/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 20,570                                                          |
|   | 33,892                                                                    | 2.77             | A-/NR                  | Banc of America Mortgage 2003-F Trust, Floating Rate Note, 7/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 34,291                                                          |
|   | 18,775                                                                    | 2.77             | NR/Baa3                | Banc of America Mortgage 2003-H Trust, Floating Rate Note, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 18,784                                                          |
|   | 34,357                                                                    | 2.70             | AA+/NR                 | Banc of America Mortgage 2004-E Trust, Floating Rate Note, 6/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 34,521                                                          |
|   | 3,614                                                                     | 2.94             | NR/Ba3                 | Banc of America Mortgage 2004-L Trust, Floating Rate Note, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 3,623                                                           |
|   | 14,569                                                                    | 5.10             | BBB+/NR                | Banc of America Mortgage 2005-H Trust, Floating Rate Note, 9/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 14,553                                                          |
|   | 2,697                                                                     |             | B-/NR                  | Banc of America Mortgage Trust 2004-7, 4.5%, 8/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 2,740                                                           |
|   | 1,265                                                                     |             | AA+/Baa1               | Banc of America Mortgage Trust 2005-9, 4.75%, 10/25/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 1,267                                                           |
|   | 9,301                                                                     | 1.15             | A/Baa1                 | Bayview Commercial Asset Trust, Floating Rate Note, 1/25/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 8,459                                                           |
|   | 38,763                                                                    | 2.31             | AA+/Baa2               | Bear Stearns ARM Trust 2003-5, Floating Rate Note, 8/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 38,543                                                          |
|   | 16,628                                                                    | 4.84             | CCC/B2                 | Bear Stearns ARM Trust 2004-12, Floating Rate Note, 2/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 16,829                                                          |
|   | 53,543                                                                    |             | A+/Ba1                 | Bear Stearns Asset Backed Securities Trust 2003-AC5, 4.75%, 10/25/33 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 56,215                                                          |
|   | 25,658                                                                    | 7.42             | BBB+/Aaa               | Bear Stearns Commercial Mortgage Securities Trust 2002-TOP6, Floating Rate Note, 10/15/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 25,906  |
|   | 12,497                                                                    |             | BB+/Ba1                | Charlie Mac Trust 2004-2, 5.0%, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 12,494                                                          |
|   | 295                                                                       | 3.01             | B-/B1                  | CHL Mortgage Pass-Through Trust 2003-42, Floating Rate Note, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 283                                                             |
|   | 10,203                                                                    |             | NR/Ba2                 | CHL Mortgage Pass-Through Trust 2004-J2, 5.5%, 3/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 10,624                                                          |
|   | 41,607                                                                    |             | NR/Baa1                | Citigroup Mortgage Loan Trust, Inc., 6.75%, 8/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 44,733                                                          |
|   | 15,439                                                                    | 2.63             | CCC/NR                 | Citigroup Mortgage Loan Trust, Inc., Floating Rate Note, 9/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 15,219                                                          |
|   | 100,000                                                                   | 4.65             | AA-/A3                 | City Center Trust 2011-CCHP, Floating Rate Note, 7/15/28 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 100,530                                                         |
|   | 16,925                                                                    | 0.34             | A+/A1                  | COMM 2007-FL14 Mortgage Trust, Floating Rate Note, 6/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 16,778                                                          |
|   | 25,000                                                                    |             | NR/Aaa                 | COMM 2012-CCRE2 Mortgage Trust, 3.147%, 8/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 24,583                                                          |
|   | 25,000                                                                    |             | NR/Aaa                 | COMM 2012-CCRE2 Mortgage Trust, 3.791%, 8/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 25,262                                                          |
|   | 25,000                                                                    |             | NR/Aa2                 | COMM 2012-CCRE2 Mortgage Trust, 4.393%, 8/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 25,758                                                          |
|   | 21,000                                                                    |             | AAA/Aaa                | COMM 2012-CCRE4 Mortgage Trust, 2.436%, 10/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 20,482                                                          |
|   | 12,271                                                                    |             | AAA/Aaa                | COMM 2012-CCRE4 Mortgage Trust, 3.251%, 10/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 11,938                                                          |
|   | 50,000                                                                    |             | AAA/Aaa                | COMM 2013-LC6 Mortgage Trust, 2.941%, 1/10/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 47,957                                                          |
|   | 76,809                                                                    |             | NR/Baa1                | Credit Suisse Commercial Mortgage Trust Series 2007-C1, 5.361%, 2/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 81,633                                                          |
|   | 6,768                                                                     |             | D/NR                   | Credit Suisse First Boston Mortgage Securities Corp., 5.0%, 8/25/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 6,765                                                           |
|   | 19,340                                                                    | 6.01             | NR/Caa1                | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 11/15/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 19,797  |
|   | 12,678                                                                    | 2.55             | BBB+/Ba2               | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 11/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 12,695  |
|   | 12,854                                                                    | 2.50             | BBB+/B1                | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 6/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 12,913                                                          |
|   | 38,033                                                                    | 5.11             | NR/Aaa                 | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 7/15/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 38,274                                                          |
|   | 36,866                                                                    | 0.32             | AAA/A1                 | Credit Suisse Mortgage Capital Certificates, Floating Rate Note, 10/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 36,711                                                          |
|   | 25,000                                                                    | 1.15             | NR/NR                  | CSMC Series 2010-14R, Floating Rate Note, 11/26/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 23,500                                                          |
|   | 50,600                                                                    | 3.43             | NR/NR                  | CSMC Trust 2010-16, Floating Rate Note, 6/25/50 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 50,471                                                          |
|   | 13,425                                                                    | 2.55             | B-/NR                  | First Horizon Mortgage Pass-Through Trust 2005-AR2, Floating Rate Note, 6/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 12,488  |
|   | 41,802                                                                    | 0.42             | BBB+/Ba2               | Global Mortgage Securitization, Ltd., Floating Rate Note, 4/25/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 40,051                                                          |
|   | 42,721                                                                    | 5.30             | AAA/Aa3                | GMAC Commercial Mortgage Securities, Inc. Series 2004-C2 Trust, Floating Rate Note, 8/10/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 43,163  |
|   | 35,000                                                                    |             | A-/Ba1                 | GS Mortgage Securities Corp II Series 2005-GG4, 4.782%, 7/10/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 35,853                                                          |
|   | 25,000                                                                    |             | AA-/NR                 | GS Mortgage Securities Corp. II, 3.682%, 2/10/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 24,293                                                          |
|   | 50,000                                                                    |             | AAA/NR                 | GS Mortgage Securities Trust 2013-GCJ12, 3.135%, 6/10/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 48,459                                                          |
|   | 12,798                                                                    | 0.79             | BB/Ba3                 | Impac CMB Trust Series 2004-4, Floating Rate Note, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 12,075                                                          |
|   | 58,285                                                                    | 0.89             | BBB+/A3                | Impac CMB Trust Series 2004-7, Floating Rate Note, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 54,903                                                          |
|   | 30,076                                                                    | 0.35             | BB+/Baa2               | Impac Secured Assets Trust 2006-5, Floating Rate Note, 12/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 27,665                                                          |
|   | 50,000                                                                    | 3.17             | AAA/NR                 | Irvine Core Office Trust 2013-IRV, Floating Rate Note, 5/15/48 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 48,567                                                          |
|   | 41,833                                                                    | 0.52             | NR/Ba1                 | JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 39,725  |
|   | 26,938                                                                    | N/A              | NR/NR                  | JP Morgan Chase Commercial Mortgage Securities Trust 2013-A5, Floating Rate Note, 7/25/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 27,666  |
|   | 18,150                                                                    | 5.01             | BBB+/NR                | JP Morgan Mortgage Trust 2005-A3, Floating Rate Note, 6/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 18,276                                                          |
|   | 12,462                                                                    | 5.06             | NR/Caa1                | JP Morgan Mortgage Trust 2005-A7, Floating Rate Note, 10/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 12,414                                                          |
|   | 20,092                                                                    | 3.50             | AAA/NR                 | JP Morgan Mortgage Trust 2013-2, Floating Rate Note, 5/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 19,703                                                          |
|   | 20,682                                                                    | 3.72             | AAA/NR                 | JP Morgan Mortgage Trust 2013-2, Floating Rate Note, 5/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 19,602                                                          |
|   | 99,836                                                                    | 3.50             | AAA/NR                 | JP Morgan Mortgage Trust 2014-1, Floating Rate Note, 1/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 98,652                                                          |
|   | 44,634                                                                    |             | AAA/Aaa                | LB-UBS Commercial Mortgage Trust 2005-C3, 4.739%, 7/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 45,963                                                          |
|   | 3,626                                                                     | 1.06             | BBB+/Aa2               | Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5, Floating Rate Note, 6/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 3,624   |
|   | 8,047                                                                     | 1.10             | A+/Aa1                 | Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3 Class 1A4, Floating Rate Note, 10/25/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 7,988   |
|   | 13,071                                                                    |             | BB+/NR                 | MASTR Alternative Loan Trust 2004-10, 5.5%, 10/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 13,397                                                          |
|   | 35,717                                                                    |             | B-/NR                  | MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 37,151                                                          |
|   | 20,131                                                                    | 6.64             | A-/NR                  | MASTR Seasoned Securitization Trust 2005-1, Floating Rate Note, 9/25/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 21,053                                                          |
|   | 79,130                                                                    | 0.61             | A+/Baa1                | Merrill Lynch Mortgage Investors Trust Series MLCC 2004-A, Floating Rate Note, 4/25/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 75,266  |
|   | 100,000                                                                   |             | NR/NR                  | Morgan Stanley Re-REMIC Trust 2010-R9, 5.0%, 11/26/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 100,882                                                         |
|   | 90,717                                                                    | 3.75             | AAA/NR                 | Nationstar Mortgage Loan Trust 2013-A, Floating Rate Note, 12/25/52 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 93,093                                                          |
|   | 14,261                                                                    |             | NR/A2                  | PHH Mortgage Capital LLC, 6.6%, 12/25/27 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 14,497                                                          |
|   | 5,165                                                                     |             | A+/Aa3                 | RALI Series 2003-QS1 Trust, 5.0%, 1/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 5,220                                                           |
|   | 21,259                                                                    | 0.72             | B+/Ba1                 | RALI Series 2003-QS11 Trust, Floating Rate Note, 6/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 20,177                                                          |
|   | 69,775                                                                    | 0.60             | BB/NR                  | RALI Series 2003-QS22 Trust, Floating Rate Note, 12/26/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 64,819                                                          |
|   | 49,436                                                                    | 0.75             | B-/NR                  | RALI Series 2003-QS8 Trust, Floating Rate Note, 4/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 44,288                                                          |
|   | 96,334                                                                    |             | NR/Ba3                 | RALI Series 2004-QS3 Trust, 5.0%, 3/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 99,687                                                          |
|   | 10,947                                                                    | 0.65             | BB+/NR                 | RALI Series 2004-QS4 Trust, Floating Rate Note, 3/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 10,658                                                          |
|   | 50,000                                                                    |             | B+/B1                  | RALI Series 2004-QS5 Trust, 5.75%, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 51,263                                                          |
|   | 11,508                                                                    | 0.75             | BB+/Ba3                | RALI Series 2004-QS5 Trust, Floating Rate Note, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 11,293                                                          |
|   | 24,163                                                                    | 1.55             | B-/Ba3                 | RESI Finance LP, Floating Rate Note, 9/10/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 21,227                                                          |
|   | 32,136                                                                    |             | CCC/NR                 | Residential Asset Securitization Trust 2005-A9, 5.5%, 7/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 31,977                                                          |
|   | 23,754                                                                    |             | NR/B3                  | RFMSI Series 2005-S5 Trust, 5.25%, 7/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 24,535                                                          |
|   | 96,593                                                                    | 3.00             | AAA/NR                 | Sequoia Mortgage Trust 2013-7, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 90,269                                                          |
|   | 15,588                                                                    | 2.37             | BBB-/B3                | Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 15,333                                                          |
|   | 18,359                                                                    | 2.50             | AA+/Baa3               | Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 2/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 18,586                                                          |
|   | 23,690                                                                    | 0.90             | A+/Ba1                 | Structured Asset Mortgage Investments Trust 2003-AR2, Floating Rate Note, 12/19/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 22,645  |
|   | 26,800                                                                    | 2.67             | A+/Baa3                | Structured Asset Securities Corp. Mortgage Certificates Series 2003-31A, Floating Rate Note, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 27,015  |
|   | 15,851                                                                    | 2.51             | AA+/Baa3               | Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-22A, Floating Rate Note, 6/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 16,004  |
|   | 20,171                                                                    | 2.30             | NR/Baa2                | Thornburg Mortgage Securities Trust 2003-3, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 19,996                                                          |
|   | 17,964                                                                    | 2.61             | AAA/Baa3               | Thornburg Mortgage Securities Trust Class II4A, Floating Rate Note, 3/25/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 17,921                                                          |
|   | 4,463                                                                     | 2.02             | NR/Ba3                 | WaMu Mortgage Pass-Through Certificates Series 2002-AR2 Trust, Floating Rate Note, 2/27/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 4,337   |
|   | 8,244                                                                     | 0.58             | BBB+/Ba1               | WaMu Mortgage Pass-Through Certificates Series 2004-AR12 Trust, Floating Rate Note, 10/25/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 7,842   |
|   | 10,537                                                                    | 2.41             | BBB/NR                 | WaMu Mortgage Pass-Through Certificates Series 2005-AR3 Trust, Floating Rate Note, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 10,564  |
|   | 29,063                                                                    | 2.40             | BBB+/NR                | WaMu Mortgage Pass-Through Certificates, Floating Rate Note, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 29,196                                                          |
|   | 10,000                                                                    | 4.69             | NR/A3                  | Wells Fargo Commercial Mortgage Trust 2012-LC5, Floating Rate Note, 10/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 10,218  |
|   | 1,845                                                                     |             | BB+/Ba2                | Wells Fargo Mortgage Backed Securities 2005-9 Trust, 5.5%, 10/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 1,844                                                           |
|   | 35,241                                                                    | 2.61             | A+/NR                  | Wells Fargo Mortgage Backed Securities 2005-AR10 Trust, Floating Rate Note, 6/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 35,238  |
|   | 25,814                                                                    | 5.24             | BB/B3                  | Wells Fargo Mortgage Backed Securities 2005-AR13 Trust, Floating Rate Note, 5/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 26,480  |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 2,887,369                                                       |
|   |                                                                      |             |                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 2,887,369                                                       |
|   |                                                                      |             |                   | Diversified Financials - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             |                   | Other Diversified Financial Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 100,000                                                                   | 1.66             | AA-/NR                 | Hilton USA Trust 2013-HLF, Floating Rate Note, 11/5/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 100,126                                                         |
|   | 27,066                                                                    | 2.52             | NR/NR                  | Jefferies Resecuritization Trust 2009-R2, Floating Rate Note, 5/26/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 27,036                                                          |
|   | 100,000                                                                   |             | BBB-/NR                | Morgan Stanley Capital I Trust 2007-HQ13, 5.569%, 12/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 108,219                                                         |
|   | 32,825                                                                    | 0.26             | AA+/Aaa                | Morgan Stanley Capital I, Inc., Floating Rate Note, 10/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 32,755                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 268,136                                                         |
|   |                                                                      |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 268,136                                                         |
|   |                                                                      |             |                   | Government - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 9,291                                                                     |             | NR/NR                  | Federal Home Loan Mortgage Corp., REMICS, 5.0%, 6/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 9,423                                                           |
|   | 100,000                                                                   | 4.16             | NR/Baa2                | Federal Home Loan Mortgage Corp., Floating Rate Note, 9/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 100,869                                                         |
|   | 23,938                                                                    |             | NR/NR                  | Federal National Mortgage Association REMICS, 4.5%, 6/25/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 25,879                                                          |
|   | 3,610                                                                     |             | NR/NR                  | Federal National Mortgage Association REMICS, 5.0%, 9/25/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 3,780                                                           |
|   | 30,000                                                                    | 4.35             | NR/A3                  | FREMF Mortgage Trust 2011-K12, Floating Rate Note, 1/25/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 30,792                                                          |
|   | 25,000                                                                    | 4.89             | NR/A3                  | FREMF Mortgage Trust 2011-K703, Floating Rate Note, 7/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 26,700                                                          |
|   | 25,000                                                                    | 3.49             | NR/A2                  | FREMF Mortgage Trust Class B, Floating Rate Note, 11/25/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 25,596                                                          |
|   | 22,000                                                                    | 3.82             | NR/NR                  | FREMF Mortgage Trust Class B, Floating Rate Note, 6/25/47 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 22,351                                                          |
|   | 50,000                                                                    | 4.29             | A-/NR                  | FREMF Mortgage Trust Class B, Floating Rate Note, 7/25/48 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 52,310                                                          |
|   | 10,000                                                                    | 3.82             | NR/NR                  | FREMF Mortgage Trust Class C, Floating Rate Note, 6/25/47 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 9,835                                                           |
|   | 50,000                                                                    | 4.29             | BBB/NR                 | FREMF Mortgage Trust Class C, Floating Rate Note, 7/25/48 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 51,096                                                          |
|   | 45,888                                                                    |             | NR/NR                  | Government National Mortgage Association, 3.0%, 4/20/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 47,461                                                          |
|   | 100,000                                                                   |             | NR/NR                  | Government National Mortgage Association, 4.5%, 9/20/39 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 106,200                                                         |
|   | 289,717                                                                   | 1.07             | NR/NR                  | Government National Mortgage Association, Floating Rate Note, 9/16/52 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 23,712                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 536,004                                                         |
|   |                                                                      |             |                   | Total Government                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 536,004                                                         |
|   |                                                                      |             |                   | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   |                                                                      |             |                   | (Cost $3,643,235)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 3,691,509                                                       |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | CORPORATE BONDS - 37.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                            |
|   |                                                                      |             |                   | Energy - 7.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             |                   | Oil & Gas Drilling - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   | 140,000                                                                   |             | BB/Ba3                 | Atwood Oceanics, Inc., 6.5%, 2/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 150,500                                                         |
|   | 50,000                                                                    |             | B-/B3                  | Offshore Group Investment, Ltd., 7.5%, 11/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 53,250                                                          |
|   | 100,000                                                                   |             | BBB+/Baa1              | Pride International, Inc., 6.875%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 119,378                                                         |
|   | 100,000                                                                   |             | BBB-/Baa3              | Rowan Companies, Inc., 4.75%, 1/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 101,188                                                         |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 424,316                                                         |
|   |                                                                      |             |                   | Oil & Gas Equipment & Services - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   | 100,000                                                                   |             | B+/B2                  | Basic Energy Services, Inc., 7.75%, 2/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 107,375                                                         |
|   | 100,000                                                                   |             | B/B1                   | Expro Finance Luxembourg SCA, 8.5%, 12/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 104,625                                                         |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 212,000                                                         |
|   |                                                                      |             |                   | Integrated Oil & Gas - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                            |
|   | 75,000                                                                    |             | BBB-/Baa1              | Petrobras Global Finance BV, 3.0%, 1/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 70,879                                                          |
|   |                                                                      |             |                   | Oil & Gas Exploration & Production - 3.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 60,000                                                                    |             | B-/B3                  | BreitBurn Energy Partners LP, 7.875%, 4/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 64,950                                                          |
|   | 75,000                                                                    |             | B-/B3                  | Carrizo Oil & Gas, Inc., 8.625%, 10/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 80,438                                                          |
|   | 95,000                                                                    |             | BB/B1                  | Denbury Resources, Inc., 4.625%, 7/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 88,350                                                          |
|   | 100,000                                                                   |             | B+/B3                  | Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 104,750                                                         |
|   | 50,000                                                                    |             | B/B2                   | EP Energy LLC, 9.375%, 5/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 57,812                                                          |
|   | 200,000                                                                   |             | BBB/Baa1               | Gazprom OAO Via Gaz Capital SA, 4.95%, 7/19/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 188,000                                                         |
|   | 75,000                                                                    |             | CCC+/B3                | Gulfport Energy Corp., 7.75%, 11/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 81,562                                                          |
|   | 50,000                                                                    |             | B-/Caa1                | Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 50,000                                                          |
|   | 175,000                                                                   |             | B+/B1                  | Linn Energy LLC, 7.0%, 11/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 182,438                                                         |
|   | 75,000                                                                    |             | BBB-/Ba1               | Newfield Exploration Co., 5.625%, 7/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 77,812                                                          |
|   | 95,000                                                                    |             | B-/Caa1                | Northern Oil and Gas, Inc., 8.0%, 6/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 100,938                                                         |
|   | 30,000                                                                    |             | BB-/B2                 | Rosetta Resources, Inc., 5.625%, 5/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 30,675                                                          |
|   | 100,000                                                                   |             | BBB/Baa1               | Rosneft Finance SA, 7.25%, 2/2/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 109,875                                                         |
|   | 35,000                                                                    |             | CCC+/B3                | Samson Investment Co., 10.5%, 2/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 38,150                                                          |
|   | 25,000                                                                    |             | B-/B2                  | SandRidge Energy, Inc., 8.125%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 27,250                                                          |
|   | 65,000                                                                    |             | B-/B3                  | Stone Energy Corp., 7.5%, 11/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 70,362                                                          |
|   | 25,000                                                                    |             | B+/B3                  | Swift Energy Co., 7.875%, 3/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 25,000                                                          |
|   | 50,000                                                                    |             | B/B3                   | Vanguard Natural Resources LLC, 7.875%, 4/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 53,875                                                          |
|   | 25,000                                                                    |             | B/B3                   | W&T Offshore, Inc., 8.5%, 6/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 27,000                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 1,459,237                                                       |
|   |                                                                      |             |                   | Oil & Gas Refining & Marketing - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   | 45,000                                                                    |             | BB+/Ba2                | Tesoro Corp., 5.375%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 46,294                                                          |
|   |                                                                      |             |                   | Oil & Gas Storage & Transportation - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 35,000                                                                    |             | BBB-/Baa3              | Buckeye Partners LP, 6.05%, 1/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 39,013                                                          |
|   | 50,000                                                                    |             | BB/B1                  | Crestwood Midstream Partners LP, 6.0%, 12/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 52,375                                                          |
|   | 73,000                                                                    |             | BBB-/Baa2              | DCP Midstream LLC, 9.75%, 3/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 93,067                                                          |
|   | 75,000                                                                    | 5.85             | BB/Baa3                | DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 70,500                                                          |
|   | 40,000                                                                    | 3.26             | BB/Ba1                 | Energy Transfer Partners LP, Floating Rate Note, 11/1/66                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 36,600                                                          |
|   | 56,000                                                                    | 8.38             | BBB-/Baa2              | Enterprise Products Operating LLC, Floating Rate Note, 8/1/66                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 63,070                                                          |
|   | 80,000                                                                    |             | BB/Ba3                 | Gibson Energy, Inc., 6.75%, 7/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 85,800                                                          |
|   | 100,000                                                                   |             | BB/B2                  | Penn Virginia Resource Partners LP, 8.25%, 4/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 104,500                                                         |
|   | 83,000                                                                    |             | BBB/Baa2               | Plains All American Pipeline LP, 6.125%, 1/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 93,233                                                          |
|   | 99,000                                                                    |             | A/A3                   | Questar Pipeline Co., 5.83%, 2/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 112,273                                                         |
|   | 35,000                                                                    |             | BBB-/Baa2              | Spectra Energy Capital LLC, 6.75%, 7/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 39,872                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 790,303                                                         |
|   |                                                                      |             |                   | Coal & Consumable Fuels - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   | 50,000                                                                    |             | BB-/B1                 | Berau Coal Energy Tbk PT, 7.25%, 3/13/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 50,062                                                          |
|   |                                                                      |             |                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 3,053,091                                                       |
|   |                                                                      |             |                   | Materials - 2.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                            |
|   |                                                                      |             |                   | Commodity Chemicals - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   | 100,000                                                                   |             | BB/Ba3                 | Axiall Corp., 4.875%, 5/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 98,125                                                          |
|   |                                                                      |             |                   | Specialty Chemicals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   | 50,000                                                                    |             | B/B1                   | Rentech Nitrogen Partners LP, 6.5%, 4/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 49,000                                                          |
|   |                                                                      |             |                   | Metal & Glass Containers - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   | 50,000                                                                    |             | B-/B3                  | AEP Industries, Inc., 8.25%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 53,125                                                          |
|   |                                                                      |             |                   | Diversified Metals & Mining - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   | 50,000                                                                    |             | BB+/Baa3               | AngloGold Ashanti Holdings Plc, 5.375%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 49,857                                                          |
|   | 50,000                                                                    |             | BBB/Baa3               | Freeport-McMoRan Copper & Gold, Inc., 3.875%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 47,809                                                          |
|   | 7,778                                                                     |             | NR/NR                  | Mirabela Nickel, Ltd., 3.5%, 6/30/14 (144A) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 7,583                                                           |
|   | 75,000                                                                    |             | D/NR                   | Mirabela Nickel, Ltd., 8.75%, 4/15/18 (144A) (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 18,000                                                          |
|   | 20,000                                                                    |             | BB+/Baa3               | Volcan Cia Minera SAA, 5.375%, 2/2/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 19,050                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 142,299                                                         |
|   |                                                                      |             |                   | Gold - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 25,000                                                                    |             | BB-/B1                 | IAMGOLD Corp., 6.75%, 10/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 22,250                                                          |
|   |                                                                      |             |                   | Precious Metals & Minerals - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   | 200,000                                                                   |             | BBB/Baa2               | Fresnillo Plc, 5.5%, 11/13/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 201,000                                                         |
|   |                                                                      |             |                   | Steel - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   | 75,000                                                                    |             | B/B3                   | Essar Steel Algoma, Inc., 9.375%, 3/15/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 74,250                                                          |
|   | 25,000                                                                    |             | BBB/Baa2               | Glencore Funding LLC, 4.125%, 5/30/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 23,877                                                          |
|   | 100,000                                                                   |             | NR/Caa1                | Metinvest BV, 8.75%, 2/14/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 91,500                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 189,627                                                         |
|   |                                                                      |             |                   | Paper Products - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   | 55,000                                                                    |             | BB-/Ba3                | Resolute Forest Products, Inc., 5.875%, 5/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 53,625                                                          |
|   |                                                                      |             |                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 809,051                                                         |
|   |                                                                      |             |                   | Capital Goods - 2.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | Building Products - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   | 25,000                                                                    |             | BBB-/Ba3               | Masco Corp., 5.95%, 3/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 27,125                                                          |
|   | 85,000                                                                    |             | BBB-/Ba3               | Masco Corp., 7.125%, 3/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 98,175                                                          |
|   | 50,000                                                                    | 5.75             | BBB+/Baa2              | Stanley Black & Decker, Inc., Floating Rate Note, 12/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 53,625                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 178,925                                                         |
|   |                                                                      |             |                   | Construction & Engineering - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   | 100,000                                                                   |             | BB-/Ba3                | Dycom Investments, Inc., 7.125%, 1/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 107,875                                                         |
|   | 25,000                                                                    |             | B/B2                   | Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 24,956                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 132,831                                                         |
|   |                                                                      |             |                   | Construction & Farm Machinery & Heavy Trucks - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 75,000                                                                    |             | A/A3                   | Cummins, Inc., 5.65%, 3/1/98                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 77,774                                                          |
|   | 22,000                                                                    |             | A/A3                   | Cummins, Inc., 6.75%, 2/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 26,258                                                          |
|   | 35,000                                                                    |             | CCC-/B3                | Navistar International Corp., 8.25%, 11/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 35,700                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 139,732                                                         |
|   |                                                                      |             |                   | Industrial Machinery - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 50,000                                                                    |             | CCC+/Caa2              | Boart Longyear Management Pty, Ltd., 7.0%, 4/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 38,000                                                          |
|   | 49,000                                                                    |             | B/Caa1                 | Mueller Water Products, Inc., 7.375%, 6/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 50,102                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 88,102                                                          |
|   |                                                                      |             |                   | Trading Companies & Distributors - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 125,000                                                                   |             | BB+/Ba3                | Aircastle, Ltd., 6.25%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 135,000                                                         |
|   | 100,000                                                                   |             | BB+/NR                 | Aviation Capital Group Corp., 6.75%, 4/6/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 110,325                                                         |
|   | 75,000                                                                    |             | B+/B1                  | WESCO Distribution, Inc., 5.375%, 12/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 76,688                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 322,013                                                         |
|   |                                                                      |             |                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 861,603                                                         |
|   |                                                                      |             |                   | Commercial Services & Supplies - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   |                                                                      |             |                   | Research & Consulting Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   | 50,000                                                                    |             | BB-/Ba2                | FTI Consulting, Inc., 6.0%, 11/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 51,000                                                          |
|   |                                                                      |             |                   | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 51,000                                                          |
|   |                                                                      |             |                   | Transportation - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   |                                                                      |             |                   | Airlines - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                            |
|   | 100,000                                                                   |             | A-/Baa2                | Continental Airlines 2012-2 Class A Pass Through Trust, 4.0%, 10/29/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 101,000                                                         |
|   | 27,099                                                                    |             | A/Baa1                 | Delta Air Lines 2010-2 Class A Pass Through Trust, 4.95%, 5/23/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 29,538                                                          |
|   | 75,000                                                                    |             | B-/NR                  | Gol Finance SA, 9.25%, 7/20/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 72,750                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 203,288                                                         |
|   |                                                                      |             |                   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 203,288                                                         |
|   |                                                                      |             |                   | Automobiles & Components - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   |                                                                      |             |                   | Auto Parts & Equipment - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 70,000                                                                    |             | BB+/B2                 | Dana Holding Corp., 6.0%, 9/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 72,888                                                          |
|   | 45,000                                                                    |             | B+/B2                  | Stackpole International Intermediate, 7.75%, 10/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 48,206                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 121,094                                                         |
|   |                                                                      |             |                   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 121,094                                                         |
|   |                                                                      |             |                   | Consumer Durables & Apparel - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   |                                                                      |             |                   | Home Furnishings - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                            |
|   | 25,000                                                                    |             | BBB/Baa3               | Mohawk Industries, Inc., 3.85%, 2/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 24,562                                                          |
|   |                                                                      |             |                   | Homebuilding - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   | 100,000                                                                   |             | BB-/B2                 | Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 106,500                                                         |
|   | 105,000                                                                   |             | NR/C                   | Desarrolladora Homex SAB de CV, 0.0%, 12/11/19 (144A) (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 11,681                                                          |
|   | 40,000                                                                    |             | BB/Ba1                 | DR Horton, Inc., 5.75%, 8/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 42,300                                                          |
|   | 100,000                                                                   |             | BB-/Ba3                | Lennar Corp., 4.5%, 6/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 101,750                                                         |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 262,231                                                         |
|   |                                                                      |             |                   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 286,793                                                         |
|   |                                                                      |             |                   | Consumer Services - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   |                                                                      |             |                   | Casinos & Gaming - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
| EURO   | 108,000                                                                   | 8.25             | BB/Ba2                 | Gtech Spa, Floating Rate Note, 3/31/66 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 161,364                                                         |
|   | 15,869                                                                    |             | NR/NR                  | Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 2,380                                                           |
| EURO   | 50,000                                                                    |             | NR/Caa1                | Peermont Global Pty, Ltd., 7.75%, 4/30/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 68,368                                                          |
|   | 55,000                                                                    |             | B/B2                   | Scientific Games International, Inc., 9.25%, 6/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 58,300                                                          |
|   | 30,000                                                                    |             | BBB-/NR                | Wynn Las Vegas LLC, 4.25%, 5/30/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 28,875                                                          |
|   | 65,000                                                                    |             | BBB-/NR                | Wynn Las Vegas LLC, 5.375%, 3/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 67,844                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 387,131                                                         |
|   |                                                                      |             |                   | Education Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   | 25,000                                                                    |             | NR/Aa2                 | Bowdoin College, 4.693%, 7/1/12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 22,637                                                          |
|   | 50,000                                                                    |             | AAA/Aaa                | President and Fellows of Harvard College, 2.3%, 10/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 45,667                                                          |
|   | 25,000                                                                    |             | AA-/Aa2                | Tufts University, 5.017%, 4/15/12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 24,567                                                          |
|   | 25,000                                                                    |             | AAA/Aaa                | William Marsh Rice University, 4.626%, 5/15/63                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 24,067                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 116,938                                                         |
|   |                                                                      |             |                   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 504,069                                                         |
|   |                                                                      |             |                   | Media - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   |                                                                      |             |                   | Broadcasting - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   | 95,000                                                                    |             | BB-/B1                 | CCO Holdings LLC, 6.625%, 1/31/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 101,531                                                         |
|   | 100,000                                                                   |             | B+/B2                  | Univision Communications, Inc., 5.125%, 5/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 102,250                                                         |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 203,781                                                         |
|   |                                                                      |             |                   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 203,781                                                         |
|   |                                                                      |             |                   | Retailing - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                            |
|   |                                                                      |             |                   | Internet Retail - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   | 125,000                                                                   |             | BBB-/Ba1               | Expedia, Inc., 5.95%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 138,341                                                         |
|   |                                                                      |             |                   | Total Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 138,341                                                         |
|   |                                                                      |             |                   | Food & Staples Retailing - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   |                                                                      |             |                   | Drug Retail - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   | 36,862                                                                    |             | BBB+/Baa1              | CVS Pass-Through Trust, 5.773%, 1/10/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 40,197                                                          |
|   | 80,016                                                                    |             | BBB+/Baa1              | CVS Pass-Through Trust, 6.036%, 12/10/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 89,875                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 130,072                                                         |
|   |                                                                      |             |                   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 130,072                                                         |
|   |                                                                      |             |                   | Food, Beverage & Tobacco - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   |                                                                      |             |                   | Soft Drinks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   | 120,000                                                                   |             | BB/Ba2                 | Central American Bottling Corp., 6.75%, 2/9/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 126,000                                                         |
|   |                                                                      |             |                   | Agricultural Products - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   | 150,000                                                                   |             | BBB/Baa2               | Viterra, Inc., 5.95%, 8/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 164,874                                                         |
|   |                                                                      |             |                   | Packaged Foods & Meats - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 50,000                                                                    |             | B/B2                   | Agrokor dd, 8.875%, 2/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 54,450                                                          |
|   | 100,000                                                                   |             | BB/Ba3                 | JBS Finance II, Ltd., 8.25%, 1/29/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 107,000                                                         |
|   | 150,000                                                                   |             | B/B2                   | Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 150,562                                                         |
|   | 50,000                                                                    |             | B/B1                   | Post Holdings, Inc., 7.375%, 2/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 53,750                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 365,762                                                         |
|   |                                                                      |             |                   | Tobacco - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                            |
|   | 55,000                                                                    |             | B-/Caa1                | Alliance One International, Inc., 9.875%, 7/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 56,238                                                          |
|   | 25,000                                                                    |             | BBB-/Baa2              | Lorillard Tobacco Co., 3.75%, 5/20/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 23,564                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 79,802                                                          |
|   |                                                                      |             |                   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 736,438                                                         |
|   |                                                                      |             |                   | Household & Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   |                                                                      |             |                   | Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   | 80,000                                                                    |             | BBB-/Baa3              | Avon Products, Inc., 5.0%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 80,144                                                          |
|   |                                                                      |             |                   | Total Household & Personal Products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 80,144                                                          |
|   |                                                                      |             |                   | Health Care Equipment & Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   |                                                                      |             |                   | Health Care Facilities - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   | 25,000                                                                    |             | B-/B3                  | Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 25,062                                                          |
|   | 75,000                                                                    |             | BB-/Ba1                | LifePoint Hospitals, Inc., 5.5%, 12/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 77,812                                                          |
|   | 50,000                                                                    |             | A-/A3                  | NYU Hospitals Center, 4.428%, 7/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 45,302                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 148,176                                                         |
|   |                                                                      |             |                   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 148,176                                                         |
|   |                                                                      |             |                   | Pharmaceuticals, Biotechnology & Life Sciences - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   |                                                                      |             |                   | Pharmaceuticals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   | 25,000                                                                    |             | B/B1                   | Endo Finance LLC, 5.75%, 1/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 25,625                                                          |
|   |                                                                      |             |                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 25,625                                                          |
|   |                                                                      |             |                   | Banks - 2.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   |                                                                      |             |                   | Diversified Banks - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
| NOK    | 450,000                                                                   |             | AAA/Aaa                | Asian Development Bank, 3.375%, 5/20/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 75,312                                                          |
|   | 100,000                                                                   | 7.38             | BBB-/NR                | Banco Continental SA via Continental Trustees Cayman, Ltd., Floating Rate Note, 10/7/40 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 106,029 |
|   | 65,000                                                                    | 6.88             | BBB/Baa3               | Banco de Credito del Peru Panama, Floating Rate Note, 9/16/26 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 70,119                                                          |
|   | 75,000                                                                    |             | BBB+/NR                | BBVA Banco Continental SA, 5.0%, 8/26/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 76,031                                                          |
|   | 100,000                                                                   |             | BBB/Baa2               | Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 112,778                                                         |
|   | 200,000                                                                   |             | A/Baa1                 | Nordea Bank AB, 4.25%, 9/21/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 201,777                                                         |
|   | 60,000                                                                    | 4.50             | NR/Baa3                | Scotiabank Peru SA, Floating Rate Note, 12/13/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 54,900                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 696,946                                                         |
|   |                                                                      |             |                   | Regional Banks - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   | 50,000                                                                    |             | BBB/Baa1               | SunTrust Banks, Inc., 3.5%, 1/20/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 52,787                                                          |
|   | 81,000                                                                    | 4.45             | BBB/Baa3               | The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 81,243                                                          |
|   | 100,000                                                                   | 6.75             | BBB/Baa3               | The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 109,000                                                         |
|   | 30,000                                                                    | 4.85             | BBB/Baa3               | The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 28,125                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 271,155                                                         |
|   |                                                                      |             |                   | Thrifts & Mortgage Finance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   | 50,000                                                                    |             | BBB-/Baa2              | Astoria Financial Corp., 5.0%, 6/19/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 53,880                                                          |
|   |                                                                      |             |                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,021,981                                                       |
|   |                                                                      |             |                   | Diversified Financials - 4.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             |                   | Other Diversified Financial Services - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 90,000                                                                    |             | BBB+/Baa2              | Alterra Finance LLC, 6.25%, 9/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 103,128                                                         |
|   | 135,000                                                                   |             | A-/NR                  | Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 144,047                                                         |
|   | 67,000                                                                    | 5.95             | BB+/Ba3                | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 65,492                                                          |
|   | 25,000                                                                    |             | BBB+/Baa1              | Hyundai Capital Services, Inc., 4.375%, 7/27/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 26,683                                                          |
| NZD    | 100,000                                                                   |             | A/A3                   | JPMorgan Chase & Co., 4.25%, 11/2/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 82,699                                                          |
|   | 225,000                                                                   | 5.15             | BBB/Ba1                | JPMorgan Chase & Co., Floating Rate Note, 12/31/49 (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 210,938                                                         |
|   | 100,000                                                                   |             | A/NR                   | KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 104,322                                                         |
|   | 50,000                                                                    | 5.65             | BB/Ba1                 | Voya Financial, Inc., Floating Rate Note, 5/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 49,700                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 787,009                                                         |
|   |                                                                      |             |                   | Specialized Finance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   | 71,000                                                                    |             | BBB-/NR                | Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 75,061                                                          |
|   | 20,000                                                                    |             | BBB+/NR                | Corp Financiera de Desarrollo SA, 4.75%, 2/8/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 20,200                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 95,261                                                          |
|   |                                                                      |             |                   | Consumer Finance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                            |
|   | 106,000                                                                   | 4.00             | BBB-/Ba1               | SLM Corp., Floating Rate Note, 7/25/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 106,039                                                         |
|   |                                                                      |             |                   | Asset Management & Custody Banks - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 35,000                                                                    | 7.52             | BBB+/Baa2              | Ameriprise Financial, Inc., Floating Rate Note, 6/1/66                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 38,762                                                          |
|   | 125,000                                                                   |             | A+/NR                  | Blackstone Holdings Finance Co. LLC, 6.25%, 8/15/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 147,348                                                         |
|   | 9,000                                                                     |             | BBB-/Baa3              | Janus Capital Group, Inc., 6.7%, 6/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 10,161                                                          |
|   | 35,000                                                                    |             | BBB/Baa1               | Legg Mason, Inc., 5.625%, 1/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 35,915                                                          |
|   | 25,000                                                                    | 4.50             | BBB/Baa2               | The Bank of New York Mellon Corp., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 22,750                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 254,936                                                         |
|   |                                                                      |             |                   | Investment Banking & Brokerage - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   | 150,000                                                                   |             | BBB+/Baa3              | Bank of America Corp., 6.11%, 1/29/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 167,756                                                         |
|   | 75,000                                                                    |             | BBB/A3                 | Macquarie Group, Ltd., 6.0%, 1/14/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 83,176                                                          |
|   | 85,000                                                                    |             | BBB+/Baa3              | Morgan Stanley, 4.1%, 5/22/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 84,138                                                          |
|   | 60,000                                                                    |             | A-/Baa2                | Morgan Stanley, 5.5%, 1/26/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 67,667                                                          |
|   | 75,000                                                                    |             | BBB/Baa2               | Raymond James Financial, Inc., 4.25%, 4/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 79,472                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 482,209                                                         |
|   |                                                                      |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 1,725,454                                                       |
|   |                                                                      |             |                   | Insurance - 3.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                            |
|   |                                                                      |             |                   | Insurance Brokers - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   | 85,000                                                                    |             | BBB-/Baa3              | Ironshore Holdings US, Inc., 8.5%, 5/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 99,096                                                          |
|   |                                                                      |             |                   | Life & Health Insurance - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   | 55,000                                                                    |             | BBB+/NR                | Delphi Financial Group, Inc., 7.875%, 1/31/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 64,779                                                          |
|   | 50,000                                                                    |             | BBB/Baa2               | MetLife, Inc., 10.75%, 8/1/69                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 75,750                                                          |
|   | 110,000                                                                   |             | A-/Baa2                | Protective Life Corp., 7.375%, 10/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 133,544                                                         |
|   | 50,000                                                                    | 5.62             | BBB+/Baa2              | Prudential Financial, Inc., Floating Rate Note, 6/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 51,000                                                          |
|   | 50,000                                                                    | 8.88             | BBB+/Baa2              | Prudential Financial, Inc., Floating Rate Note, 6/15/68                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 61,250                                                          |
|   | 50,000                                                                    | 5.88             | BBB+/Baa2              | Prudential Financial, Inc., Floating Rate Note, 9/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 52,188                                                          |
|   | 100,000                                                                   |             | BBB/Baa2               | Unum Group, 5.75%, 8/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 111,199                                                         |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 549,710                                                         |
|   |                                                                      |             |                   | Multi-line Insurance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 85,000                                                                    |             | BBB/A3                 | AXA SA, 8.6%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 109,650                                                         |
|   | 26,000                                                                    |             | BBB-/Baa2              | Liberty Mutual Group, Inc., 7.3%, 6/15/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 26,321                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 135,971                                                         |
|   |                                                                      |             |                   | Property & Casualty Insurance - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   | 75,000                                                                    |             | BBB-/Baa3              | Fidelity National Financial, Inc., 5.5%, 9/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 79,853                                                          |
|   | 50,000                                                                    |             | BBB-/Baa2              | OneBeacon US Holdings, Inc., 4.6%, 11/9/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 50,018                                                          |
|   | 25,000                                                                    |             | BBB-/Baa3              | The Hanover Insurance Group, Inc., 7.5%, 3/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 29,736                                                          |
|   | 59,000                                                                    |             | BBB-/Baa3              | The Hanover Insurance Group, Inc., 7.625%, 10/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 71,153                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 230,760                                                         |
|   |                                                                      |             |                   | Reinsurance - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   | 60,000                                                                    |             | BBB/NR                 | Montpelier Re Holdings, Ltd., 4.7%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 60,865                                                          |
|   | 61,000                                                                    |             | BBB/NR                 | Platinum Underwriters Finance, Inc., 7.5%, 6/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 68,962                                                          |
|   | 105,000                                                                   | 7.51             | BB+/Ba2                | Sirius International Group, Ltd., Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 110,232                                                         |
|   | 100,000                                                                   |             | BBB+/Baa2              | Validus Holdings, Ltd., 8.875%, 1/26/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 139,066                                                         |
|   | 30,000                                                                    | 5.88             | NR/NR                  | Wilton Re Finance LLC, Floating Rate Note, 3/30/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 29,850                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 408,975                                                         |
|   |                                                                      |             |                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 1,424,512                                                       |
|   |                                                                      |             |                   | Real Estate - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   |                                                                      |             |                   | Diversified REIT - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                            |
|   | 20,000                                                                    |             | BBB/Baa2               | Digital Realty Trust LP, 5.875%, 2/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 21,897                                                          |
|   |                                                                      |             |                   | Industrial REIT - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   | 35,000                                                                    |             | BBB-/Baa2              | DCT Industrial Operating Partnership LP, 4.5%, 10/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 34,902                                                          |
|   |                                                                      |             |                   | Office REIT - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   | 20,000                                                                    |             | BBB-/Baa2              | Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 20,666                                                          |
|   | 20,000                                                                    |             | BBB-/Baa3              | BioMed Realty LP, 4.25%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 19,828                                                          |
|   | 35,000                                                                    |             | BBB-/Baa3              | Corporate Office Properties LP, 3.6%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 32,356                                                          |
|   | 95,000                                                                    |             | BB/Ba1                 | DuPont Fabros Technology LP, 5.875%, 9/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 100,462                                                         |
|   | 50,000                                                                    |             | BBB/Baa2               | Highwoods Realty LP, 3.625%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 47,324                                                          |
|   | 30,000                                                                    |             | BBB/Baa2               | Mack-Cali Realty LP, 3.15%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 26,636                                                          |
|   | 60,000                                                                    |             | BBB/Baa2               | Piedmont Operating Partnership LP, 3.4%, 6/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 55,581                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 302,853                                                         |
|   |                                                                      |             |                   | Retail REIT - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   | 80,000                                                                    |             | BBB-/Baa2              | DDR Corp., 7.5%, 4/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 92,629                                                          |
|   |                                                                      |             |                   | Specialized REIT - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                            |
|   | 15,000                                                                    |             | BBB-/Baa3              | CubeSmart LP, 4.8%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 15,887                                                          |
|   | 25,000                                                                    |             | BBB/Baa2               | Health Care Real Estate Investment Trust, Inc., 4.5%, 1/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 25,747                                                          |
|   | 40,000                                                                    |             | BBB-/Baa2              | Hospitality Properties Trust, 5.0%, 8/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 41,594                                                          |
|   | 111,000                                                                   |             | BBB-/Baa3              | Senior Housing Properties Trust, 6.75%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 125,478                                                         |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 208,706                                                         |
|   |                                                                      |             |                   | Diversified Real Estate Activities - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   | 40,000                                                                    |             | BBB-/Baa2              | WP Carey, Inc., 4.60%, 4/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 39,984                                                          |
|   |                                                                      |             |                   | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 700,971                                                         |
|   |                                                                      |             |                   | Software & Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                            |
|   |                                                                      |             |                   | Data Processing & Outsourced Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                            |
|   | 50,000                                                                    |             | BB-/Ba2                | Audatex North America, Inc., 6.0%, 6/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 53,375                                                          |
|   |                                                                      |             |                   | Home Entertainment Software - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   | 25,000                                                                    |             | BB+/Ba2                | Activision Blizzard, Inc., 5.625%, 9/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 26,750                                                          |
|   |                                                                      |             |                   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 80,125                                                          |
|   |                                                                      |             |                   | Technology Hardware & Equipment - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   |                                                                      |             |                   | Communications Equipment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                            |
|   | 50,000                                                                    |             | BB+/Ba3                | Brocade Communications Systems, Inc., 4.625%, 1/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 47,750                                                          |
|   |                                                                      |             |                   | Computer Storage & Peripherals - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   | 100,000                                                                   |             | BBB-/Ba1               | Seagate HDD Cayman, 4.75%, 6/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 98,750                                                          |
|   |                                                                      |             |                   | Electronic Equipment Manufacturers - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   | 50,000                                                                    |             | B+/B1                  | Viasystems, Inc., 7.875%, 5/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 53,875                                                          |
|   |                                                                      |             |                   | Electronic Manufacturing Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   | 100,000                                                                   |             | BB+/Ba1                | Flextronics International, Ltd., 5.0%, 2/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 100,750                                                         |
|   |                                                                      |             |                   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 301,125                                                         |
|   |                                                                      |             |                   | Telecommunication Services - 2.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   |                                                                      |             |                   | Integrated Telecommunication Services - 2.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   | 50,000                                                                    |             | BB/Ba2                 | CenturyLink, Inc., 6.45%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 53,750                                                          |
|   | 50,000                                                                    |             | BB/Ba2                 | CenturyLink, Inc., 7.6%, 9/15/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 47,562                                                          |
|   | 81,000                                                                    |             | B/B3                   | Cincinnati Bell, Inc., 8.375%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 88,695                                                          |
|   | 125,000                                                                   |             | BB-/Ba2                | Frontier Communications Corp., 8.5%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 145,312                                                         |
|   | 60,000                                                                    |             | NR/Ba3                 | GTP Acquisition Partners I LLC, 7.628%, 6/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 63,977                                                          |
|   | 40,000                                                                    |             | NR/A2                  | GTP Towers Issuer LLC, 4.436%, 2/15/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 40,895                                                          |
|   | 60,000                                                                    |             | A-/A2                  | Ooredoo International Finance, Ltd., 6.5%, 6/10/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 60,474                                                          |
|   | 75,000                                                                    |             | BBB/Baa2               | Telefonica Emisiones SAU, 6.221%, 7/3/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 84,838                                                          |
|   | 25,000                                                                    |             | NR/NR                  | Unison Ground Lease Funding LLC, 2.981%, 3/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 23,945                                                          |
|   | 90,000                                                                    |             | BBB+/Baa1              | Verizon Communications, Inc., 6.55%, 9/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 109,524                                                         |
|   | 80,000                                                                    |             | B/B1                   | Windstream Corp., 6.375%, 8/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 78,000                                                          |
|   | 25,000                                                                    |             | B/B1                   | Windstream Corp., 7.75%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 26,812                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 823,784                                                         |
|   |                                                                      |             |                   | Wireless Telecommunication Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   | 40,000                                                                    |             | BB/Ba3                 | T-Mobile USA, Inc., 6.125%, 1/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 41,900                                                          |
|   | 200,000                                                                   |             | BB/Ba3                 | VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 202,720                                                         |
|   | 50,000                                                                    |             | NR/NR                  | WCP Wireless Site Funding, 6.829%, 11/15/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 52,261                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 296,881                                                         |
|   |                                                                      |             |                   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 1,120,665                                                       |
|   |                                                                      |             |                   | Utilities - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                            |
|   |                                                                      |             |                   | Electric Utilities - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   | 100,000                                                                   |             | NR/Baa3                | Dubai Electricity & Water Authority, 8.5%, 4/22/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 106,880                                                         |
|   | 125,000                                                                   | 5.25             | BBB+/A3                | Electricite de France SA, Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 125,188                                                         |
|   | 125,000                                                                   |             | A+/Aa3                 | Electricite de France, 6.0%, 1/22/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 131,174                                                         |
|   | 50,000                                                                    | 6.25             | BBB-/Baa1              | Southern California Edison Co., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 53,250                                                          |
|   | 83,000                                                                    |             | BBB+/A3                | West Penn Power Co., 5.95%, 12/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 94,383                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 510,875                                                         |
|   |                                                                      |             |                   | Multi-Utilities - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   | 99,053                                                                    |             | NR/NR                  | Ormat Funding Corp., 8.25%, 12/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 95,586                                                          |
|   |                                                                      |             |                   | Independent Power Producers & Energy Traders - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                            |
|   | 85,088                                                                    |             | BBB-/NR                | Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 93,242                                                          |
|   | 5,452                                                                     |             | NR/NR                  | Juniper Generation LLC, 6.79%, 12/31/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 5,315                                                           |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 98,557                                                          |
|   |                                                                      |             |                   | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 705,018                                                         |
|   |                                                                      |             |                   | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   |                                                                      |             |                   | (Cost $13,753,497)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 14,432,417                                                      |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 13.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                            |
|   | 200,000                                                                   |             | AAA/Aaa                | Fannie Mae Pool, 5.0%, 5/25/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 218,047                                                         |
|   | 48,940                                                                    |             | AAA/Aaa                | Fannie Mae, 3.5%, 12/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 49,313                                                          |
|   | 398,907                                                                   |             | NR/NR                  | Fannie Mae, 3.5%, 2/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 401,606                                                         |
|   | 97,551                                                                    |             | AAA/Aaa                | Fannie Mae, 3.5%, 7/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 98,210                                                          |
|   | 29,857                                                                    |             | AAA/Aaa                | Fannie Mae, 4.0%, 1/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 31,044                                                          |
|   | 21,766                                                                    |             | AAA/Aaa                | Fannie Mae, 4.0%, 11/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 22,627                                                          |
|   | 64,570                                                                    |             | NR/NR                  | Fannie Mae, 4.0%, 11/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 67,176                                                          |
|   | 48,696                                                                    |             | NR/NR                  | Fannie Mae, 4.0%, 11/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 50,664                                                          |
|   | 38,130                                                                    |             | AAA/Aaa                | Fannie Mae, 4.0%, 12/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 39,646                                                          |
|   | 6,162                                                                     |             | AAA/Aaa                | Fannie Mae, 4.0%, 12/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 6,406                                                           |
|   | 191,906                                                                   |             | AAA/Aaa                | Fannie Mae, 4.5%, 11/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 204,889                                                         |
|   | 19,892                                                                    |             | NR/NR                  | Fannie Mae, 4.5%, 11/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 21,334                                                          |
|   | 52,937                                                                    |             | AAA/Aaa                | Fannie Mae, 4.5%, 12/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 56,457                                                          |
|   | 19,622                                                                    |             | NR/NR                  | Fannie Mae, 4.5%, 12/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 21,046                                                          |
|   | 8,774                                                                     |             | AAA/Aaa                | Fannie Mae, 4.5%, 3/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 9,370                                                           |
|   | 23,843                                                                    |             | AAA/Aaa                | Fannie Mae, 4.5%, 7/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 25,559                                                          |
|   | 97,683                                                                    |             | NR/NR                  | Fannie Mae, 5.0%, 1/1/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 106,331                                                         |
|   | 19,150                                                                    |             | AAA/Aaa                | Fannie Mae, 5.0%, 6/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 20,936                                                          |
|   | 437                                                                       |             | AAA/Aaa                | Fannie Mae, 6.0%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 493                                                             |
|   | 316                                                                       |             | AAA/Aaa                | Fannie Mae, 6.5%, 10/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 355                                                             |
|   | 249                                                                       |             | AAA/Aaa                | Fannie Mae, 6.5%, 2/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 279                                                             |
|   | 173                                                                       |             | AAA/Aaa                | Fannie Mae, 6.5%, 7/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 194                                                             |
|   | 179                                                                       |             | AAA/Aaa                | Fannie Mae, 7.0%, 9/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 201                                                             |
|   | 55,466                                                                    |             | AAA/Aaa                | Federal Home Loan Mortgage Corp., 3.5%, 10/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 55,787                                                          |
|   | 56,107                                                                    |             | NR/NR                  | Federal Home Loan Mortgage Corp., 3.5%, 11/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 58,979                                                          |
|   | 201,124                                                                   |             | NR/NR                  | Federal Home Loan Mortgage Corp., 4.0%, 1/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 208,737                                                         |
|   | 22,105                                                                    |             | AAA/Aaa                | Federal Home Loan Mortgage Corp., 5.0%, 10/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 23,981                                                          |
|   | 62,102                                                                    |             | AAA/Aaa                | Federal Home Loan Mortgage Corp., 5.0%, 11/1/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 67,613                                                          |
|   | 1,126                                                                     |             | AAA/Aaa                | Federal Home Loan Mortgage Corp., 5.0%, 5/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 1,227                                                           |
|   | 8,484                                                                     |             | AAA/Aaa                | Federal Home Loan Mortgage Corp., 5.0%, 6/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 9,206                                                           |
|   | 543                                                                       |             | AAA/Aaa                | Federal Home Loan Mortgage Corp., 5.5%, 10/1/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 578                                                             |
|   | 97,322                                                                    |             | NR/NR                  | Federal National Mortgage Association, 4.0%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 103,010                                                         |
|   | 100,000                                                                   |             | NR/NR                  | Freddie Mac Gold Pool, 4.0%, 4/10/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 103,738                                                         |
|   | 100,000                                                                   |             | NR/NR                  | Government National Mortgage Association I, 4.0%, 4/22/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 105,031                                                         |
|   | 99,107                                                                    |             | AAA/Aaa                | Government National Mortgage Association I, 4.0%, 8/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 104,667                                                         |
|   | 61,996                                                                    |             | NR/NR                  | Government National Mortgage Association I, 4.5%, 1/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 67,120                                                          |
|   | 199,528                                                                   |             | NR/NR                  | Government National Mortgage Association I, 4.5%, 3/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 215,381                                                         |
|   | 26,340                                                                    |             | AAA/Aaa                | Government National Mortgage Association I, 4.5%, 4/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 28,437                                                          |
|   | 15,607                                                                    |             | AAA/Aaa                | Government National Mortgage Association I, 4.5%, 5/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 16,924                                                          |
|   | 62,992                                                                    |             | NR/NR                  | Government National Mortgage Association I, 4.5%, 7/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 68,852                                                          |
|   | 14,200                                                                    |             | AAA/Aaa                | Government National Mortgage Association I, 4.5%, 9/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 15,412                                                          |
|   | 64,835                                                                    |             | NR/NR                  | Government National Mortgage Association I, 4.5%, 9/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 70,128                                                          |
|   | 8,108                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 5.0%, 4/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 8,942                                                           |
|   | 10,871                                                                    |             | AAA/Aaa                | Government National Mortgage Association I, 5.5%, 1/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 12,358                                                          |
|   | 15,757                                                                    |             | AAA/Aaa                | Government National Mortgage Association I, 5.5%, 11/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 17,539                                                          |
|   | 20,776                                                                    |             | AAA/Aaa                | Government National Mortgage Association I, 5.5%, 4/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 23,227                                                          |
|   | 23,888                                                                    |             | AAA/Aaa                | Government National Mortgage Association I, 5.5%, 6/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 26,745                                                          |
|   | 5,374                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 5.5%, 7/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 6,011                                                           |
|   | 3,362                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 10/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 3,869                                                           |
|   | 1,562                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 2/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,792                                                           |
|   | 4,381                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 3/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 4,906                                                           |
|   | 2,682                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 3/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 3,090                                                           |
|   | 725                                                                       |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 5/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 755                                                             |
|   | 692                                                                       |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 6/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 722                                                             |
|   | 2,407                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 6/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 2,696                                                           |
|   | 3,912                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 6/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 4,503                                                           |
|   | 3,020                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 7/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 3,477                                                           |
|   | 2,681                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 7/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 3,002                                                           |
|   | 6,179                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 8/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 6,584                                                           |
|   | 13,596                                                                    |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 8/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 15,226                                                          |
|   | 4,775                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 9/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 5,348                                                           |
|   | 1,623                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.0%, 9/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,818                                                           |
|   | 2,954                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.5%, 1/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 3,332                                                           |
|   | 1,380                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.5%, 11/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 1,578                                                           |
|   | 997                                                                       |             | AAA/Aaa                | Government National Mortgage Association I, 6.5%, 2/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,126                                                           |
|   | 2,117                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 6.5%, 3/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 2,386                                                           |
|   | 995                                                                       |             | AAA/Aaa                | Government National Mortgage Association I, 6.5%, 3/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,154                                                           |
|   | 180                                                                       |             | AAA/Aaa                | Government National Mortgage Association I, 7.0%, 3/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 203                                                             |
|   | 1,459                                                                     |             | AAA/Aaa                | Government National Mortgage Association I, 7.0%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,464                                                           |
|   | 37,554                                                                    |             | AAA/Aaa                | Government National Mortgage Association II, 4.5%, 9/20/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 40,490                                                          |
|   | 8,141                                                                     |             | AAA/Aaa                | Government National Mortgage Association II, 5.5%, 3/20/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 9,095                                                           |
|   | 13,827                                                                    |             | AAA/Aaa                | Government National Mortgage Association II, 6.0%, 11/20/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 15,913                                                          |
|   | 150,000                                                                   |             | AA+/Aaa                | U.S. Treasury Bonds, 4.375%, 2/15/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 172,898                                                         |
|   | 500,000                                                                   |             | AA+/Aaa                | U.S. Treasury Bonds, 4.5%, 5/15/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 587,031                                                         |
|   | 425,000                                                                   |             | AA+/Aaa                | U.S. Treasury Bonds, 4.5%, 8/15/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 499,906                                                         |
|   | 25,000                                                                    |             | AA+/Aaa                | U.S. Treasury Bonds, 6.25%, 8/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 32,633                                                          |
|   | 1,000,000                                                                 |             | AA+/Aaa                | U.S. Treasury Notes, 2.0%, 2/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 966,888                                                         |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 5,265,698                                                       |
|   |                                                                      |             |                   | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   |                                                                      |             |                   | (Cost $5,205,035)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 5,265,698                                                       |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | FOREIGN GOVERNMENT BONDS - 6.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                            |
| GHS    | 100,000                                                                   |             | NR/NR                  | Ghana Government Bond, 19.24%, 5/30/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 33,810                                                          |
| GHS    | 50,000                                                                    |             | NR/NR                  | Ghana Government Bond, 26.0%, 6/5/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 18,938                                                          |
| IDR    | 171,000,000                                                               |             | NR/Baa3                | Indonesia Treasury Bond, 6.125%, 5/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 12,119                                                          |
| IDR    | 155,000,000                                                               |             | NR/Baa3                | Indonesia Treasury Bond, 7.0%, 5/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 12,826                                                          |
| IDR    | 150,000,000                                                               |             | NR/Baa3                | Indonesia Treasury Bond, 7.0%, 5/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 11,620                                                          |
| IDR    | 893,000,000                                                               |             | NR/Baa3                | Indonesia Treasury Bond, 8.25%, 6/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 76,054                                                          |
| IDR    | 550,000,000                                                               |             | NR/Aaa                 | Inter-American Development Bank, 4.5%, 2/4/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 46,169                                                          |
| BRL    | 250,000                                                                   |             | AAA/Aaa                | International Finance Corp., 5.0%, 12/21/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 101,542                                                         |
| INR    | 9,950,000                                                                 |             | NR/Aaa                 | International Finance Corp., 7.75%, 12/3/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 166,135                                                         |
| EURO   | 80,000                                                                    |             | BBB+/Baa3              | Ireland Government Bond, 5.0%, 10/18/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 129,246                                                         |
| MXN    | 550,000                                                                   |             | A/A3                   | Mexican Bonos, 6.5%, 6/9/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 43,424                                                          |
| MXN    | 520,000                                                                   |             | A/A3                   | Mexican Bonos, 7.5%, 6/3/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 43,321                                                          |
| MXN    | 2,572,820                                                                 |             | A/A3                   | Mexican Udibonos, 2.0%, 6/9/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 190,140                                                         |
| MXN    | 1,543,692                                                                 |             | A/A3                   | Mexican Udibonos, 3.5%, 12/14/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 126,338                                                         |
| NGN    | 14,000,000                                                                |             | NR/NR                  | Nigeria Government Bond, 16.0%, 6/29/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 91,081                                                          |
| NGN    | 10,000,000                                                                |             | NR/NR                  | Nigeria Treasury Bill, 0.0%, 4/10/14 (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 60,441                                                          |
| NGN    | 8,000,000                                                                 |             | NR/NR                  | Nigeria Treasury Bill, 0.0%, 4/24/14 (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 48,125                                                          |
| NOK    | 750,000                                                                   |             | AAA/Aaa                | Norway Government Bond, 2.0%, 5/24/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 116,996                                                         |
| NOK    | 1,200,000                                                                 |             | AAA/Aaa                | Norway Government Bond, 4.25%, 5/19/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 215,687                                                         |
| NOK    | 1,250,000                                                                 |             | AAA/Aaa                | Norway Government Bond, 4.5%, 5/22/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 232,134                                                         |
| NOK    | 640,000                                                                   |             | AAA/Aaa                | Norway Government Bond, 5.0%, 5/15/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 111,058                                                         |
| PLN    | 125,000                                                                   |             | A/A2                   | Poland Government Bond, 5.5%, 4/25/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 42,515                                                          |
|   | 50,000                                                                    |             | A-/A2                  | Poland Government International Bond, 4.0%, 1/22/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 50,262                                                          |
|   | 100,000                                                                   |             | CCC+/Caa2              | Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 87,500                                                          |
| AUD    | 100,000                                                                   |             | AA+/Aa1                | Queensland Treasury Corp., 5.75%, 7/22/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 101,144                                                         |
| RON    | 440,000                                                                   |             | NR/NR                  | Romania Government Bond, 5.85%, 4/26/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 141,162                                                         |
| RON    | 160,000                                                                   |             | NR/NR                  | Romania Government Bond, 5.9%, 7/26/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 51,754                                                          |
| TRY    | 50,000                                                                    |             | NR/NR                  | Turkey Government Bond, 10.5%, 1/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 23,802                                                          |
|   | 100,000                                                                   |             | CCC/Caa2               | Ukraine Government International Bond, 7.5%, 4/17/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 92,500                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 2,477,843                                                       |
|   |                                                                      |             |                   | TOTAL FOREIGN GOVERNMENT BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                            |
|   |                                                                      |             |                   | (Cost $2,635,775)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 2,477,843                                                       |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | MUNICIPAL BONDS - 5.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   |                                                                      |             |                   | Municipal Development - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   | 60,000                                                                    | 5.90             | BBB/NR                 | Brazos Harbor Industrial Development Corp., Floating Rate Note, 5/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 64,346                                                          |
|   | 65,000                                                                    |             | BBB/Baa3               | Louisiana Local Government Environmental Facilities & Community Development Authority, 6.75%, 11/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 71,869  |
|   | 100,000                                                                   |             | AA/A1                  | New Jersey Economic Development Authority, 0.0%, 2/15/18 (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 89,319                                                          |
|   | 70,000                                                                    |             | BBB/Baa1               | Parish of St. John the Baptist Louisiana, 5.125%, 6/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 71,839                                                          |
|   | 60,000                                                                    |             | BB-/B1                 | Port of Corpus Christi Authority of Nueces County, 6.7%, 11/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 60,070                                                          |
|   | 50,000                                                                    |             | BBB/NR                 | Selma Industrial Development Board, 6.25%, 11/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 55,524                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 412,967                                                         |
|   |                                                                      |             |                   | Municipal Education - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   | 10,000                                                                    |             | AA+/Aaa                | Amherst College, 3.794%, 11/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 8,818                                                           |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | Municipal General - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   | 90,000                                                                    |             | AA/A2                  | JobsOhio Beverage System, 3.985%, 1/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 86,547                                                          |
|   | 25,000                                                                    |             | AA/A2                  | JobsOhio Beverage System, 4.532%, 1/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 24,344                                                          |
|   | 75,000                                                                    |             | A+/A1                  | New Jersey Transportation Trust Fund Authority, 5.5%, 6/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 81,684                                                          |
|   | 25,000                                                                    |             | AAA/Aa1                | New York City Transitional Finance Authority Future Tax Secured Revenue, 5.0%, 11/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 27,172  |
|   | 40,000                                                                    |             | AAA/Aa2                | New York State Dormitory Authority, 5.0%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 44,467                                                          |
|   | 66,000                                                                    |             | AA-/Aa3                | State of Wisconsin, 5.75%, 5/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 74,476                                                          |
|   | 25,000                                                                    |             | BBB/A3                 | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 25,547                                                          |
|   | 50,000                                                                    |             | BBB/A3                 | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 50,772                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 415,009                                                         |
|   |                                                                      |             |                   | Higher Municipal Education - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 25,000                                                                    |             | A+/NR                  | Baylor University, 4.313%, 3/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 23,485                                                          |
|   | 45,000                                                                    |             | AAA/Aaa                | California Educational Facilities Authority, 5.0%, 6/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 55,197                                                          |
|   | 70,000                                                                    |             | AAA/Aaa                | Connecticut State Health & Educational Facility Authority, 5.0%, 7/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 76,495                                                          |
|   | 75,000                                                                    |             | AAA/Aaa                | Health & Educational Facilities Authority of the State of Missouri, 5.0%, 11/15/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 81,870                                                          |
|   | 50,000                                                                    |             | AAA/Aaa                | Houston Higher Education Finance Corp., 5.0%, 5/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 55,208                                                          |
|   | 30,000                                                                    |             | AAA/Aaa                | Massachusetts Development Finance Agency, 5.0%, 10/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 32,901                                                          |
|   | 30,000                                                                    |             | AAA/Aaa                | Massachusetts Health & Educational Facilities Authority, 6.0%, 7/1/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 34,918                                                          |
|   | 25,000                                                                    |             | AAA/Aaa                | Massachusetts Institute of Technology, 5.6%, 7/1/11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 30,683                                                          |
|   | 25,000                                                                    |             | AAA/Aaa                | New York State Dormitory Authority, 5.0%, 10/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 27,149                                                          |
|   | 20,000                                                                    |             | AA-/Aa3                | New York State Dormitory Authority, 5.0%, 7/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 21,553                                                          |
|   | 25,000                                                                    |             | AAA/Aaa                | Permanent University Fund, 5.0%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 29,248                                                          |
|   | 40,000                                                                    |             | A+/A1                  | The George Washington University, 1.827%, 9/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 39,864                                                          |
|   | 50,000                                                                    |             | AA/Aa2                 | University of California, 3.38%, 5/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 46,422                                                          |
|   | 25,000                                                                    |             | AAA/Aaa                | University of Virginia, 5.0%, 6/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 27,608                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 582,601                                                         |
|   |                                                                      |             |                   | Municipal Medical - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   | 50,000                                                                    |             | AA/Aa2                 | Maryland Health & Higher Educational Facilities Authority, 5.0%, 7/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 54,360                                                          |
|   | 25,000                                                                    |             | AA-/A1                 | Massachusetts Development Finance Agency, 5.375%, 4/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 26,719                                                          |
|   | 50,000                                                                    |             | A/NR                   | New Hampshire Health and Education Facilities Authority Act, 6.5%, 1/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 54,847                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 135,926                                                         |
|   |                                                                      |             |                   | Municipal Pollution - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   | 135,000                                                                   | 5.95             | BBB/NR                 | Port Freeport Texas, Floating Rate Note, 5/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 148,229                                                         |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | Municipal School District - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                            |
|   | 20,000                                                                    |             | AAA/Aaa                | North East Independent School District Texas, 5.25%, 2/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 24,567                                                          |
|   | 20,000                                                                    |             | AAA/Aaa                | Southwest Independent School District, 5.0%, 2/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 21,739                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 46,306                                                          |
|   |                                                                      |             |                   | Municipal Transportation - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                            |
|   | 15,000                                                                    |             | AA-/Aa3                | Port Authority of New York & New Jersey, 4.458%, 10/1/62                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 14,012                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | Municipal Water - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   | 60,000                                                                    |             | AAA/Aa1                | City of Charleston South Carolina Waterworks & Sewer System Revenue, 5.0%, 1/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 64,618                                                          |
|   | 25,000                                                                    |             | AAA/Aa2                | Hampton Roads Sanitation District, 5.0%, 4/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 26,938                                                          |
|   | 35,000                                                                    |             | AAA/Aa1                | Metropolitan Water Reclamation District of Greater Chicago, 5.0%, 12/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 38,011                                                          |
|   | 30,000                                                                    |             | AAA/Aa1                | Metropolitan Water Reclamation District of Greater Chicago, 5.0%, 12/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 32,249                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 161,816                                                         |
|   |                                                                      |             |                   | Municipal Obligation - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 150,000                                                                   |             | AAA/Aaa                | County of Wake North Carolina, 4.0%, 5/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 156,502                                                         |
|   | 50,000                                                                    |             | AAA/Aa1                | State of Florida, 4.0%, 6/1/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 52,828                                                          |
|   | 20,000                                                                    |             | AA+/Aa1                | State of Washington, 3.0%, 7/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 19,191                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 228,521                                                         |
|   |                                                                      |             |                   | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   |                                                                      |             |                   | (Cost $2,061,479)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 2,154,205                                                       |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | SENIOR FLOATING RATE LOAN INTERESTS - 9.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   |                                                                      |             |                   | Energy - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             |                   | Oil & Gas Equipment & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   | 41,787                                                                    | 8.50             | B-/B2                  | FTS International, Inc., Term Loan, 5/6/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 42,518                                                          |
|   |                                                                      |             |                   | Oil & Gas Exploration & Production - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 30,000                                                                    | 8.38             | B-/B2                  | Fieldwood Energy LLC, Closing Date Loan (Second Lien), 9/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 31,283                                                          |
|   | 100,000                                                                   | 5.00             | B-/B1                  | Samson Investment Co., Tranche 1 Term Loan (Second Lien), 9/25/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 101,038                                                         |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 132,321                                                         |
|   |                                                                      |             |                   | Coal & Consumable Fuels - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   | 78,333                                                                    | 5.38             | NR/NR                  | Bumi Resources Tbk PT, Term Loan, 8/15/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 78,333                                                          |
|   |                                                                      |             |                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 253,172                                                         |
|   |                                                                      |             |                   | Materials - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                            |
|   |                                                                      |             |                   | Specialty Chemicals - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   | 99,250                                                                    | 3.24             | BB-/B1                 | Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 99,516                                                          |
|   |                                                                      |             |                   | Aluminum - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                            |
|   | 39,200                                                                    | 5.75             | B/B2                   | Noranda Aluminum Acquisition Corp., Term B Loan, 2/28/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 37,616                                                          |
|   |                                                                      |             |                   | Paper Products - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   | 99,250                                                                    | 5.83             | B+/Ba2                 | Appvion, Inc., Term Commitment, 6/28/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 100,305                                                         |
|   |                                                                      |             |                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 237,437                                                         |
|   |                                                                      |             |                   | Capital Goods - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | Trading Companies & Distributors - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 24,964                                                                    | 3.75             | BB/Ba3                 | WESCO Distribution, Inc., Tranche B-1 Loan, 12/12/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 25,058                                                          |
|   |                                                                      |             |                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 25,058                                                          |
|   |                                                                      |             |                   | Commercial Services & Supplies - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   |                                                                      |             |                   | Diversified Commercial & Prof Svc - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   | 105,039                                                                   | 0.00             | NR/NR                  | Seven Seas Cruises S de RL LLC, Term B2 Loan, 12/21/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 105,301                                                         |
|   |                                                                      |             |                   | Security & Alarm Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | 34,303                                                                    | 4.25             | B/Ba3                  | Monitronics International, Inc., Term B Loan, 3/23/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 34,378                                                          |
|   |                                                                      |             |                   | Research & Consulting Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   | 102,247                                                                   | 5.00             | BB-/Ba3                | Wyle Services Corp., Term Loan (First Lien), 3/26/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 102,290                                                         |
|   |                                                                      |             |                   | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 241,969                                                         |
|   |                                                                      |             |                   | Transportation - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   |                                                                      |             |                   | Trucking - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                            |
|   | 26,520                                                                    | 2.90             | BB/Ba1                 | Swift Transportation Co., LLC, Tranche B-1 Term Loan (2013), 12/21/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 26,703                                                          |
|   |                                                                      |             |                   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 26,703                                                          |
|   |                                                                      |             |                   | Automobiles & Components - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   |                                                                      |             |                   | Auto Parts & Equipment - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 55,205                                                                    | 2.10             | B/B1                   | Federal-Mogul Corp., Tranche B Term Loan, 12/29/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 55,050                                                          |
|   | 32,401                                                                    | 2.10             | B/B1                   | Federal-Mogul Corp., Tranche C Term Loan, 12/28/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 32,310                                                          |
|   | 39,303                                                                    | 5.50             | NR/NR                  | TI Group Automotive Systems LLC, Additional Term Loan, 3/27/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 39,635                                                          |
|   | 153,839                                                                   | 3.23             | BB-/B1                 | Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 153,839                                                         |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 280,834                                                         |
|   |                                                                      |             |                   | Automobile Manufacturers - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                            |
|   | 145,875                                                                   | 3.50             | BB+/Ba1                | Chrysler Group LLC, Term Loan B, 5/24/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 146,149                                                         |
|   |                                                                      |             |                   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 426,983                                                         |
|   |                                                                      |             |                   | Consumer Durables & Apparel - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   |                                                                      |             |                   | Apparel, Accessories & Luxury Goods - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                            |
|   | 55,972                                                                    | 3.25             | BBB-/Ba1               | PVH Corp., Tranche B Term Loan, 12/19/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 56,160                                                          |
|   |                                                                      |             |                   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 56,160                                                          |
|   |                                                                      |             |                   | Consumer Services - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   |                                                                      |             |                   | Casinos & Gaming - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 128,375                                                                   | 3.50             | BB/Ba2                 | MGM Resorts International, Inc., Term B Loan, 12/20/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 128,348                                                         |
|   | 74,438                                                                    | 3.75             | BB+/Ba2                | Pinnacle Entertainment, Inc., Tranche B-2 Term Loan, 8/13/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 74,752                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 203,100                                                         |
|   |                                                                      |             |                   | Leisure Facilities - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   | 66,850                                                                    | 3.50             | BB+/Ba2                | Six Flags Theme Parks, Inc., Tranche B Term Loan, 12/20/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 67,236                                                          |
|   |                                                                      |             |                   | Restaurants - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   | 113,275                                                                   | 3.75             | BB/Ba3                 | Burger King Corp., Tranche B Term Loan (2012), 9/28/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 114,045                                                         |
|   | 24,119                                                                    | 3.25             | BB-/B1                 | Wendy's International, Inc., Term B Loan, 5/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 24,097                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 138,142                                                         |
|   |                                                                      |             |                   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 408,478                                                         |
|   |                                                                      |             |                   | Media - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   |                                                                      |             |                   | Cable & Satellite - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   | 49,625                                                                    | 3.25             | BB/Ba3                 | MCC Georgia LLC, Tranche H Term Loan, 1/29/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 49,346                                                          |
|   | 73,693                                                                    | 3.50             | BB/Ba3                 | Telesat Canada, U.S. Term B Loan, 3/28/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 73,808                                                          |
|   | 175,000                                                                   | 3.50             | NR/Ba3                 | Virgin Media Investment Holdings, Ltd., New Term B Loan, 2/6/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 174,803                                                         |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 297,957                                                         |
|   |                                                                      |             |                   | Movies & Entertainment - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 26,350                                                                    | 3.50             | BB-/Ba2                | Rovi Solutions Corp., Tranche B-3 Term Loan, 3/29/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 26,366                                                          |
|   |                                                                      |             |                   | Publishing - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 68,680                                                                    | 3.75             | BB-/Ba3                | Interactive Data Corp., Refinanced Term Loan, 2/11/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 68,792                                                          |
|   |                                                                      |             |                   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 393,115                                                         |
|   |                                                                      |             |                   | Health Care Equipment & Services - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   |                                                                      |             |                   | Health Care Services - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                            |
|   | 79,400                                                                    | 4.25             | B/B2                   | Surgical Care Affiliates LLC, Class C Incremental Term Loan, 6/29/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 79,747                                                          |
|   | 241,875                                                                   | 7.25             | B+/B1                  | Virtual Radiologic Corp., Term Loan A, 12/22/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 151,172                                                         |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 230,919                                                         |
|   |                                                                      |             |                   | Health Care Facilities - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   | 31,247                                                                    | 3.47             | BB/Ba2                 | CHS, Inc., 2017 Term E Loan, 1/25/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 31,503                                                          |
|   | 83,284                                                                    | 0.00             | BB/Ba2                 | CHS, Inc., 2021 Term D Loan, 1/27/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 84,091                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 115,594                                                         |
|   |                                                                      |             |                   | Managed Health Care - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   | 19,952                                                                    | 9.75             | B+/B2                  | MMM Holdings, Inc., Term Loan, 10/9/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 20,101                                                          |
|   | 14,506                                                                    | 9.75             | B+/B2                  | MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 14,560                                                          |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 34,661                                                          |
|   |                                                                      |             |                   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 381,174                                                         |
|   |                                                                      |             |                   | Pharmaceuticals, Biotechnology & Life Sciences - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   |                                                                      |             |                   | Pharmaceuticals - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   | 100,000                                                                   | 0.00             | NR/NR                  | Grifols Worldwide Operations USA, Inc., U.S. Tranche B Term Loam, 4/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 100,062                                                         |
|   | 98,753                                                                    | 4.00             | B/B1                   | Par Pharmaceutical Companies, Inc., Term B-2 Loan, 9/28/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 99,034                                                          |
|   | 91,957                                                                    | 3.75             | BB/Ba1                 | Valeant Pharmaceuticals International, Inc., Series E1 Tranche B Term Loan, 8/5/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 92,508  |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 291,604                                                         |
|   |                                                                      |             |                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 291,604                                                         |
|   |                                                                      |             |                   | Banks - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   |                                                                      |             |                   | Thrifts & Mortgage Finance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                            |
|   | 173,250                                                                   | 5.00             | B+/B1                  | Ocwen Financial Corp., Initial Term Loan, 1/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 174,259                                                         |
|   |                                                                      |             |                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 174,259                                                         |
|   |                                                                      |             |                   | Diversified Financials - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             |                   | Specialized Finance - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   | 197,505                                                                   | 4.25             | B/B1                   | Mirror BidCo Corp., New Incremental Term Loan, 12/18/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 197,875                                                         |
|   |                                                                      |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 197,875                                                         |
|   |                                                                      |             |                   | Insurance - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                            |
|   |                                                                      |             |                   | Insurance Brokers - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   | 148,131                                                                   | 3.25             | NR/B1                  | USI Insurance Services LLC, Term B Loan, 12/30/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 148,871                                                         |
|   |                                                                      |             |                   | Life & Health Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   | 92,720                                                                    | 3.75             | BB/Ba2                 | CNO Financial Group, Inc., Tranche B2 Term Loan, 9/4/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 93,068                                                          |
|   |                                                                      |             |                   | Property & Casualty Insurance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   | 102,600                                                                   | 5.75             | B-/B2                  | Confie seguros Holding II Co., Term B Loan (First Lien), 11/9/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 102,729                                                         |
|   |                                                                      |             |                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 344,668                                                         |
|   |                                                                      |             |                   | Telecommunication Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   |                                                                      |             |                   | Integrated Telecommunication Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   | 97,804                                                                    | 3.25             | BB/B1                  | West Corp., B-10 Term Loan (First Lien), 6/30/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 97,384                                                          |
|   |                                                                      |             |                   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 97,384                                                          |
|   |                                                                      |             |                   | TOTAL SENIOR FLOATING RATE LOAN INTERESTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                            |
|   |                                                                      |             |                   | (Cost $3,609,514)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 3,556,039                                                       |
|   | Shares                                                                    |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | RIGHTS / WARRANTS - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                            |
|   |                                                                      |             |                   | Automobiles & Components - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   |                                                                      |             |                   | Auto Parts & Equipment - 0.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   | 9                                                                         |             |                   | Lear Corp., 11/9/14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 1,507                                                           |
|   |                                                                      |             |                   | TOTAL RIGHTS / WARRANTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                            |
|   |                                                                      |             |                   | (Cost $486)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,507                                                           |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | TOTAL INVESTMENT IN SECURITIES - 93.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   |                                                                      |             |                   | (Cost $34,881,365) (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 35,974,682                                                      |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | OTHER ASSETS & LIABILITIES - 7.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 2,726,916                                                       |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 38,701,598                                                      |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | *                                                                         |             |                   | Non-income producing security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                            |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | NR                                                                        |             |                   | Not rated by either S&P or Moody's.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                            |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | WR                                                                        |             |                   | Withdrawn rating.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | (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 31, 2014, the value of these securities amounted to $8,623,985 or 22.3% of total net assets.                                                                                                                                                                                                                                |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | †                                                                   |             |                   | Amount rounds to less than 0.1%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                            |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | REIT                                                                      |             |                   | Real Estate Investment Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | (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.                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | (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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                            |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | **                                                                        |             |                   | Senior floating rate loan interests in which the Fund 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 U.S. 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, 2014, the net unrealized appreciation on investments based on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                            |
|   |                                                                      |             |                   | cost for federal income tax purposes of $34,881,365 was as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       |         1,802,214       |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |          (708,897) |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             |                   | Net unrealized appreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,093,317                                                       |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | (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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                            |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | (d)                                                                       |             |                   | Security issued with a zero coupon. Income is earned through accretion of discount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | (e)                                                                       |             |                   | Security represents the interest only portion payments on a pool of underlying mortgages or mortgage-backed securities.                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   | Principal amounts are denominated in U.S. Dollars unless otherwise noted: |             |                   |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             | BRL                    | Brazilian Real                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                            |
|   |                                                                      |             | EURO                   | Euro                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |
|   |                                                                      |             | GHS                    | Ghanaian Cedi                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             | IDR                    | Indonesian Rupiah                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                            |
|   |                                                                      |             | INR                    | Indian Rupee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   |                                                                      |             | MXN                    | Mexican Peso                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   |                                                                      |             | NZD                    | New Zealand Dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                            |
|   |                                                                      |             | NGN                    | Nigeria Naira                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                            |
|   |                                                                      |             | NOK                    | Norwegian Krone                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                            |
|   |                                                                      |             | PLN                    | Polish Zloty                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   |                                                                      |             | RON                    | Romanian New Leu                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                            |
|   |                                                                      |             | TRY                    | Turkish Lira                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                            |
|   |                                                                      |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                            |

----

| CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION                                                                                                           |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------------------------|--------------------------|----------------------------------------------------------------------------------------------|--------|-----------|-----------------|
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              | Notional Principal ($) (1) |                                                                                                                                      | Counterparty | Obligation Entity/Index  |                     | Coupon                                                                                       |   |      | Expiration Date |   |   | Premiums Received (Paid) |   |   | Net Unrealized Appreciation (Depreciation) |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       | 300,000                                                                                                                                   |         | JPMorgan Chase & Co. | NA.HY.21.V1              |                                                                                         |   | 5.00      | %               |   | 12/20/18 |   |   | $ | (21,060 | ) |   | $ | (2,777 | ) |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                              (1) |                       | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. |         |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |
| CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION                                                                                                            |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       | Notional Principal ($) (1)                                                                                                                |         | Counterparty             | Obligation Entity/Index  |                                                                                         | Coupon |      |            | Expiration Date |   |   | Premiums Received (Paid) |   |   | Net Unrealized Appreciation (Depreciation) |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      | (100,000     | )                        | JPMorgan Chase & Co. | American Axle & Manufacturing Co.                                                        |   |      | 5.00            | % |   | 12/20/17 |   |   | $ | (3,000 | ) |   | $ | 14,396 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      | (900,000     | )                        | JPMorgan Chase & Co. | Goodyear Tire & Rubber, Inc.                                                             |   |      | 1.00            | % |   | 12/20/17 |   |   | $ | (871 | ) |   | $ | 19,226 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      | (50,000      | )                        | JPMorgan Chase & Co. | Markit CDX.NA.IG.19                                                                          |   |      | 5.00            | % |   | 12/20/17 |   |   | $ | (1,625 | ) |   | $ | 8,352 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                              (1) |                       | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. |         |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |
| 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.) |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |
| 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 as Level 2 and securities valued                         |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                          |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |
| The following is a summary of the inputs used as of March 31, 2014, in valuing the Portfolio's investments:                                                |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   | Level 1   |            |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Convertible Corporate Bonds                                                                  |   | $         | -               |   |   | $ | 1,337,763 |   |   | $ | - |   |   | $ | 1,337,763 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Preferred Stocks                                                                             |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |     Banks                                                                |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |        Regional Banks                                     |   |      | -               |   |   |   | 101,688 |   |   |   | - |   |   |   | 101,688 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |     Diversified Financials                                               |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |        Consumer Finance                                   |   |      | -               |   |   |   | 29,781 |   |   |   | - |   |   |   | 29,781 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |      Insurance                                                      |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |        Reinsurance                                        |   |      | -               |   |   |   | - |   |   |   | 110,834 |   |   |   | 110,834 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |      All Other Preferred Stocks                                     |   |      | 802,445         |   |   |   | - |   |   |   | - |   |   |   | 802,445 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Convertible Preferred Stocks                                                                 |   |      | 358,691         |   |   |   | - |   |   |   | - |   |   |   | 358,691 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Common Stocks                                                                                |   |      | -               |   |   |   | 242,626 |   |   |   | - |   |   |   | 242,626 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Asset Backed Securities                                                                      |   |      | -               |   |   |   | 1,411,636 |   |   |   | - |   |   |   | 1,411,636 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Collateralized Mortgage Obligations                                                          |   |      | -               |   |   |   | 3,691,509 |   |   |   | - |   |   |   | 3,691,509 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Corporate Bonds                                                                              |   |      | -               |   |   |   | 14,432,417 |   |   |   | - |   |   |   | 14,432,417 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | U.S. Government And Agency Obligations                                                       |   |      | -               |   |   |   | 5,265,698 |   |   |   | - |   |   |   | 5,265,698 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Foreign Government Bonds                                                                     |   |      | -               |   |   |   | 2,477,843 |   |   |   | - |   |   |   | 2,477,843 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Municipal Bonds                                                                              |   |      | -               |   |   |   | 2,154,205 |   |   |   | - |   |   |   | 2,154,205 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Senior Floating Rate Loan Interests                                                          |   |      | -               |   |   |   | 3,556,039 |   |   |   | - |   |   |   | 3,556,039 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Rights/Warrants                                                                              |   |      | 1,507           |   |   |   | - |   |   |   | - |   |   |   | 1,507 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Total                                                                                        |   | $         | 1,162,643       |   |   | $ | 34,701,205 |   |   | $ | 110,834 |   |   | $ | 35,974,682 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Other Financial Instruments                                                                  |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Net unrealized appreciation on Credit Default Swaps                                          |   | $         | -               |   |   | $ | 39,197 |   |   | $ | - |   |   | $ | 39,197 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Net unrealized depreciation on Futures Contracts                                             |   |      | 57,851          |   |   |   | - |   |   |   | - |   |   |   | 57,851 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Net unrealized depreciation on forward foreign currency hedge contracts                      |   |      | -               |   |   |   | 3,166 |   |   |   | - |   |   |   | 3,166 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Total                                                                                        |   | $         | 57,851          |   |   | $ | 42,363 |   |   | $ | - |   |   | $ | 100,214 |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | During the period ended March 31, 2014, there were no transfers between Levels 1, 2 and 3.   |   |      |            |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Following is a reconciliation of assets using significant unobservable inputs (Level 3):     |   |      |            |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   | Preferred |            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   | Stocks    |            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Balance as of 12/31/13                                                                       |   | $         | 138,746         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Realized gain (loss)                                                                         |   |      | 2,217           |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Change in unrealized appreciation (depreciation)                                             |   |      | (411            | ) |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Purchases                                                                                    |   |      | -               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Sales                                                                                        |   |      | (29,718         | ) |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Transfers in and out of Level 3**                                                            |   |      | -               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Balance as of 3/31/14                                                                        |   | $         | 110,834         |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     |                                                                                         |   |      |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |   |                                                                                                                                                                              |                       |                                                                                                                                      |         |                     |                     | Net change in unrealized appreciation (depreciation) of investments still held as of 3/31/14 |   | $         | (411            | ) |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Pioneer Ibbotson Moderate Allocation VCT Portfolio     | PIONEER VARIABLE CONTRACTS TRUST |
|--------------------------------------------------------|----------------------------------|
| SCHEDULE OF INVESTMENTS 3/31/14  (UNAUDITED) |

| Shares    |                                                                | Value                        |
|-----------|---------------------------------------------------------------------|------------------------------|
|      | MUTUAL FUNDS - 100.0%                                               |
|      | NON-PIONEER FUNDS - 23.4%                                           |
| 111,853   | BlackRock Capital Appreciation FundInstitutional Class              | $ 3,115,101        |
| 218,808   | BlackRock Global SmallCap Fund Institutional Class                  |   6,393,582   |
| 125,052   | BlackRock International Index Fund Institutional Class              |   1,649,437   |
| 77,788    | BlackRock International Opportunities Portfolio Institutional Class |   3,211,884   |
| 131,607   | BlackRock Value Opportunities Fund Institutional Class              |   4,145,608   |
| 136,782   | INVESCO Global Real Estate Fund Class R5                            |   1,650,959   |
| 155,802   | INVESCO Global Small & Mid Cap Growth Fund Class R5             |   3,282,743   |
| 239,073   | INVESCO International Growth Fund Class R5                          |   8,248,014   |
| 130,181   | INVESCO Select Companies Fund Class R5                              |   3,280,552   |
| 770,201   | Oppenheimer Commodity Strategy Total Return Fund Class Y            |   2,456,941   |
|      | TOTAL INVESTMENTS IN NON-PIONEER FUNDS                              |                         |
|      | (Cost $25,509,557)                                                  | $ 37,434,821       |
|      | PIONEER FUNDS - 76.6%                                               |
| 1,916,005 | Pioneer Bond Fund Class Y                                           | $ 18,527,767       |
| 234,378   | Pioneer Core Equity Fund Class Y                                    |   3,768,796   |
| 194,854   | Pioneer Disciplined Growth Fund Class Y                             |   3,259,904   |
| 503,941   | Pioneer Disciplined Value FundClass Y                               |   10,068,734  |
| 617,306   | Pioneer Dynamic Credit Fund Class Y                                 |   6,160,716   |
| 243,052   | Pioneer Emerging Markets Fund Class Y                               |   6,151,639   |
| 93,460    | Pioneer Equity Income Fund Class Y                                  |   3,286,992   |
| 1,823     | Pioneer Floating Rate Fund Class Y                                  |   12,707      |
| 121,721   | Pioneer Fund Class Y                                                |   4,891,980   |
| 193,575   | Pioneer Fundamental Growth Fund Class Y                             |   3,246,250   |
| 375,532   | Pioneer Global Equity Fund Class Y                                  |   4,934,487   |
| 653,481   | Pioneer Global High Yield FundClass Y                               |   6,495,603   |
| 286,252   | Pioneer Global Multisector Income Fund Class Y                      |   3,145,910   |
| 296,306   | Pioneer High Yield Fund Class Y                                     |   3,211,962   |
| 284,539   | Pioneer International Value Fund Class Y                            |   6,370,820   |
| 291,256   | Pioneer Mid Cap Value Fund Class Y                                  |   8,300,785   |
| 156,283   | Pioneer Multi-Asset Ultrashort Income Fund Class Y                  |   1,573,773   |
| 75,928    | Pioneer Oak Ridge Small Cap Growth Fund Class Y                     |   2,990,793   |
| 1,816     | Pioneer Real Estate Shares Class Y                                  |   48,763      |
| 78,672    | Pioneer Select Mid Cap Growth Fund Class Y                          |   3,290,070   |

| Shares                                                                                                                                                                                                                                                                               |                                     | Value                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|-----------------------------|
|                                                                                                                                                                                                                                                                                 | PIONEER FUNDS - (continued)              |
| 1,720,403                                                                                                                                                                                                                                                                            | Pioneer Short Term Income Fund Class Y   | $ 16,601,892      |
| 564,051                                                                                                                                                                                                                                                                              | Pioneer Strategic Income FundClass Y     |   6,198,920  |
|                                                                                                                                                                                                                                                                                 | TOTAL INVESTMENTS IN PIONEER FUNDS       |                        |
|                                                                                                                                                                                                                                                                                 | (Cost $100,500,418)                      | $ 122,539,263     |
|                                                                                                                                                                                                                                                                                 |                                     |                        |
|                                                                                                                                                                                                                                                                                 | TOTAL INVESTMENTS IN SECURITIES - 100.0% |                        |
|                                                                                                                                                                                                                                                                                 | (Cost $126,009,975) (a)                  | $ 159,974,084     |
|                                                                                                                                                                                                                                                                                 | OTHER ASSETS AND LIABILITIES - (0.0)     | $ (53,712)             |
|                                                                                                                                                                                                                                                                                 |                                     |                        |
|                                                                                                                                                                                                                                                                                 | TOTAL NET ASSETS - 100%                  | $ 159,920,372     |
|                                                                                                                                                                                                                                                                                 |                                     |                        |
|                                                                                                                                                                                                                                                                                 |
| (a)     At March 31, 2014, the net unrealized appreciation on          investments based on cost for federal tax purposes of         $127,870,956 was as follows: |
|                                                                                                                                                                                                                                                                                 |                                     |                        |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost                                                                                                                                                                       | $ 34,741,239                   |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value                                                                                                                                                                       |   (2,637,911)                  |
|                                                                                                                                                                                                                                                                                 |                                     |
|                                                                                                                                                                                                                                                                                 | Net unrealized appreciation              | $ 32,203,328      |
|                                                                                                                                                                                                                                                                                 |

| 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, 2014, in valuing the Portfolio's assets:                                                                                                                                                               |
|                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Mutual Funds                                                                                                                                                                                                                                                         | $159,974,084 |   |   $–   |   | $–  |   | $159,974,084 |
| Total                                                                                                                                                                                                                                                                | $159,974,084 |   |   $–   |   | $–  |   | $159,974,084 |
|                                                                                                                                                                                                                                                                 |
| During the three months ended March 31, 2014, there were no transfers between Levels 1, 2, and 3.                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                 |

----

| Pioneer Ibbotson Growth Allocation VCT Portfolio             | PIONEER VARIABLE CONTRACTS TRUST |
|--------------------------------------------------------------|----------------------------------|
| SCHEDULE OF INVESTMENTS 3/31/14  (UNAUDITED)  |

| Shares    |                                                                | Value                        |
|-----------|---------------------------------------------------------------------|------------------------------|
|      | MUTUAL FUNDS - 100.1%                                               |
|      | NON-PIONEER FUNDS - 25.2%                                           |
| 138,391   | BlackRock Capital Appreciation FundInstitutional Class              | $ 3,854,185        |
| 323,125   | BlackRock Global SmallCap Fund Institutional Class                  |   9,441,707   |
| 228,287   | BlackRock International Index Fund Institutional Class              |   3,011,105   |
| 124,094   | BlackRock International Opportunities Portfolio Institutional Class |   5,123,827   |
| 304,319   | BlackRock Value Opportunities Fund Institutional Class              |   9,586,037   |
| 456,989   | INVESCO Global Real Estate Fund Class R5                            |   5,515,854   |
| 302,125   | INVESCO Global Small & Mid Cap Growth Fund Class R5             |   6,365,779   |
| 411,185   | INVESCO International Growth Fund Class R5                          |   14,185,876  |
| 249,449   | INVESCO Select Companies Fund Class R5                              |   6,286,117   |
| 1,621,783 | Oppenheimer Commodity Strategy Total Return Fund Class Y            |   5,173,489   |
|      | TOTAL INVESTMENTS IN NON-PIONEER FUNDS                              |                         |
|      | (Cost $51,576,933)                                                  | $ 68,543,976       |
|      | PIONEER FUNDS - 74.9%                                               |
| 2,164,496 | Pioneer Bond Fund Class Y                                           | $ 20,930,672       |
| 430,603   | Pioneer Core Equity Fund Class Y                                    |   6,924,096   |
| 424,722   | Pioneer Disciplined Growth Fund Class Y                             |   7,105,595   |
| 968,145   | Pioneer Disciplined Value FundClass Y                               |   19,343,532  |
| 160,612   | Pioneer Dynamic Credit Fund Class Y                                 |   1,602,905   |
| 599,990   | Pioneer Emerging Markets Fund Class Y                               |   15,185,747  |
| 258,653   | Pioneer Equity Income Fund Class Y                                  |   9,096,830   |
| 213,880   | Pioneer Fund Class Y                                                |   8,595,828   |
| 529,284   | Pioneer Fundamental Growth Fund Class Y                             |   8,876,096   |
| 900,646   | Pioneer Global Equity Fund Class Y                                  |   11,834,492  |
| 528,665   | Pioneer Global High Yield FundClass Y                               |   5,254,931   |
| 417,606   | Pioneer Global Multisector Income Fund Class Y                      |   4,589,488   |
| 1,890     | Pioneer Government Income Fund Class Y                              |   17,808      |
| 247,468   | Pioneer High Yield Fund Class Y                                     |   2,682,556   |
| 834,597   | Pioneer International Value Fund Class Y                            |   18,686,623  |
| 527,579   | Pioneer Mid Cap Value Fund Class Y                                  |   15,036,010  |
| 1,544     | Pioneer Oak Ridge Large Cap Growth Fund Class Y                     |   27,719      |
| 183,385   | Pioneer Oak Ridge Small Cap Growth Fund Class Y                     |   7,223,531   |
| 57,137    | Pioneer Real Estate Shares Class Y                                  |   1,534,118   |

| Shares                                                                                                                                                                                                                                                                                     |                                       | Value                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|-----------------------------|
|                                                                                                                                                                                                                                                                                       | PIONEER FUNDS - (continued)                |
| 218,472                                                                                                                                                                                                                                                                                    | Pioneer Select Mid Cap Growth Fund Class Y |   9,136,501  |
| 2,270,390                                                                                                                                                                                                                                                                                  | Pioneer Short Term Income Fund Class Y     | $ 21,909,260      |
| 712,951                                                                                                                                                                                                                                                                                    | Pioneer Strategic Income FundClass Y       |   7,835,335  |
|                                                                                                                                                                                                                                                                                       | TOTAL INVESTMENTS IN PIONEER FUNDS         |                        |
|                                                                                                                                                                                                                                                                                       | (Cost $160,500,690)                        | $ 203,429,673     |
|                                                                                                                                                                                                                                                                                       |                                       |                        |
|                                                                                                                                                                                                                                                                                       | TOTAL INVESTMENTS IN SECURITIES - 100.1%   |                        |
|                                                                                                                                                                                                                                                                                       | (Cost $212,077,623) (a)                    | $ 271,973,649     |
|                                                                                                                                                                                                                                                                                       | OTHER ASSETS AND LIABILITIES - (0.1)       | $ (374,168)            |
|                                                                                                                                                                                                                                                                                       |                                       |                        |
|                                                                                                                                                                                                                                                                                       | TOTAL NET ASSETS - 100%                    | $ 271,599,481     |
|                                                                                                                                                                                                                                                                                       |                                       |                        |
|                                                                                                                                                                                                                                                                                       |
| (a)     At March 31, 2014, the net unrealized appreciation on          investments based on cost for federal tax purposes of          $214,372,110 was as follows: |
|                                                                                                                                                                                                                                                                                       |                                       |                        |
| Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost                                                                                                                                                                             | $ 62,384,070                     |
| Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value                                                                                                                                                                             |   (4,782,531)                    |
|                                                                                                                                                                                                                                                                                       |                                       |
|                                                                                                                                                                                                                                                                                       | Net unrealized appreciation                | $ 57,601,539      |
|                                                                                                                                                                                                                                                                                       |

| 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, 2014, in valuing the Portfolio's assets:                                                                                                                                                               |
|                                                                                                                                                                                                                                                                 |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                 | Level 1 |   | Level 2 |   | Level 3 |   | Total |
| Mutual Funds                                                                                                                                                                                                                                                         | $271,973,649 |   |   $–   |   | $–  |   | $271,973,649 |
| Total                                                                                                                                                                                                                                                                | $271,973,649 |   |   $–   |   | $–  |   | $271,973,649 |
|                                                                                                                                                                                                                                                                 |
| During the three months ended March 31, 2014, there were no transfers between Levels 1, 2, and 3.                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                 |