```

                                                             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 811-10395

                         Pioneer Series Trust VII
               (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:  October 31

Date of reporting period:  July 31, 2015

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 Emerging Markets Local Currency Debt Fund                         |   |       |
|--------|----------------------|-----------------------|--------|---------------------------------------------------------------------------|--------|------------|
|   |                 |                  |   | Schedule of Investments 7/31/15 (unaudited)                               |   |       |
|   | Principal Amount ($) | CORPORATE BOND - 0.3% |   | Value                                                                     |
|   |                 |                  |   | Diversified Financials - 0.3%                                             |   |       |
|   |                 |                  |   | Other Diversified Financial Services - 0.3%                               |   |       |
| RUB    | 2,000,000            |                  |   | Federal Grid Co OJS via Federal Grid Finance, Ltd., 8.446%, 3/13/19       | $      | 28,885     |
|   |                 |                  |   | TOTAL CORPORATE BOND                                                      |   |       |
|   |                 |                  |   | (Cost $67,563)                                                            | $      | 28,885     |
|   |                 |                  |   |                                                                      |   |       |
|   | Shares               |                  |   | PURCHASED CALL OPTIONS - 0.1%                                             |   |       |
| EUR    | 200,000              |                  |   | Call EUR/Put PLN, 4.4, 10/22/15                                           | $      | 376        |
| EUR    | 200,000              |                  |   | Call EUR/Put MXN, 18.5, 11/19/15                                          |   | 2,927      |
| GBP    | 150,000              |                  |   | Call GBP/Put TRY, 4.5, 12/22/15                                           |   | 7,975      |
|   |                 |                  |   |                                                                      | $      | 11,278     |
|   |                 |                  |   | TOTAL PURCHASED CALL OPTIONS                                              |   |       |
|   |                 |                  |   | (Premiums paid $11,116)                                                   | $      | 11,278     |
|   |                 |                  |   |                                                                      |   |       |
|   |                 |                  |   | TOTAL INVESTMENT IN SECURITIES - 0.4%                                     |   |       |
|   |                 |                  |   | (Cost $78,679) (a)                                                        | $      | 40,163     |
|   |                 |                  |   |                                                                      |   |       |
|   | Shares               |                  |   | WRITTEN CALL OPTIONS - (0.1)%                                             |   |       |
| GBP    | (150,000)            |                  |   | Call GBP/Put TRY, 4.5, 12/22/15                                           | $      | (7,975)    |
| EUR    | (200,000)            |                  |   | Calll EUR/Put MXN, 18.5, 11/19/15                                         |   | (2,927)    |
| EUR    | (200,000)            |                  |   | Call EUR/Put PLN, 4.4, 10/22/15                                           |   | (376)      |
|   |                 |                  |   |                                                                      | $      | (11,278)   |
|   |                 |                  |   | TOTAL WRITTEN CALL OPTIONS                                                |   |       |
|   |                 |                  |   | (Premiums received $(12,245))                                             | $      | (11,278)   |
|   |                 |                  |   |                                                                      |   |       |
|   |                 |                  |   | OTHER ASSETS & LIABILITIES - 99.7%                                    | $      | 10,630,988 |
|   |                 |                  |   |                                                                      |   |       |
|   |                 |                  |   | TOTAL NET ASSETS - 100.0%                                                 | $      | 10,659,873 |
|   |                 |                  |   |                                                                      |   |       |
|   | (a)                  |                  |   | At July 31, 2015, the net unrealized depreciation on investments based on |
|   |                 |                  |   | cost for federal income tax purposes of $78,679 was as follows:           |   |
|   |                 |                  |   |                                                                      |   |       |
|   |                 |                  |   | Aggregate gross unrealized appreciation for all investments in which      |
|   |                 |                  |   | there is an excess of value over tax cost                                 | $      | 1,081      |
|   |                 |                  |   |                                                                      |   |       |
|   |                 |                  |   | Aggregate gross unrealized depreciation for all investments in which      |
|   |                 |                  |   | there is an excess of tax cost over value                                 |   | (39,597)   |
|   |                 |                  |   |                                                                      |   |       |
|   |                 |                  |   | Net unrealized depreciation                                               | $      | (38,516)   |
|   |                 |                  |   |                                                                      |   |       |
|   | NOTE:                |                  |   | Principal amounts are denominated in U.S. Dollars unless otherwise noted: |
|   |                 |                  |   |                                                                      |   |       |
|   | GBP                  |                  |   | British Pound Sterling                                                    |   |       |
|   | EUR                  |                  |   | Euro                                                                      |   |       |
|   | RUB                  |                  |   | Russian Ruble                                                             |   |       |

|                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.                                                               |
|                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Level 1 – quoted prices in active markets for identical securities                                                                                                                                                 |   |   |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)  See Notes to Financial Statements — Note 1A. |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)  See Notes to Financial Statements — Note 1A.                            |
|                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                                                                                       |
| using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3.  See Notes to Financial Statements — Note 1A.                                        |
|                                                                                                                                                                                                                     |   |   |   |   |   |   |   |
| The following is a summary of the inputs used as of July 31, 2015, in valuing the Fund's investments:                                                                                                                    |   |

|                                                                                      |   | Level 1 |   |   | Level 2 |   |    | Level 3 |   |   | Total  |   |
|-------------------------------------------------------------------------------------------|--------|---------|--------|--------|---------|--------|---------|---------|--------|--------|--------|--------|
| Corporate Bonds                                                                           |   | $       | -      |   |    | $      | 28,885  |    |   | $      | -      |   |   | $ | 28,885 |   |
| Purchased Call Options                                                                    |   |    | -      |   |    |   | 11,278  |    |   |   | -      |   |   |   | 11,278 |   |
| Total                                                                                     |   | $       | -      |   |    | $      | 40,163  |    |   |   | -      |   |   | $ | 40,163 |   |
|                                                                                      |   |    |   |   |    |   |    |    |   |   |   |   |   |   |   |   |
| Other Financial Instruments                                                               |   |    |   |   |    |   |    |    |   |   |   |   |   |   |   |   |
| Net unrealized appreciation on forward foreign currency transactions                      |   |    | -      |   |    |   | -       |    |   |   | -      |   |   |   | - |   |
| Net unrealized depreciation on forward foreign currency transactions                      |   |    | -      |   |    |   | (16,486 | )       |   |   | -      |   |   |   | (16,486 | ) |
| Net unrealized appreciation on written call options                                       |   |    | -      |   |    |   | (11,278 | )       |   |   | -      |   |   |   | (11,278 | ) |
| Total Other Financial Instruments                                                         |   | $       | -      |   |    | $      | (27,764 | )       |   |   | -      |   |   | $ | (27,764 | ) |
|                                                                                      |   |    |   |   |    |   |    |    |   |   |   |   |   |   |   |   |
| During the period ended July 31, 2015, there were no transfers between Levels 1, 2 and 3. |   |

```

```

```

```

```

```

|                                                                                                                                                                                                                     |                |             |                   | Pioneer Global High Yield Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------------|------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                     |                |             |                   | Schedule of Investments 7/31/15 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | PrincipalAmount ($) | FloatingRate (b) |                   | Value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                     |                |             |                   | CONVERTIBLE CORPORATE BONDS - 4.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Energy - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Oil & Gas Exploration & Production - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,770,000           |             |                   | American Energy - Utica LLC, 3.5% (3.50% Cash, 0.00% PIK), 3/1/21 (144A) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $         | 831,000                                                                                                                                                       |
|                                                                                                                                                                                                                     | 5,035,000           |             |                   | Cobalt International Energy, Inc., 2.625%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      | 3,379,744                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,430,000           |             |                   | Energy XXI, Ltd., 3.0%, 12/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      | 314,381                                                                                                                                                       |
|                                                                                                                                                                                                                     | 2,585,000           |             |                   | Whiting Petroleum Corp., 1.25%, 4/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 2,237,641                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 6,762,766                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Oil & Gas Storage & Transportation - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,800,000           |             |                   | Golar LNG, Ltd., 3.75%, 3/7/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $         | 3,237,640                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 10,000,406                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Materials - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Construction Materials - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 5,625,000           |             |                   | Cemex SAB de CV, 3.72%, 3/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $         | 5,758,594                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Metals & Mining - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,714,211           |             |                   | Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (0.0% cash, 9.5% PIK) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $         | 2,637,090                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Steel - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
| EURO                                                                                                                                                                                                                     | 237,096             |             |                   | New World Resources NV, 4.0%, 10/7/20 (144A) (4.0% cash, 8.0% PIK) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 65,053                                                                                                                                                        |
|                                                                                                                                                                                                                     |                |             |                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 8,460,737                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Capital Goods - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Electrical Components & Equipment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,250,000           |             |                   | General Cable Corp., 4.5%, 11/15/29 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $         | 935,156                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 935,156                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Consumer Durables & Apparel - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Homebuilding - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 4,640,000           |             |                   | KB Home, 1.375%, 2/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $         | 4,480,500                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $         | 4,480,500                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Pharmaceuticals, Biotechnology & Life Sciences - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Pharmaceuticals - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,890,000           |             |                   | Impax Laboratories, Inc., 2.0%, 6/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $         | 4,006,700                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 4,006,700                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Software & Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Internet Software & Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,750,000           |             |                   | WebMD Health Corp., 1.5%, 12/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $         | 3,942,188                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,135,000           |             |                   | WebMD Health Corp., 2.5%, 1/31/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 3,187,903                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 7,130,091                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Application Software - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,945,000           |             |                   | Citrix Systems, Inc., 0.5%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 2,092,091                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,025,000           |             |                   | Mentor Graphics Corp., 4.0%, 4/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 1,360,688                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 3,452,779                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 10,582,870                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Technology Hardware & Equipment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Electronic Components - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,605,000           |             |                   | Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 1,178,672                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $         | 1,178,672                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Semiconductors & Semiconductor Equipment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Semiconductor Equipment - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,140,000           |             |                   | SunEdison, Inc., 2.625%, 6/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $         | 1,935,362                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,970,000           |             |                   | SunEdison, Inc., 3.375%, 6/1/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      | 1,796,394                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 3,731,756                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Semiconductors - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,290,000           |             |                   | SunPower Corp., 0.875%, 6/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $         | 2,152,600                                                                                                                                                     |
|                                                                                                                                                                                                                     | 535,000             |             |                   | Suntech Power Holdings Co., Ltd., 3.0%, 3/15/13 (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 1,872                                                                                                                                                         |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 2,154,472                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 5,886,228                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL CONVERTIBLE CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | (Cost $53,118,275)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 45,531,269                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | Shares              |             |                   | PREFERRED STOCKS - 2.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Transportation - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Air Freight & Logistics - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,428               |             |                   | CEVA Group Plc, 12/31/14 (c) *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $         | 2,536,846                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 2,536,846                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Banks - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Banks - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 158,935             | 7.12             |                   | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 4,442,233                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $         | 4,442,233                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Financials - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Consumer Finance - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,550               |             |                   | Ally Financial, Inc., 7.0% (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 1,581,630                                                                                                                                                     |
|                                                                                                                                                                                                                     | 355,600             | 8.12             |                   | GMAC Capital Trust I, Floating Rate Note, 2/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 9,327,388                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 10,909,018                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 10,909,018                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Insurance - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Reinsurance - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 33,500              |             |                   | Lorenz Re, Ltd., Variable Rate Notes, (Perpetual) * (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $         | 83,750                                                                                                                                                        |
|                                                                                                                                                                                                                     |                |             |                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 83,750                                                                                                                                                        |
|                                                                                                                                                                                                                     |                |             |                   | Utilities - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Electric Utilities - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 212,000             |             |                   | PPL Capital Funding, Inc., 5.9%, 4/30/73                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 5,446,280                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 5,446,280                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | (Cost $22,928,775)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 23,418,127                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | CONVERTIBLE PREFERRED STOCK - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Energy - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Oil & Gas Exploration & Production - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 16,300              |             |                   | Penn Virginia Corp., 6.0% (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 212,226                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL CONVERTIBLE PREFERRED STOCK                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | (Cost $1,630,000)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $         | 212,226                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | COMMON STOCKS - 1.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Energy - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Oil & Gas Exploration & Production - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,175,237           |             |                   | Halcon Resources Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 2,392,761                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 2,392,761                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Materials - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Metals & Mining - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 45,168              |             |                   | Freeport-McMoRan, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $         | 530,724                                                                                                                                                       |
|                                                                                                                                                                                                                     | 17,099,676          |             |                   | Mirabela Nickel, Ltd. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 1,223,897                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 1,754,621                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 1,754,621                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Capital Goods - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Industrial Machinery - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 156,027             |             |                   | Liberty Tire Recycling LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $         | 1,560                                                                                                                                                         |
|                                                                                                                                                                                                                     |                |             |                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 1,560                                                                                                                                                         |
|                                                                                                                                                                                                                     |                |             |                   | Commercial Services & Supplies - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Support Services - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 63                  |             |                   | IAP Worldwide Services, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 50,340                                                                                                                                                        |
|                                                                                                                                                                                                                     |                |             |                   | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 50,340                                                                                                                                                        |
|                                                                                                                                                                                                                     |                |             |                   | Transportation - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Air Freight & Logistics - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,584               |             |                   | CEVA Group Plc *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $         | 1,171,901                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 1,171,901                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Automobiles & Components - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Automobile Manufacturers - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 335,730             |             |                   | Ford Motor Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $         | 4,978,876                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 4,978,876                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Consumer Services - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Education Services - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 11,492              |             |                   | Cengage Learning Holdings II LP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 323,695                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $         | 323,695                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Financials - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Specialized Finance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 894                 |             |                   | Panolam Holdings Co. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $         | 657,984                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 657,984                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Insurance - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Life & Health Insurance - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 4,840               |             |                   | A Preference TIG FINCO                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $         | 1,210                                                                                                                                                         |
|                                                                                                                                                                                                                     | 4,613,242           |             |                   | B Preference TIG FINCO                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      | 7,062,444                                                                                                                                                     |
|                                                                                                                                                                                                                     | 132,750             |             |                   | TopCo., Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 33,180                                                                                                                                                        |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 7,096,834                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 7,096,834                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Semiconductors & Semiconductor Equipment - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Semiconductors - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 158,800             |             |                   | LDK Solar Co, Ltd. (A.D.R.) *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 14,292                                                                                                                                                        |
|                                                                                                                                                                                                                     |                |             |                   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 14,292                                                                                                                                                        |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL COMMON STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | (Cost $17,130,277)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 18,442,864                                                                                                                                                    |
|                                                                                                                                                                                                                     | PrincipalAmount ($) | FloatingRate (b) |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                     |                |             |                   | ASSET BACKED SECURITIES - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Transportation - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Airlines - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,213,302           |             |                   | Continental Airlines 1998-1 Class B Pass Through Trust, 6.748%, 3/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $         | 1,279,185                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 1,279,185                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Consumer Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Hotels, Resorts & Cruise Lines - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 282,596             |             |                   | Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 285,447                                                                                                                                                       |
|                                                                                                                                                                                                                     | 573,944             |             |                   | Westgate Resorts 2014-A LLC, 6.25%, 10/20/26 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 570,500                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $         | 855,947                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Thrifts & Mortgage Finance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,310,364           | 1.17             |                   | Countrywide Asset-Backed Certificates, Floating Rate Note, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 1,239,843                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,138,253           | 6.55             |                   | Security National Mortgage Loan Trust 2007-1, Floating Rate Note, 4/25/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 1,147,293 |
|                                                                                                                                                                                                                     | 1,000,000           |             |                   | United Auto Credit Securitization Trust 2013-1, 4.4%, 4/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 1,006,649                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 3,393,785                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $         | 3,393,785                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Financials - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Other Diversified Financial Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 6,109,426           | 0.67             |                   | Aircraft Finance Trust, Floating Rate Note, 5/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 1,588,451                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Specialized Finance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 707,259             | 0.62             |                   | Lease Investment Flight Trust, Floating Rate Note, 7/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $         | 388,993                                                                                                                                                       |
|                                                                                                                                                                                                                     | 8,120,003           | 0.58             |                   | Lease Investment Flight Trust, Floating Rate Note, 7/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 3,857,001                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 4,245,994                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 5,834,445                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | (Cost $14,195,216)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 11,363,362                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | COLLATERALIZED MORTGAGE OBLIGATIONS - 2.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Materials - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Forest Products - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 4,315,000           |             |                   | TimberStar Trust I, 7.5296%, 10/15/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 4,417,870                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 4,417,870                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Banks - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Thrifts & Mortgage Finance - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,500,000           | 3.21             |                   | Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 1,096,886                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,480,000           | 5.96             |                   | COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1,390,194 |
|                                                                                                                                                                                                                     | 455,000             | 5.96             |                   | COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 401,214   |
|                                                                                                                                                                                                                     | 1,502,000           | 5.14             |                   | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 10/15/39 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 1,527,719 |
|                                                                                                                                                                                                                     | 9,000,000           | 7.08             |                   | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/15/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 6,677,460 |
|                                                                                                                                                                                                                     | 1,175,000           | 3.64             |                   | EQTY 2014-INNS Mortgage Trust, Floating Rate Note, 5/8/31 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      | 1,161,955                                                                                                                                                     |
|                                                                                                                                                                                                                     | 777,948             | 4.94             |                   | EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/9/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 766,901                                                                                                                                                       |
|                                                                                                                                                                                                                     | 1,500,000           | 4.94             |                   | GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 1,470,946                                                                                                                                                     |
|                                                                                                                                                                                                                     | 854,550             |             |                   | Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 839,596   |
|                                                                                                                                                                                                                     | 2,100,000           | 6.01             |                   | JP Morgan Chase Commercial Mortgage Securities Trust 2007-LDP12, Floating Rate Note, 2/15/51                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2,138,688 |
|                                                                                                                                                                                                                     | 2,049,502           | 2.55             |                   | JP Morgan Mortgage Trust 2005-A1, Floating Rate Note, 2/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 1,916,133                                                                                                                                                     |
|                                                                                                                                                                                                                     | 775,000             | 5.95             |                   | Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 806,122   |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 20,193,814                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $         | 20,193,814                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | (Cost $26,222,874)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 24,611,684                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | CORPORATE BONDS - 77.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Energy - 11.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Oil & Gas Drilling - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,765,000           |             |                   | Unit Corp., 6.625%, 5/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $         | 3,595,575                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Oil & Gas Equipment & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,860,000           |             |                   | Calfrac Holdings LP, 7.5%, 12/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $         | 1,534,500                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Integrated Oil & Gas - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
| MXN                                                                                                                                                                                                                      | 8,650,000           |             |                   | Petroleos Mexicanos, 7.19%, 9/12/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $         | 526,393                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Oil & Gas Exploration & Production - 8.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,750,000           |             |                   | Antero Resources Corp., 5.625%, 6/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 1,684,375                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,165,000           |             |                   | Bonanza Creek Energy, Inc., 5.75%, 2/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 1,753,650                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,270,000           |             |                   | Bonanza Creek Energy, Inc., 6.75%, 4/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 1,098,550                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,830,000           |             |                   | BreitBurn Energy Partners LP, 7.875%, 4/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 1,952,700                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,725,000           |             |                   | Carrizo Oil & Gas, Inc., 6.25%, 4/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 3,575,255                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,000,000           |             |                   | Carrizo Oil & Gas, Inc., 7.5%, 9/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 2,010,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,341,000           |             |                   | Chaparral Energy, Inc., 7.625%, 11/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      | 1,369,485                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,240,000           |             |                   | Comstock Resources, Inc., 7.75%, 4/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 1,526,400                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,000,000           |             |                   | Comstock Resources, Inc., 9.5%, 6/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 740,000                                                                                                                                                       |
|                                                                                                                                                                                                                     | 3,695,000           |             |                   | Denbury Resources, Inc., 5.5%, 5/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 2,928,288                                                                                                                                                     |
|                                                                                                                                                                                                                     | 11,700,000          |             |                   | EP Energy LLC, 9.375%, 5/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 12,080,250                                                                                                                                                    |
|                                                                                                                                                                                                                     | 4,980,000           |             |                   | EPL Oil & Gas, Inc., 8.25%, 2/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 2,415,300                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,260,000           |             |                   | GeoPark Latin America, Ltd. Agencia en Chile, 7.5%, 2/11/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      | 2,477,600                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,990,000           |             |                   | Gulfport Energy Corp., 7.75%, 11/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 5,114,750                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,190,000           |             |                   | Halcon Resources Corp., 8.875%, 5/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 2,178,800                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,790,000           |             |                   | Hilcorp Energy I LP, 5.0%, 12/1/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 3,524,700                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,000,000           |             |                   | KazMunayGas National Co JSC, 4.4%, 4/30/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 904,750                                                                                                                                                       |
|                                                                                                                                                                                                                     | 155,000             |             |                   | Linn Energy LLC, 7.75%, 2/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 90,675                                                                                                                                                        |
|                                                                                                                                                                                                                     | 3,225,000           |             |                   | Memorial Production Partners LP, 6.875%, 8/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 2,580,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,000,000           |             |                   | Memorial Production Partners LP, 7.625%, 5/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 2,520,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,525,000           |             |                   | Memorial Resource Development Corp., 5.875%, 7/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 1,437,312                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,300,000           |             |                   | Midstates Petroleum Co., Inc., 9.25%, 6/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 793,500                                                                                                                                                       |
|                                                                                                                                                                                                                     | 3,995,000           |             |                   | Noble Energy, Inc., 5.875%, 6/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      | 4,286,044                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,935,000           |             |                   | Noble Energy, Inc., 5.875%, 6/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      | 2,099,657                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,350,000           |             |                   | Novatek OAO via Novatek Finance, Ltd., 4.422%, 12/13/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 2,036,628                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,840,000           |             |                   | Oasis Petroleum, Inc., 6.5%, 11/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 2,584,400                                                                                                                                                     |
|                                                                                                                                                                                                                     | 7,570,000           |             |                   | Pacific Rubiales Energy Corp., 5.375%, 1/26/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 5,374,700                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,250,000           |             |                   | PDC Energy, Inc., 7.75%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 3,351,562                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,250,000           |             |                   | Penn Virginia Corp., 8.5%, 5/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 1,057,500                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,765,000           |             |                   | Sanchez Energy Corp., 6.125%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 3,049,650                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,500,000           |             |                   | Sanchez Energy Corp., 7.75%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 1,350,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 455,000             |             |                   | SM Energy Co., 5.0%, 1/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 416,325                                                                                                                                                       |
|                                                                                                                                                                                                                     | 1,650,000           |             |                   | SM Energy Co., 6.5%, 1/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 1,654,125                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,410,000           |             |                   | Swift Energy Co., 8.875%, 1/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 626,600                                                                                                                                                       |
| CAD                                                                                                                                                                                                                      | 1,775,000           |             |                   | Trilogy Energy Corp., 7.25%, 12/13/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 1,302,802                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,850,000           |             |                   | Ultra Petroleum Corp., 5.75%, 12/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 1,655,750                                                                                                                                                     |
|                                                                                                                                                                                                                     | 5,215,000           |             |                   | Whiting Canadian Holding Co ULC, 8.125%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      | 5,377,969                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,525,000           |             |                   | WPX Energy, Inc., 7.5%, 8/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 1,547,875                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,375,000           |             |                   | WPX Energy, Inc., 8.25%, 8/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 3,429,844                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 95,957,771                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Oil & Gas Refining & Marketing - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 4,025,000           |             |                   | Calumet Specialty Products Partners LP, 6.5%, 4/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $         | 3,958,990                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Oil & Gas Storage & Transportation - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,250,000           |             |                   | Energy Transfer Equity LP, 5.875%, 1/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $         | 2,289,375                                                                                                                                                     |
|                                                                                                                                                                                                                     | 950,000             | 3.30             |                   | Energy Transfer Partners LP, Floating Rate Note, 11/1/66                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      | 788,500                                                                                                                                                       |
|                                                                                                                                                                                                                     | 2,645,000           |             |                   | Global Partners LP, 7.0%, 6/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      | 2,545,812                                                                                                                                                     |
| NOK                                                                                                                                                                                                                      | 13,000,000          | 6.62             |                   | Golar LNG Partners LP, Floating Rate Note, 10/12/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 1,646,224                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,000,000           |             |                   | Sabine Pass Liquefaction LLC, 5.625%, 2/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 4,080,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,350,000           |             |                   | Targa Resources Partners LP, 4.25%, 11/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 4,023,750                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 15,373,661                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Coal & Consumable Fuels - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 315,000             |             |                   | Alpha Natural Resources, Inc., 6.0%, 6/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $         | 10,238                                                                                                                                                        |
|                                                                                                                                                                                                                     | 1,900,000           |             |                   | Indo Energy Finance II BV, 6.375%, 1/24/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 1,149,500                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,435,000           |             |                   | James River Coal Co., 7.875%, 4/1/19 (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      | 5,544                                                                                                                                                         |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 1,165,282                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 122,112,172                                                                                                                                                   |
|                                                                                                                                                                                                                     |                |             |                   | Materials - 9.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Commodity Chemicals - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 9,820,000           |             |                   | Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $         | 9,599,050                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,635,000           |             |                   | Tronox Finance LLC, 7.5%, 3/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      | 3,800,700                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 13,399,750                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Chemicals - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
| EURO                                                                                                                                                                                                                     | 7,225,000           |             |                   | Ineos Finance Plc, 4.0%, 5/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 7,770,849                                                                                                                                                     |
| EURO                                                                                                                                                                                                                     | 4,325,000           |             |                   | INEOS Group Holdings SA, 5.75%, 2/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 4,865,734                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 12,636,583                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Construction Materials - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 820,000             |             |                   | Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $         | 838,450                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Metal & Glass Containers - 2.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
| EURO                                                                                                                                                                                                                     | 434,492             |             |                   | Ardagh Finance Holdings SA, 8.375%, 6/15/19 (0.00% cash, 8.375% PIK) (144A) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $         | 491,189                                                                                                                                                       |
|                                                                                                                                                                                                                     | 3,223,023           |             |                   | Ardagh Finance Holdings SA, 8.625%, (0.00% Cash, 8.625% PIK) 6/15/19 (144A) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 3,368,059 |
|                                                                                                                                                                                                                     | 423,529             |             |                   | Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 427,765                                                                                                                                                       |
| EURO                                                                                                                                                                                                                     | 2,100,000           |             |                   | Ardagh Packaging Finance Plc, 9.25%, 10/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 2,431,511                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,775,000           |             |                   | Ball Corp., 5.25%, 7/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 2,790,401                                                                                                                                                     |
| EURO                                                                                                                                                                                                                     | 725,000             |             |                   | Horizon Holdings I SASU, 7.25%, 8/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 815,421                                                                                                                                                       |
| EURO                                                                                                                                                                                                                     | 950,000             |             |                   | Horizon Holdings III SASU, 5.125%, 8/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      | 1,058,264                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,400,000           |             |                   | Reynolds Group Issuer, Inc., 8.25%, 2/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 2,490,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 7,490,000           |             |                   | Reynolds Group Issuer, Inc., 8.5%, 5/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 7,611,712                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,785,000           |             |                   | Reynolds Group Issuer, Inc., 9.875%, 8/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 3,981,347                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 25,465,669                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Paper Packaging - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,355,000           |             |                   | AEP Industries, Inc., 8.25%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 3,405,325                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Metals & Mining - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 6,210,000           |             |                   | Ausdrill Finance Pty, Ltd., 6.875%, 11/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 4,812,750                                                                                                                                                     |
|                                                                                                                                                                                                                     | 5,450,000           |             |                   | FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 5,014,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,000,000           |             |                   | MMC Norilsk Nickel OJSC via MMC Finance, Ltd., 5.55%, 10/28/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 3,997,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,560,000           |             |                   | Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 1,411,800                                                                                                                                                     |
|                                                                                                                                                                                                                     | 5,145,000           |             |                   | Vedanta Resources Plc, 8.25%, 6/7/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 4,849,162                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 20,084,712                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Precious Metals & Minerals - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,825,000           |             |                   | Fresnillo Plc, 5.5%, 11/13/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 1,937,238                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Steel - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,800,000           |             |                   | Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $         | 2,541,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,300,000           |             |                   | EVRAZ plc, 7.50%, 11/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 2,277,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,340,000           |             |                   | JMC Steel Group, Inc., 8.25%, 3/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 3,851,750                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,150,000           |             |                   | Metalloinvest Finance, Ltd., 5.625%, 4/17/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 3,849,623                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,660,000           |             |                   | Metalloinvest Finance, Ltd., 6.5%, 7/21/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 2,713,094                                                                                                                                                     |
| EURO                                                                                                                                                                                                                     | 101,612             | 0.00             |                   | New World Resources NV, Floating Rate Note, 10/7/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 17,843                                                                                                                                                        |
| EURO                                                                                                                                                                                                                     | 135,483             | 0.00             |                   | New World Resources NV, Floating Rate Note, 10/7/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 57,990                                                                                                                                                        |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 15,308,300                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Paper Products - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,025,000           |             |                   | Mercer International, Inc., 7.0%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $         | 2,100,938                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,735,000           |             |                   | Resolute Forest Products, Inc., 5.875%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 3,118,725                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 5,219,663                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 98,295,690                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Capital Goods - 4.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Aerospace & Defense - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,335,000           |             |                   | DigitalGlobe, Inc., 5.25%, 2/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 1,281,600                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,433,000           |             |                   | DynCorp International, Inc., 10.375%, 7/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 1,849,080                                                                                                                                                     |
| EURO                                                                                                                                                                                                                     | 2,240,000           |             |                   | TA MFG., Ltd., 3.625%, 4/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 2,387,124                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 5,517,804                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Building Products - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 6,750,000           |             |                   | Griffon Corp., 5.25%, 3/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 6,581,250                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Construction & Engineering - 1.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
| EURO                                                                                                                                                                                                                     | 640,000             |             |                   | Abengoa Finance SAU, 6.0%, 3/31/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $         | 526,800                                                                                                                                                       |
|                                                                                                                                                                                                                     | 6,900,000           |             |                   | Abengoa Finance SAU, 8.875%, 11/1/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 6,589,500                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,830,000           |             |                   | Amsted Industries, Inc., 5.0%, 3/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 3,820,425                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,230,000           |             |                   | Dycom Investments, Inc., 7.125%, 1/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      | 2,335,925                                                                                                                                                     |
|                                                                                                                                                                                                                     | 6,450,000           |             |                   | Empresas ICA SAB de CV, 8.9%, 2/4/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 4,773,000                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 18,045,650                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Electrical Components & Equipment - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,250,000           |             |                   | General Cable Corp., 5.75%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 2,981,875                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,100,000           |             |                   | WireCo WorldGroup, Inc., 9.5%, 5/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      | 1,017,500                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 3,999,375                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Industrial Conglomerates - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,980,000           |             |                   | JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 3,225,850                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,800,000           |             |                   | Magnesita Finance, Ltd., 8.625% (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      | 2,261,000                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 5,486,850                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Industrial Machinery - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 4,440,000           |             |                   | Apex Tool Group LLC, 7.0%, 2/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 3,973,800                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,128,000           |             |                   | Liberty Tire Recycling LLC, 11.0%, 3/31/21 (0.0% cash, 11.0% PIK) (144A) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 2,001,920 |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 5,975,720                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Trading Companies & Distributors - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 4,365,000           |             |                   | WESCO Distribution, Inc., 5.375%, 12/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $         | 4,365,000                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 49,971,649                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Commercial Services & Supplies - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Support Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,475,000           |             |                   | NANA Development Corp., 9.5%, 3/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 1,386,500                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 1,386,500                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Transportation - 3.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Airlines - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,525,000           |             |                   | Gol LuxCo SA, 8.875%, 1/24/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 2,837,625                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,050,000           |             |                   | Guanay Finance, Ltd., 6.0%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 2,121,750                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,250,000           |             |                   | TAM Capital 3, Inc., 8.375%, 6/3/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 3,343,438                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 8,302,813                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Marine - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,700,000           |             |                   | Far East Capital, Ltd. SA, 8.0%, 5/2/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $         | 1,647,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,650,000           |             |                   | Navios South American Logistics, Inc., 7.25%, 5/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 3,431,000                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 5,078,000                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Railroads - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,370,000           |             |                   | Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $         | 3,403,700                                                                                                                                                     |
| EURO                                                                                                                                                                                                                     | 1,325,000           |             |                   | Russian Railways via RZD Capital Plc, 3.3744%, 5/20/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      | 1,279,452                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 4,683,152                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Trucking - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 5,992,280           |             |                   | Inversiones Alsacia SA, 8.0%, 12/31/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 3,175,908                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Airport Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,906,750           |             |                   | Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $         | 3,104,409                                                                                                                                                     |
|                                                                                                                                                                                                                     | 6,100,000           |             |                   | Aguila 3 SA, 7.875%, 1/31/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 6,260,125                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 9,364,534                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Highways & Railtracks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
| MXN                                                                                                                                                                                                                      | 47,000,000          |             |                   | Red de Carreteras de Occidente SAPIB de CV, 9.0%, 6/10/28 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $         | 2,845,112                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 33,449,519                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Automobiles & Components - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Auto Parts & Equipment - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,150,000           |             |                   | Meritor, Inc., 6.75%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 3,236,625                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,462,000           |             |                   | Nexteer Automotive Group, Ltd., 5.875%, 11/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 1,462,000                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 4,698,625                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Automobile Manufacturers - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,700,000           |             |                   | Geely Automobile Holdings, Ltd., 5.25%, 10/6/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $         | 2,754,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,475,000           |             |                   | Omega US Sub LLC, 8.75%, 7/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 2,400,750                                                                                                                                                     |
|                                                                                                                                                                                                                     | 670,000             |             |                   | ZF North America Capital, Inc., 4.5%, 4/29/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 659,950                                                                                                                                                       |
|                                                                                                                                                                                                                     | 1,670,000           |             |                   | ZF North America Capital, Inc., 4.75%, 4/29/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 1,632,425                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 7,447,125                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 12,145,750                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Consumer Durables & Apparel - 2.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Homebuilding - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,100,000           |             |                   | Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $         | 2,121,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 9,802,000           |             |                   | Desarrolladora Homex SAB de CV, 12/11/19 (144A) (c)(d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      | 295,040                                                                                                                                                       |
|                                                                                                                                                                                                                     | 4,450,000           |             |                   | Lennar Corp., 4.75%, 11/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 4,461,125                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,200,000           |             |                   | Rialto Holdings LLC, 7.0%, 12/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 2,266,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 5,540,000           |             |                   | Standard Pacific Corp., 6.25%, 12/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 5,913,950                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,625,000           |             |                   | Taylor Morrison Communities, Inc., 5.875%, 4/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      | 2,628,281                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 17,685,396                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Leisure Products - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 5,000,000           |             |                   | Icon Health & Fitness, Inc., 11.875%, 10/15/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $         | 4,975,000                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $         | 22,660,396                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Consumer Services - 3.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Casinos & Gaming - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
| EURO                                                                                                                                                                                                                     | 4,921,360           |             |                   | Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 5,540,273                                                                                                                                                     |
|                                                                                                                                                                                                                     | 78,344              |             |                   | Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (1.0% cash, 5.50% PIK) (PIK) (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 783       |
|                                                                                                                                                                                                                     | 14,700,000          |             |                   | Scientific Games International, Inc., 10.0%, 12/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 14,277,382                                                                                                                                                    |
|                                                                                                                                                                                                                     | 625,000             |             |                   | Scientific Games International, Inc., 6.25%, 9/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 497,472                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 20,315,910                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Hotels, Resorts & Cruise Lines - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,540,000           |             |                   | Sabre GLBL, Inc., 5.375%, 4/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 2,527,300                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,860,000           |             |                   | Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 3,178,175                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 5,705,475                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Restaurants - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
| BRL                                                                                                                                                                                                                      | 4,250,000           |             |                   | Arcos Dorados Holdings, Inc., 10.25%, 7/13/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 1,161,718                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Education Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 850,000             |             |                   | Cambium Learning Group, Inc., 9.75%, 2/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 858,500                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Specialized Consumer Services - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
| EURO                                                                                                                                                                                                                     | 3,285,000           |             |                   | Boing Group Financing Plc, 6.625%, 7/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $         | 3,534,083                                                                                                                                                     |
| EURO                                                                                                                                                                                                                     | 3,695,000           |             |                   | EC Finance Plc, 5.125%, 7/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      | 4,217,473                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Specialized Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 7,751,556                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $         | 35,793,159                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Media - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Broadcasting - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
| EURO                                                                                                                                                                                                                     | 5,000,000           |             |                   | United Group BV, 7.875%, 11/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 5,844,736                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Cable & Satellite - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,500,000           |             |                   | Intelsat Luxembourg SA, 7.75%, 6/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $         | 1,987,500                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,250,000           |             |                   | Videotron, Ltd., 5.375%, 6/15/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 3,282,500                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,075,000           |             |                   | Ziggo Bond Finance BV, 5.875%, 1/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 1,057,531                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 6,327,531                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Movies & Entertainment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,000,000           |             |                   | WMG Acquisition Corp., 6.75%, 4/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 965,000                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Publishing - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,675,000           |             |                   | MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $         | 1,762,938                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $         | 14,900,205                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Retailing - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Distributors - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,250,000           |             |                   | LKQ Corp., 4.75%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $         | 1,190,625                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Department Stores - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,285,000           |             |                   | Argos Merger Sub, Inc., 7.125%, 3/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $         | 2,416,388                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,850,000           |             |                   | Grupo Famsa SAB de CV, 7.25%, 6/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 3,532,375                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 5,948,763                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Computer & Electronics Retail - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,010,000           |             |                   | Rent-A-Center, Inc., 4.75%, 5/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 2,633,750                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Specialty Stores - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 4,365,000           |             |                   | Outerwall, Inc., 5.875%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $         | 4,157,662                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 13,930,800                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Food & Staples Retailing - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Food Retail - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,535,000           |             |                   | C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $         | 2,370,225                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 2,370,225                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Food, Beverage & Tobacco - 8.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Distillers & Vintners - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,507,279           |             |                   | CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (10.0% cash, 0.0% PIK) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 1,454,222                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,829,992           |             |                   | CEDC Finance Corp International, Inc., 10.0%, 4/30/18 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 4,268,505                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 5,722,727                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Agricultural Products - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,625,000           |             |                   | Tonon Luxembourg SA, 10.5%, 5/14/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $         | 958,750                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Packaged Foods & Meats - 7.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,960,000           |             |                   | Agrokor dd, 8.875%, 2/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $         | 2,117,937                                                                                                                                                     |
| EURO                                                                                                                                                                                                                     | 3,200,000           |             |                   | Agrokor dd, 9.875%, 5/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 3,776,067                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,450,000           |             |                   | CFG Investment SAC, 9.75%, 7/30/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 4,361,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,246,000           |             |                   | Chiquita Brands International, Inc., 7.875%, 2/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 1,336,335                                                                                                                                                     |
| EURO                                                                                                                                                                                                                     | 5,155,000           |             |                   | Darling Global Finance BV, 4.75%, 5/30/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 5,527,940                                                                                                                                                     |
|                                                                                                                                                                                                                     | 6,800,000           |             |                   | FAGE Dairy Industry SA, 9.875%, 2/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 7,123,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 800,000             |             |                   | JB y Co SA de CV, 3.75%, 5/13/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 782,416                                                                                                                                                       |
|                                                                                                                                                                                                                     | 2,020,000           |             |                   | JBS Investments GmbH, 7.75%, 10/28/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 2,181,600                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,800,000           |             |                   | JBS Investment Management, Ltd., 7.25%, 4/3/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 3,904,500                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,135,000           |             |                   | JBS USA LLC, 5.75%, 6/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      | 3,106,613                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,615,000           |             |                   | Marfrig Holding Europe BV, 6.875%, 6/24/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 3,325,800                                                                                                                                                     |
|                                                                                                                                                                                                                     | 12,248,000          |             |                   | Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 12,447,030                                                                                                                                                    |
|                                                                                                                                                                                                                     | 6,300,000           |             |                   | MHP SA, 8.25%, 4/2/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 5,103,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,755,000           |             |                   | Minerva Luxembourg SA, 12.25%, 2/10/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 4,130,500                                                                                                                                                     |
|                                                                                                                                                                                                                     | 11,550,000          |             |                   | Minerva Luxembourg SA, 7.75%, 1/31/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 11,604,285                                                                                                                                                    |
|                                                                                                                                                                                                                     | 6,500,000           |             |                   | Pesquera Exalmar SAA, 7.375%, 1/31/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 5,378,750                                                                                                                                                     |
|                                                                                                                                                                                                                     | 5,340,000           |             |                   | Post Holdings, Inc., 6.0%, 12/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 5,179,800                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,375,000           |             |                   | Post Holdings, Inc., 6.75%, 12/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 1,385,312                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,675,000           |             |                   | Post Holdings, Inc., 7.375%, 2/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 1,712,688                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 84,484,573                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Tobacco - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 7,165,000           |             |                   | Alliance One International, Inc., 9.875%, 7/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $         | 6,287,288                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 97,453,338                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Health Care Equipment & Services - 2.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Health Care Supplies - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 5,750,000           |             |                   | ConvaTec Healthcare E SA, 10.5%, 12/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $         | 6,051,875                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,200,000           |             |                   | Immucor, Inc., 11.125%, 8/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 3,360,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,815,000           |             |                   | Sterigenics-Nordion Holdings LLC, 6.5%, 5/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      | 1,855,838                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 11,267,713                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Health Care Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,320,000           |             |                   | Kindred Healthcare, Inc., 8.0%, 1/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $         | 1,428,900                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Health Care Facilities - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,555,000           |             |                   | Amsurg Corp., 5.625%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 2,627,945                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,915,000           |             |                   | CHS, 6.875%, 2/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 2,049,050                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,400,000           |             |                   | Kindred Healthcare Inc., 6.375%, 4/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      | 2,457,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,300,000           |             |                   | LifePoint Health, Inc., 5.5%, 12/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 1,348,750                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 8,482,745                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Managed Health Care - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 5,930,000           |             |                   | WellCare Health Plans, Inc., 5.75%, 11/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 6,226,500                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $         | 27,405,858                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Pharmaceuticals, Biotechnology & Life Sciences - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Pharmaceuticals - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 4,980,000           |             |                   | DPx Holdings BV, 7.5%, 2/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 5,229,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 6,165,000           |             |                   | Endo Finance LLC, 5.375%, 1/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      | 6,230,472                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,100,000           |             |                   | Valeant Pharmaceuticals International, Inc., 5.875%, 5/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 3,223,690                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 14,683,162                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 14,683,162                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Banks - 3.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Banks - 3.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,485,000           | 9.25             |                   | Access Bank Plc, Floating Rate Note, 6/24/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 3,227,981                                                                                                                                                     |
|                                                                                                                                                                                                                     | 820,000             | 9.75             |                   | Banco Macro SA, Floating Rate Note, 12/18/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 803,600                                                                                                                                                       |
|                                                                                                                                                                                                                     | 2,000,000           |             |                   | Banco Nacional de Costa Rica, 6.25%, 11/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 2,002,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,400,000           | 6.38             |                   | Banco Santander SA, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      | 2,373,552                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,525,000           | 6.50             |                   | Bank of America Corp., Floating Rate Note, 10/23/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 2,607,062                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,425,000           | 6.25             |                   | Bank of America Corp., Floating Rate Note, 9/29/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      | 3,428,185                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,250,000           |             |                   | BBVA Bancomer SA Texas, 6.75%, 9/30/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 1,403,750                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,150,000           | 5.90             |                   | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 2,137,315                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,200,000           | 5.88             |                   | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 1,207,500                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,225,000           |             |                   | FirstRand Bank, Ltd., 4.25%, 4/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 1,240,312                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,850,000           | 6.50             |                   | ING Groep NV, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 1,815,312                                                                                                                                                     |
| IDR                                                                                                                                                                                                                      | 11,650,000,000      |             |                   | Inter-American Development Bank, 4.5%, 2/4/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 833,417                                                                                                                                                       |
| INR                                                                                                                                                                                                                      | 42,350,000          |             |                   | Inter-American Development Bank, 6.0%, 9/5/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 653,789                                                                                                                                                       |
| IDR                                                                                                                                                                                                                      | 5,140,000,000       |             |                   | Inter-American Development Bank, 7.25%, 7/17/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 365,718                                                                                                                                                       |
|                                                                                                                                                                                                                     | 2,475,000           |             |                   | Macquarie Bank, Ltd., 4.875%, 6/10/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 2,463,496                                                                                                                                                     |
|                                                                                                                                                                                                                     | 750,000             |             |                   | Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 615,000                                                                                                                                                       |
|                                                                                                                                                                                                                     | 1,355,000           |             |                   | Trade & Development Bank of Mongolia LLC, 9.375%, 5/19/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 1,390,230                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,725,000           |             |                   | Vnesheconombank Via VEB Finance Plc, 6.902%, 7/9/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 2,667,230                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,075,000           |             |                   | VTB Bank OJSC Via VTB Capital SA, 6.95%, 10/17/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      | 972,477                                                                                                                                                       |
|                                                                                                                                                                                                                     | 3,175,000           | 5.88             |                   | Wells Fargo & Company, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 3,250,406                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 35,458,332                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Regional Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,555,000           | 6.75             |                   | The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $         | 2,836,050                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Thrifts & Mortgage Finance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 4,000,000           |             |                   | Alfa Bank OJSC Via Alfa Bond Issuance Plc, 7.5%, 9/26/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 3,946,320                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $         | 42,240,702                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Financials - 4.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Other Diversified Financial Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
| INR                                                                                                                                                                                                                      | 178,400,000         |             |                   | European Bank for Reconstruction & Development, 6.0%, 3/3/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $         | 2,776,118                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Specialized Finance - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,045,000           |             |                   | Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 3,407,998                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,870,000           |             |                   | Nationstar Mortgage LLC, 6.5%, 6/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 4,431,700                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,000,000           |             |                   | Nationstar Mortgage LLC, 6.5%, 7/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 2,801,250                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 10,640,948                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Consumer Finance - 1.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,200,000           |             |                   | Ally Financial, Inc., 4.125%, 3/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $         | 1,209,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,000,000           |             |                   | Ally Financial, Inc., 4.625%, 5/19/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 997,500                                                                                                                                                       |
| INR                                                                                                                                                                                                                      | 241,840,000         |             |                   | International Finance Corp., 7.75%, 12/3/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 3,807,578                                                                                                                                                     |
| INR                                                                                                                                                                                                                      | 240,670,000         |             |                   | International Finance Corp., 8.25%, 6/10/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 3,994,462                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,263,547           |             |                   | Tarjeta Naranja SA, 9.0%, 1/28/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      | 4,354,343                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,000,000           |             |                   | Unifin Financiera SAPI de CV SOFOM ENR, 6.25%, 7/22/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 3,907,200                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 18,270,083                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Investment Banking & Brokerage - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,550,000           | 5.55             |                   | Morgan Stanley, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $         | 3,532,250                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,225,000           | 5.38             |                   | The Goldman Sachs Group, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 3,205,650                                                                                                                                                     |
|                                                                                                                                                                                                                     | 5,650,000           |             |                   | UBS AG, 7.625%, 8/17/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 6,636,524                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 13,374,424                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 45,061,573                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Insurance - 5.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Life & Health Insurance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
| GBP                                                                                                                                                                                                                      | 954,047             |             |                   | TIG FINCO Plc, 8.75%, 4/2/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 1,445,654                                                                                                                                                     |
| GBP                                                                                                                                                                                                                      | 168,361             | N/A              |                   | TIG FINCO Plc, Floating Rate Note, 3/2/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      | 274,840                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 1,720,494                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Reinsurance - 5.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 450,000             | 5.91             |                   | Alamo Re, Ltd., Floating Rate Note, 6/7/18 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 449,055                                                                                                                                                       |
|                                                                                                                                                                                                                     | 3,314,020           |             |                   | Altair Re, Variable Rate Notes, 6/30/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 564,709                                                                                                                                                       |
|                                                                                                                                                                                                                     | 2,400,000           |             |                   | Altair Re, Variable Rate Notes, 6/30/17 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 2,484,480                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,900,000           | 6.38             |                   | Aquarius + Investments Plc for Swiss Reinsurance Co., Ltd., Floating Rate Note, 9/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1,981,499 |
|                                                                                                                                                                                                                     | 1,300,000           |             |                   | Arlington Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 8/31/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 1,318,460 |
|                                                                                                                                                                                                                     | 1,000,000           |             |                   | Berwick Segregated Account (Kane SAC Ltd.), Variable Rate Note, 1/22/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 1,023,800                                                                                                                                                     |
|                                                                                                                                                                                                                     | 475,000             | 4.37             |                   | Blue Danube II, Ltd., Floating Rate Note, 5/23/18 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 472,625                                                                                                                                                       |
|                                                                                                                                                                                                                     | 3,900,000           |             |                   | Carnoustie Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 2/19/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 4,174,560 |
|                                                                                                                                                                                                                     | 1,400,000           |             |                   | Clarendon Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 6/15/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 1,354,220 |
|                                                                                                                                                                                                                     | 550,000             | 0.00             |                   | Compass Re II, Ltd., Floating Rate Note, 12/8/15 (Cat Bond)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 526,790                                                                                                                                                       |
|                                                                                                                                                                                                                     | 2,375,100           |             |                   | Exeter Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/7/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 2,415,714                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,300,000           |             |                   | Fairfield Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 2/2/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 1,252,290                                                                                                                                                     |
|                                                                                                                                                                                                                     | 5,400,000           |             |                   | Gullane Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/22/17 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 5,712,660                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,093,300           |             |                   | Hereford Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/7/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 1,131,238                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,000,000           | 3.76             |                   | Kilimanjaro Re, Ltd., Floating Rate Note, 11/25/19 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 984,000                                                                                                                                                       |
|                                                                                                                                                                                                                     | 500,000             |             |                   | Lahinch Re, Variable Rate Notes, 6/15/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 490,750                                                                                                                                                       |
|                                                                                                                                                                                                                     | 2,400,000           |             |                   | Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 2,476,560                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,067,200           |             |                   | Muirfield Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/12/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 1,091,639 |
|                                                                                                                                                                                                                     | 3,900,000           |             |                   | Pangaea Re, Series 2015-1, Principal at Risk Notes, 2/1/19 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 4,188,210                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,500,000           |             |                   | Pangaea Re, Series 2015-2, Principal at Risk Notes, 11/30/19 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      | 4,571,100                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,070,000           |             |                   | Pangaea Re., Variable Rate Notes, 7/1/18 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 73,260                                                                                                                                                        |
|                                                                                                                                                                                                                     | 1,300,000           |             |                   | Prestwick Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 7/1/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 1,333,540 |
|                                                                                                                                                                                                                     | 13,467              |             |                   | Sector Re V, Ltd., Variable Rate Notes, 12/1/18 (144A) (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 97,831                                                                                                                                                        |
|                                                                                                                                                                                                                     | 950,000             |             |                   | Sector Re V, Ltd., Variable Rate Notes, 12/1/19 (144A) (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 1,005,670                                                                                                                                                     |
|                                                                                                                                                                                                                     | 750,000             |             |                   | Sector Re V, Ltd., Variable Rate Notes, 3/1/20 (144A) (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 763,350                                                                                                                                                       |
|                                                                                                                                                                                                                     | 1,100,000           |             |                   | Sector Re V, Ltd., Variable Rate Notes, 3/1/20 (144A) (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 1,110,010                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,721               |             |                   | Sector Re V, Ltd., Variable Rate Notes, 3/30/19  (144A) (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 237,762                                                                                                                                                       |
|                                                                                                                                                                                                                     | 2,000,000           |             |                   | Silverton Re, Ltd., Variable Rate Notes, 9/16/16 (144A) (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 78,000                                                                                                                                                        |
|                                                                                                                                                                                                                     | 1,800,000           |             |                   | Silverton Re, Ltd., Variable Rate Notes, 9/18/17 (144A) (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 1,995,480                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,600,000           |             |                   | St. Andrews Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/22/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 2,665,260 |
| JPY                                                                                                                                                                                                                      | 97,500,000          |             |                   | Tralee Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 6/15/17 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 786,672                                                                                                                                                       |
|                                                                                                                                                                                                                     | 1,101,200           |             |                   | Troon Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/12/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 1,119,370                                                                                                                                                     |
|                                                                                                                                                                                                                     | 506,000             |             |                   | Turnberry Segregated Account (Kane SAC Ltd.), Variable Rate Notes, 1/15/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 511,414   |
|                                                                                                                                                                                                                     | 3,800,000           |             |                   | Versutus, Ltd., Series 2015-A, Variable Rate Notes, 12/31/17 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      | 4,060,680                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 54,502,658                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 56,223,152                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Real Estate - 1.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Specialized REIT - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,608,675           |             |                   | AAF Holdings LLC, 12.0%, 7/1/19 (144A) (12.0% cash, 0.0% PIK) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 2,589,110                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,600,000           |             |                   | Equinix, Inc., 5.375%, 1/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 1,624,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,455,000           |             |                   | Equinix, Inc., 5.375%, 4/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 1,469,404                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 5,682,514                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Real Estate Activities - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 995,000             |             |                   | Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 1,014,900                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Real Estate Operating Companies - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 6,405,000           |             |                   | IRSA Inversiones y Representaciones SA, 8.5%, 2/2/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $         | 6,405,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 5,750,000           |             |                   | IRSA Propiedades Comerciales SA, 7.875%, 5/11/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 5,694,225                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 12,099,225                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $         | 18,796,639                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Software & Services - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Internet Software & Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,650,000           |             |                   | Cimpress NV, 7.0%, 3/24/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $         | 3,741,250                                                                                                                                                     |
|                                                                                                                                                                                                                     | 700,000             |             |                   | IAC, 4.875%, 11/30/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 723,275                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 4,464,525                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Data Processing & Outsourced Services - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,100,000           |             |                   | Audatex North America, Inc., 6.0%, 6/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $         | 2,144,625                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,100,000           |             |                   | Cardtronics, Inc., 5.125%, 8/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 3,022,500                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,700,000           |             |                   | NeuStar, Inc., 4.5%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 1,445,000                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 6,612,125                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 11,076,650                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Technology Hardware & Equipment - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Communications Equipment - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,560,000           |             |                   | CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 1,540,500                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,475,000           |             |                   | CommScope, Inc., 5.0%, 6/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 1,456,562                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,315,000           |             |                   | Plantronics, Inc., 5.5%, 5/31/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 1,334,725                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 4,331,787                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Computer Storage Hardware & Peripherals - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 4,925,000           |             |                   | Seagate HDD Cayman, 4.75%, 6/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $         | 4,985,331                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Electronic Components - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,000,000           |             |                   | Belden, Inc., 5.25%, 7/15/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 982,500                                                                                                                                                       |
| EURO                                                                                                                                                                                                                     | 1,800,000           |             |                   | Belden, Inc., 5.5%, 4/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 2,021,332                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 3,003,832                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $         | 12,320,950                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Semiconductors & Semiconductor Equipment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Semiconductor Equipment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,930,000           |             |                   | Entegris, Inc., 6.0%, 4/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 1,978,250                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Semiconductors - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,098,000           |             |                   | Advanced Micro Devices, Inc., 6.75%, 3/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $         | 2,253,795                                                                                                                                                     |
|                                                                                                                                                                                                                     | 525,000             |             |                   | Advanced Micro Devices, Inc., 7.0%, 7/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 349,125                                                                                                                                                       |
|                                                                                                                                                                                                                     | 2,329,430           |             |                   | LDK Solar Co, Ltd., 5.535%, 12/31/18, (5.535% cash, 5.535% PIK) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      | 465,886                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 3,068,806                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 5,047,056                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Telecommunication Services - 6.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Integrated Telecommunication Services - 3.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,260,000           |             |                   | CenturyLink, Inc., 5.625%, 4/1/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 2,065,075                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,790,000           |             |                   | Cincinnati Bell, Inc., 8.375%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 2,926,012                                                                                                                                                     |
| COP                                                                                                                                                                                                                      | 1,626,000,000       |             |                   | Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 526,502                                                                                                                                                       |
|                                                                                                                                                                                                                     | 250,000             |             |                   | Frontier Communications Corp., 7.125%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 225,625                                                                                                                                                       |
|                                                                                                                                                                                                                     | 2,690,000           |             |                   | Frontier Communications Corp., 8.5%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 2,784,150                                                                                                                                                     |
|                                                                                                                                                                                                                     | 10,345,000          |             |                   | Frontier Communications Corp., 8.75%, 4/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 10,260,947                                                                                                                                                    |
|                                                                                                                                                                                                                     | 500,000             |             |                   | GCI, Inc., 6.75%, 6/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      | 511,250                                                                                                                                                       |
|                                                                                                                                                                                                                     | 4,275,000           |             |                   | GCI, Inc., 6.875%, 4/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 4,349,812                                                                                                                                                     |
| EURO                                                                                                                                                                                                                     | 1,600,000           |             |                   | Telenet Finance V Luxembourg SCA, 6.25%, 8/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 1,896,480                                                                                                                                                     |
|                                                                                                                                                                                                                     | 6,285,000           |             |                   | Windstream Corp., 7.5%, 6/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 5,169,412                                                                                                                                                     |
|                                                                                                                                                                                                                     | 6,765,000           |             |                   | Windstream Services LLC, 7.75%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      | 6,194,203                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 36,909,468                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Wireless Telecommunication Services - 3.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,800,000           |             |                   | Altice Financing SA, 6.5%, 1/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $         | 2,891,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,320,000           |             |                   | Altice Financing SA, 6.625%, 2/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 1,359,600                                                                                                                                                     |
|                                                                                                                                                                                                                     | 600,000             |             |                   | Altice Finco SA, 8.125%, 1/15/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 624,000                                                                                                                                                       |
|                                                                                                                                                                                                                     | 1,500,000           |             |                   | Mobile Telesystems OJSC via MTS International Funding, Ltd., 5.0%, 5/30/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1,357,500 |
|                                                                                                                                                                                                                     | 3,000,000           |             |                   | Sprint Corp., 7.25%, 9/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 2,868,750                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,880,000           |             |                   | T-Mobile USA, Inc., 6.542%, 4/28/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 3,033,792                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,940,000           |             |                   | T-Mobile USA, Inc., 6.633%, 4/28/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 2,053,878                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,300,000           |             |                   | T-Mobile USA, Inc., 6.731%, 4/28/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 1,378,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,750,000           |             |                   | Unison Ground Lease Funding LLC, 5.78%, 3/16/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      | 2,746,178                                                                                                                                                     |
|                                                                                                                                                                                                                     | 7,800,000           |             |                   | Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC, 7.748%, 2/2/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 8,044,920 |
|                                                                                                                                                                                                                     | 4,875,000           |             |                   | VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 4,911,562                                                                                                                                                     |
| RUB                                                                                                                                                                                                                      | 124,400,000         |             |                   | VimpelCom Holdings BV, 9.0%, 2/13/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 1,860,212                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 33,129,392                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $         | 70,038,860                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Utilities - 3.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Electric Utilities - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,610,000           |             |                   | ContourGlobal Power Holdings SA, 7.125%, 6/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $         | 1,674,400                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,725,000           | 5.25             |                   | Electricite de France SA, Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 3,818,125                                                                                                                                                     |
|                                                                                                                                                                                                                     | 711,000             |             |                   | Empresa Distribuidora Y Comercializadora Norte, 9.75%, 10/25/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      | 604,350                                                                                                                                                       |
|                                                                                                                                                                                                                     | 1,830,000           |             |                   | Empresa Electrica Angamos SA, 4.875%, 5/25/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 1,802,550                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,995,000           | 8.13             |                   | Enel S.p.A., Floating Rate Note, 9/24/73 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 3,510,889                                                                                                                                                     |
|                                                                                                                                                                                                                     | 71,485              |             |                   | FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 71,485                                                                                                                                                        |
|                                                                                                                                                                                                                     | 164,149             |             |                   | FPL Energy Wind Funding LLC, 6.876%, 6/27/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 160,866                                                                                                                                                       |
|                                                                                                                                                                                                                     | 3,760,000           |             |                   | Talen Energy Supply LLC, 4.625%, 7/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 3,647,200                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,850,000           |             |                   | Talen Energy Supply LLC, 6.5%, 6/1/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 1,813,000                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 17,102,865                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Multi-Utilities - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 575,000             |             |                   | DTEK Finance Plc, 7.875%, 4/4/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $         | 247,020                                                                                                                                                       |
|                                                                                                                                                                                                                     | 4,582,675           |             |                   | Ormat Funding Corp., 8.25%, 12/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 4,674,328                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 4,921,348                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Independent Power Producers & Energy Traders - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,000,000           |             |                   | AES Corp., 5.5%, 4/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 2,872,500                                                                                                                                                     |
|                                                                                                                                                                                                                     | 940,000             |             |                   | Instituto Costarricense de Electricidad, 6.95%, 11/10/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 982,300                                                                                                                                                       |
|                                                                                                                                                                                                                     | 1,300,000           |             |                   | InterGen NV, 7.0%, 6/30/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 1,170,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 6,000,000           |             |                   | NRG Energy, Inc., 6.25%, 5/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      | 5,895,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 500,000             |             |                   | Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 473,750                                                                                                                                                       |
|                                                                                                                                                                                                                     | 4,295,000           |             |                   | Terraform Global Operating Co.,  9.75%, 8/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      | 4,241,441                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 15,634,991                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 37,659,204                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | (Cost $901,858,250)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 845,023,209                                                                                                                                                   |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | FOREIGN GOVERNMENT BONDS - 4.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,845,000           |             |                   | Africa Finance Corp., 4.375%, 4/29/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 1,869,170                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,655,000           |             |                   | Banque Cent de Tunisie, 5.75%, 1/30/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 2,568,712                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,220,000           |             |                   | Ecuador Government International Bond, 10.5%, 3/24/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 1,165,100                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,510,000           |             |                   | Ecuador Government International Bond, 7.95%, 6/20/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 2,102,125                                                                                                                                                     |
| IDR                                                                                                                                                                                                                      | 53,000,000,000      |             |                   | Indonesia Treasury Bond, 7.0%, 5/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      | 3,598,632                                                                                                                                                     |
| IDR                                                                                                                                                                                                                      | 40,352,000,000      |             |                   | Indonesia Treasury Bond, 8.25%, 6/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 2,826,355                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,175,000           |             |                   | Kenya Government International Bond, 5.875%, 6/24/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 2,188,702                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,530,000           |             |                   | Kenya Government International Bond, 6.875%, 6/24/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 2,483,195                                                                                                                                                     |
| MXN                                                                                                                                                                                                                      | 1,800,000           |             |                   | Mexican Bonos, 7.5%, 6/3/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 122,869                                                                                                                                                       |
| MXN                                                                                                                                                                                                                      | 230,630,757         |             |                   | Mexican Udibonos, 2.0%, 6/9/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 13,749,005                                                                                                                                                    |
| MXN                                                                                                                                                                                                                      | 9,090,355           |             |                   | Mexican Udibonos, 3.5%, 12/14/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      | 597,660                                                                                                                                                       |
| EURO                                                                                                                                                                                                                     | 2,175,000           |             |                   | Mexico Government International Bond, 4.0%, 3/15/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 2,098,228                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,859,120           |             |                   | Province of Salta Argentina, 9.5%, 3/16/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 2,830,529                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,025,000           |             |                   | Provincia de Buenos Aires Argentina, 10.875%, 1/26/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 1,040,375                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,125,000           |             |                   | Provincia de Buenos Aires Argentina, 11.75%, 10/5/15 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 1,116,562                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,260,000           |             |                   | Provincia de Buenos Aires Argentina, 9.95%, 6/9/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 1,244,250                                                                                                                                                     |
| RON                                                                                                                                                                                                                      | 18,580,000          |             |                   | Romania Government Bond, 5.85%, 4/26/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 5,285,491                                                                                                                                                     |
| RON                                                                                                                                                                                                                      | 1,220,000           |             |                   | Romania Government Bond, 5.95%, 6/11/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 346,963                                                                                                                                                       |
| RUB                                                                                                                                                                                                                      | 49,399,000          |             |                   | Russian Federal Bond - OFZ, 7.0%, 8/16/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 648,913                                                                                                                                                       |
|                                                                                                                                                                                                                     | 2,000,000           |             |                   | Rwanda International Government Bond, 6.625%, 5/2/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 2,027,240                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,700,000           |             |                   | Zambia Government International Bond, 5.375%, 9/20/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 3,124,206                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 53,034,282                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL FOREIGN GOVERNMENT BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | (Cost $64,918,192)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 53,034,282                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | MUNICIPAL BOND - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Municipal General - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 8,875,000           | 0.00             |                   | Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 551,315                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL MUNICIPAL BOND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | (Cost $8,859,121)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $         | 551,315                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | SENIOR FLOATING RATE LOAN INTERESTS - 6.6%**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Energy - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Coal & Consumable Fuels - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 4,700,000           | 18.15            |                   | Bumi Resources Tbk PT, Term Loan, 8/15/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $         | 1,762,500                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,034,769           | 8.15             |                   | Long Haul Holdings, Ltd., Facility B Loan, 11/17/13 (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 388,038                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 2,150,538                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $         | 2,150,538                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Materials - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Specialty Chemicals - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 4,190,000           | 0.27             |                   | A. Schulman, Inc., Bridge Facility, 3/25/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $         | 4,190,000                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Metals & Mining - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 437,500             | 3.75             |                   | Fortescue Metals Group Ltd., Bank Loan, 6/30/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 359,616                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 4,549,616                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Capital Goods - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Metal & Glass Containers - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 537,071             | 4.75             |                   | Pro Mach Group, Inc., Dollar Term Loan, 10/22/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $         | 540,428                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Building Products - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 6,100,000           | 0.00             |                   | Builders Firstsource, Inc., 1st Lien Term Loan B, 6/24/22 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 6,100,000                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $         | 6,640,428                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Commercial Services & Supplies - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Diversified Support Services - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 498,368             | 4.84             |                   | IAP Worldwide Services, Inc., Term Loan, 7/18/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $         | 493,384                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Security & Alarm Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,012,104           | 4.25             |                   | Monitronics International, Inc., Term B Loan, 3/23/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $         | 1,016,849                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 1,510,233                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Transportation - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Air Freight & Logistics - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 989,800             | 6.75             |                   | Ozburn-Hessey Holding Co LLC, Term Loan, 5/23/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $         | 990,728                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 990,728                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Automobiles & Components - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Auto Parts & Equipment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 3,166               | 3.50             |                   | Allison Transmission, Inc., Term B-3 Loan, 8/23/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 3,180                                                                                                                                                         |
|                                                                                                                                                                                                                     | 2,000,198           | 4.50             |                   | TI Group Automotive Systems LLC, 1st Lien Term Loan B, 6/25/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 2,010,825                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 2,014,005                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 2,014,005                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Media - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Advertising - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,165,578           | 6.75             |                   | Affinion Group, Inc., Tranche B Term Loan, 4/30/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 2,059,464                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Cable & Satellite - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 8,860,000           | 0.00             |                   | Charter Communications Operating LLC, 1st Lien Bridge Loan, 5/26/16 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $         | 8,860,000                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,233,398           | 4.50             |                   | WideOpenWest Finance LLC, Replacement Term B Loan, 4/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 1,236,591                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 10,096,591                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $         | 12,156,055                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Retailing - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Automotive Retail - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 5,795,000           | 5.25             |                   | CWGS Group LLC, Term Loan, 2/20/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 5,827,597                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 5,827,597                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Food & Staples Retailing - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Food Distributors - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,024,491           | 5.75             |                   | AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $         | 1,028,588                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 1,028,588                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Health Care Equipment & Services - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Health Care Services - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,017,446           | 4.25             |                   | Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 1,016,652                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,277,509           | 7.50             |                   | Ardent Medical Services, Inc., 1st Lien Term Loan, 5/2/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 1,281,235                                                                                                                                                     |
|                                                                                                                                                                                                                     | 474,656             | 0.00             |                   | Ardent Medical Services, Inc., 1st Lien Term Loan, 5/2/18 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 477,623                                                                                                                                                       |
|                                                                                                                                                                                                                     | 696,116             | 6.25             |                   | BioScrip, Inc., Initial Term B Loan, 7/31/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 693,070                                                                                                                                                       |
|                                                                                                                                                                                                                     | 417,670             | 6.50             |                   | BioScrip, Inc., Term Loan, 7/31/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      | 415,842                                                                                                                                                       |
|                                                                                                                                                                                                                     | 2,790,000           | 8.28             |                   | Mj Acquistion (Concentra), 1st Lien Term Loan B, 5/8/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 2,805,624                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,518,125           | 4.25             |                   | National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      | 2,525,994                                                                                                                                                     |
|                                                                                                                                                                                                                     | 1,333,333           | 4.50             |                   | National Surgical Hospitals, Inc., 1st Lien Term Loan B, 5/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      | 1,334,235                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 10,550,275                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Managed Health Care - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 756,082             | 9.75             |                   | MMM Holdings, Inc., Term Loan, 10/9/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $         | 591,634                                                                                                                                                       |
|                                                                                                                                                                                                                     | 549,668             | 9.75             |                   | MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 430,115                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 1,021,749                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $         | 11,572,024                                                                                                                                                    |
|                                                                                                                                                                                                                     |                |             |                   | Pharmaceuticals, Biotechnology & Life Sciences - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Biotechnology - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 9,655,000           | 7.00             |                   | Lantheus Medical Imaging, Inc., 1st Lien Term Loan B, 6/25/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 9,546,381                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $         | 9,546,381                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Insurance - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Multi-line Insurance - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 552,353             | 0.00             |                   | Alliant Holdings I LLC, 1st Lien Term Loan B, 7/28/22 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $         | 553,131                                                                                                                                                       |
|                                                                                                                                                                                                                     | 1,837,999           | 5.00             |                   | Alliant Holdings I LLC, Initial Term Loan, 12/20/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      | 1,840,583                                                                                                                                                     |
|                                                                                                                                                                                                                     | 4,310,000           | 0.00             |                   | Alliant Holdings I, Inc., 1st Lien Bridge Loan, 6/9/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      | 4,310,000                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 6,703,714                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 6,703,714                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Software & Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Application Software - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 4,373,318           | 8.50             |                   | Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 4,384,251                                                                                                                                                     |
|                                                                                                                                                                                                                     | 3,500,000           | 9.75             |                   | Vertafore, Inc., Term Loan (Second Lien), 10/29/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |      | 3,545,938                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 7,930,189                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 7,930,189                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL SENIOR FLOATING RATE LOAN INTERESTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | (Cost $75,853,612)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 72,620,096                                                                                                                                                    |
|                                                                                                                                                                                                                     | Shares              |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | RIGHTS / WARRANTS - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Food, Beverage & Tobacco - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Distillers & Vintners - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 5,578,091           |             |                   | Belvedere SA, 12/23/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $         | 673,415                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $         | 673,415                                                                                                                                                       |
|                                                                                                                                                                                                                     |                |             |                   | Insurance - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Life & Health Insurance - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 1,390               |             |                   | A Preference TIG FINCO                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $         |                           - |
|                                                                                                                                                                                                                     |                |             |                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         |                           - |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL RIGHTS / WARRANTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | (Cost $303,270)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $         | 673,415                                                                                                                                                       |
|                                                                                                                                                                                                                     | PrincipalAmount ($) |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |
|                                                                                                                                                                                                                     |                |             |                   | TEMPORARY CASH INVESTMENTS - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Commercial Paper - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | 2,750,000           |             |                   | Barclays U.S. Commercial Paper, 8/3/15 (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $         | 2,749,949                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,750,000           |             |                   | BNP Paribas SA Commercial Paper, 8/3/15 (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 2,749,973                                                                                                                                                     |
|                                                                                                                                                                                                                     | 2,750,000           |             |                   | Exxon Mobil Commercial Paper, 8/3/15 (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |      | 2,749,975                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $         | 8,249,897                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL TEMPORARY CASH INVESTMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | (Cost $8,249,958)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $         | 8,249,897                                                                                                                                                     |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL INVESTMENT IN SECURITIES - 100.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | (Cost $1,195,267,820) (a) (g)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $         | 1,103,731,746                                                                                                                                                 |
|                                                                                                                                                                                                                     |                |             |                   | OTHER ASSETS & LIABILITIES - (0.6)%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $         | (7,097,370)                                                                                                                                                   |
|                                                                                                                                                                                                                     |                |             |                   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $         | 1,096,634,376                                                                                                                                                 |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | *                   |             |                   | Non-income producing security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | +                   |             |                   | Amount rounds to less than 0.1%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | REIT                |             |                   | Real Estate Investment Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | (A.D.R.)            |             |                   | American Depositary Receipts.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | (Perpetual)         |             |                   | Security with no stated maturity date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | (Cat Bond)          |             |                   | Catastrophe or event linked bond. At July 31, 2015, the value of these securities amounted to $2,432,470 or 0.2% of total net assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | (Step)              |             |                   | Bond issued with an initial coupon rate which converts to a higher rate at a later 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 United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders.  The rate shown is the coupon rate at period end. |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | (144A)              |             |                   | Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At July 31, 2015, the value of these securities amounted to $496,068,315 or 45.2% of total net assets.                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | (a)                 |             |                   | At July 31, 2015, the net unrealized depreciation on investments based on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | cost for federal income tax purposes of $1,195,267,820 was as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $         |      28,596,223                                                                                                                      |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |         (120,132,297)                                                                                                 |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Net unrealized depreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $         |           (91,536,074)                                                                                      |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | (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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | (e)                 |             |                   | Rate to be determined.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | (f)                 |             |                   | Structured reinsurance investment. At July 31, 2015, the value of these securities amounted to $50,172,439 or 4.6% of total net assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | (g)                 |             |                   | Distributions of investments by country of issue (excluding temporary cash investments) as a percentage of total investment in securities, is as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | United States                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |      | 60.0%                                                                                                                                                         |
|                                                                                                                                                                                                                     |                |             |                   | Luxembourg                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |      | 5.4%                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | United Kingdom                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 4.4%                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Mexico                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      | 3.7%                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Netherlands                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |      | 2.7%                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Argentina                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 2.5%                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Ireland                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 2.5%                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Canada                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |      | 2.2%                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Cayman Islands                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |      | 2.0%                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Bermuda                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |      | 1.5%                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Australia                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      | 1.4%                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   | Other (individually less than 1%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |      | 11.7%                                                                                                                                                         |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      | 100.0%                                                                                                                                                        |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     | NOTE:               |             |                   | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                | BRL              | Brazilian Real         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |
|                                                                                                                                                                                                                     |                | CAD              | Canadian Dollar        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |
|                                                                                                                                                                                                                     |                | COP              | Columbian Peso         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |
|                                                                                                                                                                                                                     |                | EURO             |                   | Euro                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                | GBP              | British Pound Sterling |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |
|                                                                                                                                                                                                                     |                | IDR              | Indonesian Rupiah      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |
|                                                                                                                                                                                                                     |                | INR              | Indian Rupee           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |
|                                                                                                                                                                                                                     |                | JPY              |                   | Japanese Yen                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                | MXN              | Mexican Peso           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |
|                                                                                                                                                                                                                     |                | NOK              | Norwegian Krone        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |
|                                                                                                                                                                                                                     |                | RON              | Romanian Leu           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |
|                                                                                                                                                                                                                     |                | RUB              | Russian Ruble          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.                                                               |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
| Level 1 – quoted prices in active markets for identical securities.                                                                                                                                                |                |             |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)  See Notes to Financial Statements — Note 1A. |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)  See Notes to Financial Statements — Note 1A.                            |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                                                                                       |
| using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3.                                                                                                      |
|                                                                                                                                                                                                                     |                |             |                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |      |                                                                                                                                                          |
| The following is a summary of the inputs used as of July 31, 2015, in valuing the Fund's investments:                                                                                                                    |                |             |

```

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```

```

```

```

```

```

```

|                                                                                              |                                                                                                                                                                          |   | Level 1       |       |   | Level 2                     |   |          | Level 3          |   |   | Total           |   |   |   |          |
|---------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|--------|-----------------------------|--------|---------------|------------------|--------|--------|-----------------|--------|--------|--------|---------------|
|                                                                                              | Convertible Corporate Bonds                                                                                                                                                   |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |
|                                                                                              |  Materials                                                                                                                                                               |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |
|                                                                                              |   Steel                                                                                                                                                             |   | $             | -          |   |                        | $      | -             |             |   | $      | 65,053          |   |   | $      | 65,053        |   |   |   |   |
|                                                                                              |  All Other Convertible Bonds                                                                                                                                             |   |          | -          |   |                        |   | 45,466,216    |             |   |   | -               |   |   |   | 45,466,216    |   |   |   |   |
|                                                                                              | Preferred Stocks                                                                                                                                                              |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |  Transportation                                                                                                                                                          |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |   Air Freight & Logistics                                                                                                                                       |   |          | -          |   |                        |   | 2,536,846     |             |   |   | -               |   |   |   | 2,536,846     |   |   |   |   |
|                                                                                              |  Diversified Financials                                                                                                                                                  |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |   Consumer Finance                                                                                                                                                  |   |          | -          |   |                        |   | 1,581,630     |             |   |   | -               |   |   |   | 1,581,630     |   |   |   |   |
|                                                                                              |  Insurance                                                                                                                                                               |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |   Reinsurance                                                                                                                                                       |   |          | -          |   |                        |   | -             |             |   |   | 83,750          |   |   |   | 83,750        |   |   |   |   |
|                                                                                              |  All Other Preferred Stocks                                                                                                                                              |   |          | 19,215,901 |   |                        |   | -             |             |   |   | -               |   |   |   | 19,215,901    |   |   |   |   |
|                                                                                              | Convertible Preferred Stocks                                                                                                                                                  |   |          | -          |   |                        |   | 212,226       |             |   |   | -               |   |   |   | 212,226       |   |   |   |   |
|                                                                                              | Common Stocks                                                                                                                                                                 |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |  Capital Goods                                                                                                                                                           |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |   Industrial Machinery                                                                                                                                              |   |          | -          |   |                        |   | -             |             |   |   | 1,560           |   |   |   | 1,560         |   |   |   |   |
|                                                                                              |  Commercial Services & Supplies                                                                                                                                      |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |   Diversified Support Services                                                                                                                                      |   |          | -          |   |                        |   | 50,340        |             |   |   | -               |   |   |   | 50,340        |   |   |   |   |
|                                                                                              |  Transportation                                                                                                                                                          |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |   Air Freight & Logistics                                                                                                                                       |   |          | -          |   |                        |   | 2,536,846     |             |   |   | -               |   |   |   | 2,536,846     |   |   |   |   |
|                                                                                              |  Consumer Services                                                                                                                                                       |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |   Education Services                                                                                                                                                |   |          | -          |   |                        |   | 323,695       |             |   |   | -               |   |   |   | 323,695       |   |   |   |   |
|                                                                                              |  Diversified Financials                                                                                                                                                  |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |   Specialized Finance                                                                                                                                               |   |          | -          |   |                        |   | -             |             |   |   | 657,984         |   |   |   | 657,984       |   |   |   |   |
|                                                                                              |  Insurance                                                                                                                                                               |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |   Life & Health Insurance                                                                                                                                       |   |          | -          |   |                        |   | -             |             |   |   | 7,096,834       |   |   |   | 7,096,834     |   |   |   |   |
|                                                                                              |  All Other Common Stocks                                                                                                                                                 |   |          | 7,775,605  |   |                        |   | -             |             |   |   | -               |   |   |   | 7,775,605     |   |   |   |   |
|                                                                                              | Asset Backed Securities                                                                                                                                                       |   |          | -          |   |                        |   | 11,363,362    |             |   |   | -               |   |   |   | 11,363,362    |   |   |   |   |
|                                                                                              | Collateralized Mortgage Obligations                                                                                                                                           |   |          | -          |   |                        |   | 24,611,684    |             |   |   | -               |   |   |   | 24,611,684    |   |   |   |   |
|                                                                                              | Corporate Bonds                                                                                                                                                               |   |          | -          |   |                        |   | -             |             |   |   | -               |   |   |   | -             |   |   |   |   |
|                                                                                              |  Materials                                                                                                                                                               |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |   Steel                                                                                                                                                             |   |          | -          |   |                        |   | -             |             |   |   | 75,833          |   |   |   | 75,833        |   |   |   |   |
|                                                                                              |  Capital Goods                                                                                                                                                           |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |   Industrial Machinery                                                                                                                                              |   |          | -          |   |                        |   | -             |             |   |   | 2,001,920       |   |   |   | 2,001,920     |   |   |   |   |
|                                                                                              |  Insurance                                                                                                                                                               |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              |   Reinsurance                                                                                                                                                       |   |          | -          |   |                        |   | 4,413,969     |             |   |   | 50,088,689      |   |   |   | 54,502,658    |   |   |   |   |
|                                                                                              |  All Other Corporate Bonds                                                                                                                                               |   |          | -          |   |                        |   | 788,442,798   |             |   |   | -               |   |   |   | 788,442,798   |   |   |   |   |
|                                                                                              | Foreign Government Bonds                                                                                                                                                      |   |          | -          |   |                        |   | 53,034,282    |             |   |   | -               |   |   |   | 53,034,282    |   |   |   |   |
|                                                                                              | Municipal Bond                                                                                                                                                                |   |          | -          |   |                        |   | 551,315       |             |   |   | -               |   |   |   | 551,315       |   |   |   |   |
|                                                                                              | Senior Floating Rate Loan Interests                                                                                                                                           |   |          | -          |   |                        |   | 72,620,096    |             |   |   | -               |   |   |   | 72,620,096    |   |   |   |   |
|                                                                                              | Rights/Warrants                                                                                                                                                               |   |          | 673,415    |   |                        |   | -             |             |   |   | -               |   |   |   | 673,415       |   |   |   |   |
|                                                                                              | Commercial Paper                                                                                                                                                              |   |          | -          |   |                        |   | 8,249,897     |             |   |   | -               |   |   |   | 8,249,897     |   |   |   |   |
|                                                                                              | Total                                                                                                                                                                         |   | $             | 27,664,921 |   |                        | $      | 1,015,995,202 |             |   |   | 60,071,623      |   |   | $      | 1,103,731,746 |   |   |   |   |
|                                                                                              |                                                                                                                                                                          |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              | Other Financial Instruments                                                                                                                                                   |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              | Net unrealized appreciation on forward foreign currency contracts                                                                                                             |   | $             | -          |   |                        | $      | 287,650       |             |   |   | -               |   |   | $      | 287,650       |   |   |   |   |
|                                                                                              | Net unrealized depreciation on forward foreign currency contracts                                                                                                             |   |          | -          |   |                        |   | (534,899      | )                |   |   | -               |   |   |   | (534,899      | ) |   |   |   |
|                                                                                              | Total Other Financial Instruments                                                                                                                                             |   | $             | -          |   |                        | $      | (247,249      | )                |   |   | -               |   |   | $      | (247,249      | ) |   |   |   |
|                                                                                              |                                                                                                                                                                          |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
| The following is a reconciliation of assets valued using significant observable inputs (Level 3): |                                                                                                                                                                          |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |
|                                                                                              |                                                                                                                                                                          |   | Common Stocks |       |   | Convertible Corporate Bonds |   |          | Preferred Stocks |   |   | Corporate Bonds |   |   | Total  |          |
|                                                                                              |                                                                                                                                                                          |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |
|                                                                                              | Balance as of 10/31/14                                                                                                                                                        |   | $             | 700,002    |   |                        | $      | 3,047,736     |             |   |   | 4,260,476       |   |   | $      | 28,067,018    |   |   | $ | 36,075,232 |   |
|                                                                                              | Realized gain (loss)1                                                                                                                                                         |   |          | -          |   |                        |   | 135,400       |             |   |   | -               |   |   |   | (178,934      | ) |   |   | (43,534 | ) |
|                                                                                              | Change in unrealized appreciation (depreciation)2                                                                                                                             |   |          | 184,607    |   |                        |   | 225,443       |             |   |   | (3,629,725      | )      |   |   | (6,407,795    | ) |   |   | (9,627,470 | ) |
|                                                                                              | Purchases                                                                                                                                                                     |   |          | 6,871,769  |   |                        |   | -             |             |   |   | -               |   |   |   | 47,806,145    |   |   |   | 54,677,914 |   |
|                                                                                              | Sales                                                                                                                                                                         |   |          | -          |   |                        |   | (3,046,500    | )                |   |   | -               |   |   |   | (17,666,993   | ) |   |   | (20,713,493 | ) |
|                                                                                              | Transfers in to Level 3*                                                                                                                                                      |   |          | -          |   |                        |   | -             |             |   |   | -               |   |   |   | -             |   |   |   | - |   |
|                                                                                              | Transfers out of Level 3*                                                                                                                                                     |   |          | -          |   |                        |   | (297,026      | )                |   |   | -               |   |   |   | -             |   |   |   | (297,026 | ) |
|                                                                                              | Transfers in and out of Level 3 activity                                                                                                                                      |   |          | -          |   |                        |   | -             |             |   |   | (547,001        | )      |   |   | 547,001       |   |   |   | - |   |
|                                                                                              | Balance as of 7/31/15                                                                                                                                                         |   | $             | 7,756,378  |   |                        | $      | 65,053        |             |   |   | 83,750          |   |   | $      | 52,166,442    |   |   | $ | 60,071,623 |   |
|                                                                                              |                                                                                                                                                                          |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |   |
| 1                                                                                                 | Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations.                                         |   |          |       |   |                        |
|                                                                                              |                                                                                                                                                                          |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |   |
| 2                                                                                                 | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) on investments in the Statement of Operations. |   |
|                                                                                              |                                                                                                                                                                          |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |   |
| *                                                                                                 | Transfers are calculated on the beginning of period values. During the period ended July 31, 2015, there were                                                            |   |          |       |   |                        |   |          |             |   |
|                                                                                              | no transters between Levels 1, 2 and 3.                                                                                                                                       |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |   |
|                                                                                              |                                                                                                                                                                          |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |   |
|                                                                                              | Net change in unrealized appreciation (depreciation) of investments                                                                                                           |   |          |       |   |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |   |
|                                                                                              | still held as of 7/31/15                                                                                                                                                      |   | $             | (9,627,470 | )      |                        |   |          |             |   |   |            |   |   |   |          |   |   |   |   |   |

```

```

```

```

|   |                 |                                   | Pioneer Global Multisector Income Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                                                                                              |
|--------|----------------------|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                 |                                   | Schedule of Investments 7/31/2015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                                                                                              |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | Principal Amount ($) | FloatingRate (b)(unaudited)            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Value   |
|   |                 |                                   | CONVERTIBLE CORPORATE BONDS - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                                                                                              |
|   |                 |                                   | Capital Goods - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | Electrical Components & Equipment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   | 56,000               |                                   | General Cable Corp., 4.5%, 11/15/29 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 41,895                                                                                                                                            |
|   |                 |                                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 41,895                                                                                                                                            |
|   |                 |                                   | Consumer Durables & Apparel - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                                                                                              |
|   |                 |                                   | Homebuilding - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                                                                                              |
|   | 50,000               |                                   | KB Home, 1.375%, 2/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 48,281                                                                                                                                            |
|   |                 |                                   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 48,281                                                                                                                                            |
|   |                 |                                   | TOTAL CONVERTIBLE CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                                                                                              |
|   |                 |                                   | (Cost $105,595)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 90,176                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | PREFERRED STOCKS - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                                                                                              |
|   |                 |                                   | Banks - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   |                 |                                   | Diversified Banks - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                                                                                              |
|   | 1,668                | 7.88                                   | Citigroup Capital XIII, Floating Rate Note, 10/30/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 42,484                                                                                                                                            |
|   | 2,963                | 7.12                                   | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 82,816                                                                                                                                            |
|   | 1,560                | 6.00                                   | US Bancorp, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 41,964                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 167,264                                                                                                                                           |
|   |                 |                                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 167,264                                                                                                                                           |
|   |                 |                                   | Diversified Financials - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |
|   |                 |                                   | Consumer Finance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                                                                                              |
|   | 25                   |                                   | Ally Financial, Inc., 7.0% (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 25,510                                                                                                                                            |
|   | 850                  | 8.12                                   | GMAC Capital Trust I, Floating Rate Note, 2/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 22,296                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 47,806                                                                                                                                            |
|   |                 |                                   | Asset Management & Custody Banks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                                                                                              |
|   | 1,000                | 5.90                                   | State Street Corp., Floating Rate Note, 12/31/73                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 25,970                                                                                                                                            |
|   |                 |                                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 73,776                                                                                                                                            |
|   |                 |                                   | Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                                                                                              |
|   |                 |                                   | Property & Casualty Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                                                                                              |
|   | 2,201                | 5.10                                   | The Allstate Corp., Floating Rate Note, 1/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 57,226                                                                                                                                            |
|   |                 |                                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 57,226                                                                                                                                            |
|   |                 |                                   | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                                                                                              |
|   |                 |                                   | (Cost $277,038)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 298,266                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | CONVERTIBLE PREFERRED STOCKS - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                                                                                              |
|   |                 |                                   | Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   |                 |                                   | Diversified Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                                                                                              |
|   | 80                   |                                   | Wells Fargo & Co., 7.5% (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 95,369                                                                                                                                            |
|   |                 |                                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 95,369                                                                                                                                            |
|   |                 |                                   | TOTAL CONVERTIBLE PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                                                                                              |
|   |                 |                                   | (Cost $83,502)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 95,369                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | ASSET BACKED SECURITIES - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                                                                                              |
|   | 58,229               |                                   | Bear Stearns Asset Backed Securities Trust, 8.41%, 10/25/29 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 59,193                                                                                                                                            |
|   | 50,000               |                                   | Capital Auto Receivables Asset Trust 2013-1, 1.74%, 10/22/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 50,132                                                                                                                                            |
|   | 48,313               |                                   | CKE Restaurant Holdings, Inc., 4.474%, 3/20/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 49,324                                                                                                                                            |
|   | 24,280               | 4.80                                   | Countrywide Asset-Backed Certificates, Floating Rate Note, 12/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 24,972                                                                                                                                            |
|   | 96,625               |                                   | Domino's Pizza Master Issuer LLC, 5.216%, 1/27/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 99,881                                                                                                                                            |
|   | 25,000               |                                   | First Investors Auto Owner Trust 2013-1, 2.02%, 1/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 25,005                                                                                                                                            |
|   | 3,217                | 0.59                                   | First NLC Trust 2005-2, Floating Rate Note, 9/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 3,213                                                                                                                                             |
|   | 4,684                |                                   | Irwin Home Equity Loan Trust 2005-1, 5.32%, 6/25/35 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 4,633                                                                                                                                             |
|   | 50,000               | 5.50                                   | Mastr Specialized Loan Trust, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 52,150                                                                                                                                            |
|   | 9,559                | 0.89                                   | New Century Home Equity Loan Trust 2005-1, Floating Rate Note, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 9,479                                                                                                                                             |
|   | 10,732               | 5.91                                   | Origen Manufactured Housing Contract Trust 2004-A, Floating Rate Note, 1/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 11,254  |
|   | 10,108               |                                   | Santander Drive Auto Receivables Trust 2012-1, 3.78%, 11/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 10,159                                                                                                                                            |
|   | 30,000               | 0.61                                   | SMART ABS Series 2015-1US Trust, Floating Rate Note, 8/14/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 30,003                                                                                                                                            |
|   | 50,294               |                                   | Springleaf Funding Trust 2013-A, 2.58%, 9/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 50,454                                                                                                                                            |
|   | 1,518                |                                   | Structured Asset Securities Corp., 4.77%, 10/25/34 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 1,573                                                                                                                                             |
|   | 55,125               |                                   | Terwin Mortgage Trust Series TMTS 2005-16HE, 4.3409%, 9/25/36 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 56,776                                                                                                                                            |
|   |                 |                                   | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |
|   |                 |                                   | (Cost $525,402)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 538,201                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | COLLATERALIZED MORTGAGE OBLIGATIONS - 6.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                                                                                              |
|   | 94,945               | 3.50                                   | Agate Bay Mortgage Trust 2015-1, Floating Rate Note, 1/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 95,375                                                                                                                                            |
|   | 5,803                | 0.64                                   | Alternative Loan Trust 2003-14T1, Floating Rate Note, 8/25/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 5,546                                                                                                                                             |
|   | 3,780                |                                   | Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 3,806                                                                                                                                             |
|   | 53,310               | 1.68                                   | Arran Residential Mortgages Funding 2010-1 Plc, Floating Rate Note, 5/16/47 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 53,464  |
|   | 3,437                | 0.64                                   | Banc of America Alternative Loan Trust 2003-10, Floating Rate Note, 12/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 3,418   |
|   | 15,795               |                                   | Banc of America Alternative Loan Trust 2003-2, 5.75%, 4/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 16,362                                                                                                                                            |
|   | 10,518               |                                   | Banc of America Alternative Loan Trust 2004-6, 5.0%, 7/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 10,795                                                                                                                                            |
|   | 9,425                |                                   | Banc of America Mortgage Trust 2004-11, 5.75%, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 9,635                                                                                                                                             |
|   | 9,559                |                                   | Banc of America Mortgage Trust 2004-9, 5.5%, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 9,908                                                                                                                                             |
|   | 99,096               |                                   | Bayview Commercial Asset Trust 2007-2, 7/27/37 (Step) (144A) (c) (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                         - |
|   | 65,102               |                                   | Bayview Commercial Asset Trust 2007-4, 3.485463%, 9/25/37 (Step) (144A) (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2,070   |
|   | 7,204                | 2.61                                   | CHL Mortgage Pass-Through Trust 2003-56, Floating Rate Note, 12/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 7,243                                                                                                                                             |
|   | 20,515               |                                   | Citigroup Mortgage Loan Trust, Inc., 6.75%, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 22,530                                                                                                                                            |
|   | 100,000              | 4.65                                   | City Center Trust 2011-CCHP, Floating Rate Note, 7/17/28 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 101,074                                                                                                                                           |
|   | 100,000              |                                   | COMM 2012-LC4 Mortgage Trust, 4.063%, 12/12/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 107,020                                                                                                                                           |
|   | 50,000               |                                   | COMM 2013-LC6 Mortgage Trust, 2.941%, 1/12/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 50,426                                                                                                                                            |
|   | 33,704               |                                   | Credit Suisse Commercial Mortgage Trust Series 2007-C1, 5.361%, 2/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 35,116                                                                                                                                            |
|   | 72,331               | 0.35                                   | Crusade Global Trust No 1 of 2007, Floating Rate Note, 4/19/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 71,331                                                                                                                                            |
|   | 64,897               | 0.33                                   | Crusade Global Trust No.2 of 2006, Floating Rate Note, 11/15/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 64,688                                                                                                                                            |
|   | 100,000              | 5.42                                   | DBUBS 2011-LC3 Mortgage Trust, Floating Rate Note, 8/12/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 113,404                                                                                                                                           |
|   | 100,000              | 4.30                                   | Federal Home Loan Mortgage Corp., Floating Rate Note, 9/26/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 103,849                                                                                                                                           |
|   | 12,304               |                                   | Federal National Mortgage Association REMICS, 4.5%, 6/25/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 13,220                                                                                                                                            |
|   | 45,000               | 5.19                                   | FREMF Mortgage Trust 2010-K9 REMICS, Floating Rate Note, 9/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 49,604  |
|   | 25,000               | 4.35                                   | FREMF Mortgage Trust 2011-K12, Floating Rate Note, 1/25/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 26,849                                                                                                                                            |
|   | 50,000               | 4.93                                   | FREMF Mortgage Trust 2011-K702, Floating Rate Note, 4/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 53,263                                                                                                                                            |
|   | 50,000               | 4.88                                   | FREMF Mortgage Trust 2011-K703, Floating Rate Note, 7/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 52,980                                                                                                                                            |
|   | 44,551               |                                   | Government National Mortgage Association, 4.5%, 9/20/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 48,214                                                                                                                                            |
|   | 16,812               |                                   | Government National Mortgage Association, 5.25%, 8/16/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 18,880                                                                                                                                            |
|   | 50,000               |                                   | GS Mortgage Securities Corp. II, 3.377%, 5/10/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 52,132                                                                                                                                            |
|   | 25,000               |                                   | GS Mortgage Securities Corp. II, 3.682%, 2/10/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 25,285                                                                                                                                            |
|   | 44,820               |                                   | GS Mortgage Securities Corp. II, 5.56%, 11/10/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 46,294                                                                                                                                            |
|   | 50,802               | 2.50                                   | GSR Mortgage Loan Trust 2003-9, Floating Rate Note, 8/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 50,565                                                                                                                                            |
|   | 41,833               | 0.55                                   | JP Morgan Chase Commercial Mortgage Securities Trust 2006-FL2, Floating Rate Note, 11/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 40,686  |
|   | 35,000               |                                   | JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5, 4.1712%, 8/17/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 38,022  |
|   | 6,714                | 2.49                                   | JP Morgan Mortgage Trust 2004-A1, Floating Rate Note, 2/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 6,810                                                                                                                                             |
|   | 12,165               |                                   | JP Morgan Mortgage Trust 2004-S1, 5.0%, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 12,593                                                                                                                                            |
|   | 13,528               |                                   | JP Morgan Mortgage Trust 2004-S1, 6.0%, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 14,235                                                                                                                                            |
|   | 36,130               |                                   | MASTR Alternative Loan Trust 2004-6, 6.0%, 7/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 36,760                                                                                                                                            |
|   | 100,000              | 5.78                                   | Merrill Lynch Mortgage Trust 2006-C2, Floating Rate Note, 8/12/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 103,650                                                                                                                                           |
|   | 75,000               | 5.48                                   | ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 75,923                                                                                                                                            |
|   | 44,756               | 3.25                                   | NRP Mortgage Trust 2013-1, Floating Rate Note, 7/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 44,171                                                                                                                                            |
| GBP    | 59,747               | 0.97                                   | Paragon Secured Finance No 1 Plc, Floating Rate Note, 11/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 92,341                                                                                                                                            |
|   | 29,367               |                                   | RAAC Series 2004-SP2 Trust, 6.0%, 1/25/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 29,891                                                                                                                                            |
|   | 7,777                | 0.74                                   | RALI Series 2002-QS16 Trust, Floating Rate Note, 10/25/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 7,522                                                                                                                                             |
|   | 33,373               | 2.50                                   | Sequoia Mortgage Trust 2013-4, Floating Rate Note, 4/27/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 31,932                                                                                                                                            |
|   | 24,294               | 2.56                                   | Structured Asset Securities Corp. Mortgage Certificates Series 2003-31A, Floating Rate Note, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 24,056  |
|   | 50,000               |                                   | TimberStar Trust I REMICS, 5.668%, 10/15/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 52,155                                                                                                                                            |
|   | 50,000               |                                   | UBS Commercial Mortgage Trust 2012-C1, 3.4%, 5/12/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 52,017                                                                                                                                            |
|   |                 |                                   | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                                                                                              |
|   |                 |                                   | (Cost $1,931,278)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 1,987,110                                                                                                                                         |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | CORPORATE BONDS - 31.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                                                                                              |
|   |                 |                                   | Energy - 4.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |
|   |                 |                                   | Oil & Gas Drilling - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |
|   | 25,000               |                                   | Pride International, Inc., 6.875%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 28,011                                                                                                                                            |
|   | 100,000              |                                   | Rowan Companies, Inc., 4.75%, 1/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 93,997                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 122,008                                                                                                                                           |
|   |                 |                                   | Oil & Gas Equipment & Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |
|   | 25,000               |                                   | Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 19,945                                                                                                                                            |
|   | 25,000               |                                   | Weatherford International, Ltd. Bermuda, 9.625%, 3/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 28,537                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 48,482                                                                                                                                            |
|   |                 |                                   | Oil & Gas Exploration & Production - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                                                                                              |
|   | 60,000               |                                   | Antero Resources Corp., 5.375%, 11/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 58,350                                                                                                                                            |
|   | 25,000               |                                   | Carrizo Oil & Gas, Inc., 7.5%, 9/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 25,125                                                                                                                                            |
|   | 50,000               |                                   | EP Energy LLC, 9.375%, 5/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 51,625                                                                                                                                            |
|   | 45,000               |                                   | Freeport-McMoran Oil & Gas LLC, 6.75%, 2/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 44,438                                                                                                                                            |
|   | 90,000               |                                   | Linn Energy LLC, 6.25%, 11/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 54,506                                                                                                                                            |
|   | 23,000               |                                   | Marathon Oil Corp., 5.9%, 3/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 25,230                                                                                                                                            |
|   | 25,000               |                                   | Newfield Exploration Co., 5.375%, 1/1/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 24,000                                                                                                                                            |
|   | 100,000              |                                   | Range Resources Corp., 5.0%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 98,000                                                                                                                                            |
|   | 75,000               |                                   | SM Energy Co., 6.5%, 1/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 75,188                                                                                                                                            |
|   | 100,000              |                                   | WPX Energy, Inc., 7.5%, 8/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 101,500                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 557,962                                                                                                                                           |
|   |                 |                                   | Oil & Gas Refining & Marketing - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |
|   | 83,000               |                                   | EnLink Midstream Partners LP, 4.4%, 4/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 81,222                                                                                                                                            |
|   | 21,000               |                                   | Valero Energy Corp., 9.375%, 3/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 25,842                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 107,064                                                                                                                                           |
|   |                 |                                   | Oil & Gas Storage & Transportation - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                                                                                              |
|   | 25,000               |                                   | Buckeye Partners LP, 6.05%, 1/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 27,104                                                                                                                                            |
|   | 50,000               |                                   | Crestwood Midstream Partners LP, 6.25%, 4/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 50,250                                                                                                                                            |
|   | 25,000               |                                   | DCP Midstream LLC, 9.75%, 3/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 28,257                                                                                                                                            |
|   | 50,000               | 5.85                                   | DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 37,750                                                                                                                                            |
|   | 100,000              |                                   | Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 90,982                                                                                                                                            |
|   | 25,000               |                                   | Plains All American Pipeline LP, 6.125%, 1/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 26,632                                                                                                                                            |
|   | 10,000               |                                   | Questar Pipeline Co., 5.83%, 2/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 10,949                                                                                                                                            |
|   | 25,000               |                                   | Spectra Energy Capital LLC, 6.2%, 4/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 27,446                                                                                                                                            |
|   | 10,000               |                                   | Spectra Energy Capital LLC, 6.75%, 7/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 11,161                                                                                                                                            |
|   | 60,000               |                                   | Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 60,000                                                                                                                                            |
|   | 13,000               |                                   | The Williams Companies, Inc., 7.75%, 6/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 14,252                                                                                                                                            |
|   | 100,000              |                                   | TransCanada PipeLines, Ltd., 1.875%, 1/12/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 100,506                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 485,289                                                                                                                                           |
|   |                 |                                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 1,320,805                                                                                                                                         |
|   |                 |                                   | Materials - 2.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                                                                                              |
|   |                 |                                   | Commodity Chemicals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                                                                                              |
|   | 25,000               |                                   | Methanex Corp., 4.25%, 12/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 24,821                                                                                                                                            |
|   |                 |                                   | Diversified Chemicals - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   | 20,000               |                                   | Eastman Chemical Co., 4.8%, 9/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 19,805                                                                                                                                            |
| EURO   | 100,000              |                                   | Ineos Finance Plc, 4.0%, 5/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 107,555                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 127,360                                                                                                                                           |
|   |                 |                                   | Construction Materials - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |
|   | 150,000              |                                   | Cemex SAB de CV, 5.875%, 3/25/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 152,625                                                                                                                                           |
|   | 30,000               |                                   | Holcim US Finance Sarl & Cie SCS, 6.0%, 12/30/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 33,999                                                                                                                                            |
|   | 150,000              |                                   | Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 153,375                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 339,999                                                                                                                                           |
|   |                 |                                   | Paper Packaging - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                                                                                              |
| EURO   | 100,000              |                                   | SIG Combibloc Holdings SCA, 7.75%, 2/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 115,670                                                                                                                                           |
|   |                 |                                   | Diversified Metals & Mining - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                                                                                              |
|   | 35,000               |                                   | Freeport-McMoRan, Inc., 3.875%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 28,744                                                                                                                                            |
|   | 50,000               |                                   | Volcan Cia Minera SAA, 5.375%, 2/2/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 47,062                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 75,806                                                                                                                                            |
|   |                 |                                   | Steel - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   | 50,000               |                                   | EVRAZ plc, 7.50%, 11/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 49,500                                                                                                                                            |
|   | 25,000               |                                   | Glencore Funding LLC, 4.125%, 5/30/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 23,647                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 73,147                                                                                                                                            |
|   |                 |                                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 756,803                                                                                                                                           |
|   |                 |                                   | Capital Goods - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | Building Products - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                                                                                              |
|   | 30,000               |                                   | Building Materials Corp of America, 5.375%, 11/15/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 30,072                                                                                                                                            |
|   | 25,000               |                                   | Masco Corp., 5.95%, 3/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 27,625                                                                                                                                            |
|   | 85,000               |                                   | Masco Corp., 7.125%, 3/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 99,025                                                                                                                                            |
|   | 50,000               | 5.75                                   | Stanley Black & Decker, Inc., Floating Rate Note, 12/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 53,562                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 210,284                                                                                                                                           |
|   |                 |                                   | Electrical Components & Equipment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   | 25,000               |                                   | WireCo WorldGroup, Inc., 9.5%, 5/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 23,125                                                                                                                                            |
|   |                 |                                   | Construction & Farm Machinery & Heavy Trucks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                                                                                              |
|   | 60,000               |                                   | Cummins, Inc., 5.65%, 3/1/98                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 65,148                                                                                                                                            |
|   | 10,000               |                                   | Cummins, Inc., 6.75%, 2/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 12,411                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 77,559                                                                                                                                            |
|   |                 |                                   | Industrial Machinery - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                                                                                              |
|   | 7,000                |                                   | Valmont Industries, Inc., 6.625%, 4/20/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 8,031                                                                                                                                             |
|   |                 |                                   | Trading Companies & Distributors - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                                                                                              |
|   | 40,000               |                                   | GATX Corp., 6.0%, 2/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 43,678                                                                                                                                            |
|   |                 |                                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 362,677                                                                                                                                           |
|   |                 |                                   | Transportation - 2.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                                                                                              |
|   |                 |                                   | Airlines - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                                                                                              |
|   | 92,846               |                                   | Air Canada 2013-1 Class A Pass Through Trust, 4.125%, 11/15/26 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 93,774                                                                                                                                            |
|   | 9,460                |                                   | Delta Air Lines 2010-2 Class A Pass Through Trust, 4.95%, 5/23/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 10,039                                                                                                                                            |
|   | 71,679               |                                   | United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 8/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 74,188                                                                                                                                            |
|   | 93,705               |                                   | US Airways 2013-1 Class A Pass Through Trust, 3.95%, 5/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 93,940                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 271,941                                                                                                                                           |
|   |                 |                                   | Marine - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |
|   | 200,000              |                                   | Pelabuhan Indonesia II PT, 4.25%, 5/5/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 188,000                                                                                                                                           |
|   |                 |                                   | Railroads - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                                                                                              |
|   | 25,000               |                                   | Burlington Northern Santa Fe LLC, 5.75%, 3/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 27,652                                                                                                                                            |
|   |                 |                                   | Airport Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                                                                                              |
|   | 150,000              |                                   | Aguila 3 SA, 7.875%, 1/31/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 153,938                                                                                                                                           |
|   |                 |                                   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 641,531                                                                                                                                           |
|   |                 |                                   | Consumer Durables & Apparel - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                                                                                              |
|   |                 |                                   | Home Furnishings - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                                                                                              |
|   | 25,000               |                                   | Mohawk Industries, Inc., 3.85%, 2/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 25,232                                                                                                                                            |
|   |                 |                                   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 25,232                                                                                                                                            |
|   |                 |                                   | Consumer Services - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                                                                                              |
|   |                 |                                   | Casinos & Gaming - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                                                                                              |
|   | 25,000               |                                   | International Game Technology, 7.5%, 6/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 26,750                                                                                                                                            |
|   | 200,000              |                                   | Wynn Macau Ltd., 5.25%, 10/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 190,250                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 217,000                                                                                                                                           |
|   |                 |                                   | Education Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                                                                                              |
|   | 25,000               |                                   | Bowdoin College, 4.693%, 7/1/12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 21,575                                                                                                                                            |
|   | 75,000               |                                   | Tufts University, 5.017%, 4/15/12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 77,991                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 99,566                                                                                                                                            |
|   |                 |                                   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 316,566                                                                                                                                           |
|   |                 |                                   | Media - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   |                 |                                   | Cable & Satellite - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   | 25,000               |                                   | Sky Plc, 6.1%, 2/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 27,426                                                                                                                                            |
|   | 200,000              |                                   | Ziggo Bond Finance BV, 5.875%, 1/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 196,750                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 224,176                                                                                                                                           |
|   |                 |                                   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 224,176                                                                                                                                           |
|   |                 |                                   | Retailing - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                                                                                              |
|   |                 |                                   | Internet Retail - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                                                                                              |
|   | 50,000               |                                   | Expedia, Inc., 5.95%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 55,683                                                                                                                                            |
|   |                 |                                   | Total Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 55,683                                                                                                                                            |
|   |                 |                                   | Food & Staples Retailing - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                                                                                              |
|   |                 |                                   | Drug Retail - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                                                                                              |
|   | 13,260               |                                   | CVS Pass-Through Trust, 5.773%, 1/10/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 15,020                                                                                                                                            |
|   |                 |                                   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 15,020                                                                                                                                            |
|   |                 |                                   | Food, Beverage & Tobacco - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                                                                                              |
|   |                 |                                   | Brewers - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                                                                                              |
|   | 20,000               |                                   | Anheuser-Busch InBev Worldwide, Inc., 7.75%, 1/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 23,657                                                                                                                                            |
|   |                 |                                   | Agricultural Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   | 50,000               |                                   | Viterra, Inc., 5.95%, 8/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 54,283                                                                                                                                            |
|   |                 |                                   | Packaged Foods & Meats - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                                                                                              |
| EURO   | 100,000              |                                   | Darling Global Finance BV, 4.75%, 5/30/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 107,235                                                                                                                                           |
|   | 70,000               |                                   | Kraft Foods Group, Inc., 3.5%, 6/6/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 70,981                                                                                                                                            |
|   | 150,000              |                                   | Post Holdings, Inc., 7.375%, 2/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 153,375                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 331,591                                                                                                                                           |
|   |                 |                                   | Tobacco - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                                                                                              |
|   | 20,000               |                                   | Reynolds American, Inc., 3.75%, 5/20/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 19,663                                                                                                                                            |
|   |                 |                                   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 429,194                                                                                                                                           |
|   |                 |                                   | Health Care Equipment & Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                                                                                              |
|   |                 |                                   | Health Care Technology - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |
|   | 75,000               |                                   | MedAssets, Inc., 8.0%, 11/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 77,344                                                                                                                                            |
|   |                 |                                   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 77,344                                                                                                                                            |
|   |                 |                                   | Pharmaceuticals, Biotechnology & Life Sciences - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                                                                                              |
|   |                 |                                   | Pharmaceuticals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                                                                                              |
|   | 21,000               |                                   | DPx Holdings BV, 7.5%, 2/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 22,050                                                                                                                                            |
|   |                 |                                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 22,050                                                                                                                                            |
|   |                 |                                   | Banks - 4.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   |                 |                                   | Diversified Banks - 4.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                                                                                              |
|   | 200,000              | 9.25                                   | Access Bank Plc, Floating Rate Note, 6/24/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 185,250                                                                                                                                           |
| EURO   | 50,000               |                                   | AXA Bank Europe SCF, 3.5%, 11/5/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 63,842                                                                                                                                            |
|   | 125,000              | 6.50                                   | Bank of America Corp., Floating Rate Note, 10/23/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 129,062                                                                                                                                           |
|   | 15,000               | 5.95                                   | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 14,869                                                                                                                                            |
|   | 75,000               | 5.90                                   | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 74,558                                                                                                                                            |
|   | 75,000               |                                   | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 3.875%, 2/8/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 78,477  |
|   | 200,000              |                                   | FirstRand Bank, Ltd., 4.25%, 4/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 202,500                                                                                                                                           |
| IDR    | 850,000,000          |                                   | Inter-American Development Bank, 4.5%, 2/4/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 60,807                                                                                                                                            |
| INR    | 700,000              |                                   | Inter-American Development Bank, 6.0%, 9/5/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 10,806                                                                                                                                            |
| IDR    | 1,210,000,000        |                                   | Inter-American Development Bank, 7.2%, 1/22/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 85,208                                                                                                                                            |
| AUD    | 185,000              |                                   | International Bank for Reconstruction & Development, 5.75%, 10/21/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 152,382                                                                                                                                           |
|   | 100,000              |                                   | Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 115,372                                                                                                                                           |
|   | 100,000              |                                   | Macquarie Bank, Ltd., 6.625%, 4/7/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 113,749                                                                                                                                           |
|   | 50,000               | 4.50                                   | Scotiabank Peru SAA, Floating Rate Note, 12/13/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 49,630                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 1,336,512                                                                                                                                         |
|   |                 |                                   | Regional Banks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                                                                                              |
|   | 35,000               | 6.75                                   | The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 38,850                                                                                                                                            |
|   |                 |                                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 1,375,362                                                                                                                                         |
|   |                 |                                   | Diversified Financials - 4.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |
|   |                 |                                   | Other Diversified Financial Services - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                                                                                              |
|   | 25,000               |                                   | Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 26,663                                                                                                                                            |
| INR    | 5,100,000            |                                   | European Bank for Reconstruction & Development, 6.0%, 3/3/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 79,362                                                                                                                                            |
| IDR    | 1,120,000,000        |                                   | European Investment Bank, 7.2%, 7/9/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 77,193                                                                                                                                            |
| NZD    | 100,000              |                                   | JPMorgan Chase & Co., 4.25%, 11/2/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 66,984                                                                                                                                            |
|   | 90,000               | 6.75                                   | JPMorgan Chase & Co., Floating Rate Note, 8/29/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 95,344                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 345,546                                                                                                                                           |
|   |                 |                                   | Specialized Finance - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                                                                                              |
|   | 55,000               |                                   | Aviation Capital Group Corp., 6.75%, 4/6/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 62,576                                                                                                                                            |
|   | 100,000              |                                   | BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros, 5.5%, 7/16/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 105,750 |
|   | 56,000               |                                   | Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 62,676                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 231,002                                                                                                                                           |
|   |                 |                                   | Consumer Finance - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                                                                                              |
| INR    | 17,800,000           |                                   | International Finance Corp., 6.3%, 11/25/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 262,088                                                                                                                                           |
| INR    | 3,790,000            |                                   | International Finance Corp., 7.75%, 12/3/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 59,671                                                                                                                                            |
| INR    | 9,500,000            |                                   | International Finance Corp., 8.25%, 6/10/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 157,674                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 479,433                                                                                                                                           |
|   |                 |                                   | Asset Management & Custody Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                                                                                              |
|   | 100,000              |                                   | KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 102,709                                                                                                                                           |
|   |                 |                                   | Investment Banking & Brokerage - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                                                                                              |
|   | 10,000               |                                   | Macquarie Group, Ltd., 6.0%, 1/14/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 11,267                                                                                                                                            |
|   | 75,000               |                                   | Morgan Stanley, 4.1%, 5/22/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 76,142                                                                                                                                            |
|   | 50,000               |                                   | Morgan Stanley, 4.875%, 11/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 53,032                                                                                                                                            |
|   | 25,000               |                                   | Raymond James Financial, Inc., 4.25%, 4/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 25,554                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 165,995                                                                                                                                           |
|   |                 |                                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 1,324,685                                                                                                                                         |
|   |                 |                                   | Insurance - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                                                                                              |
|   |                 |                                   | Life & Health Insurance - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                                                                                              |
|   | 45,000               |                                   | Protective Life Corp., 7.375%, 10/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 53,316                                                                                                                                            |
|   | 100,000              | 5.88                                   | Prudential Financial, Inc., Floating Rate Note, 9/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 105,750                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 159,066                                                                                                                                           |
|   |                 |                                   | Multi-line Insurance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                                                                                              |
|   | 60,000               |                                   | AXA SA, 8.6%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 80,550                                                                                                                                            |
|   |                 |                                   | Property & Casualty Insurance - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                                                                                              |
|   | 35,000               |                                   | Delphi Financial Group, Inc., 7.875%, 1/31/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 41,517                                                                                                                                            |
|   | 20,000               |                                   | OneBeacon US Holdings, Inc., 4.6%, 11/9/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 20,623                                                                                                                                            |
|   | 110,000              | 6.50                                   | The Allstate Corp., Floating Rate Note, 5/15/57                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 123,475                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 185,615                                                                                                                                           |
|   |                 |                                   | Reinsurance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                                                                                              |
|   | 31,264               |                                   | Altair Re, Variable Rate Notes, 6/30/16 (g)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 5,327                                                                                                                                             |
|   | 30,000               |                                   | Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (g)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 30,957                                                                                                                                            |
|   | 30,000               |                                   | Pangaea Re, Series 2015-2, Principal at Risk Notes, 11/30/19 (g)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 30,474                                                                                                                                            |
|   | 30,000               |                                   | Pangaea Re., Variable Rate Notes, 7/1/18 (g)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 540                                                                                                                                               |
| JPY    | 2,500,000            |                                   | Tralee Segregated Account (KANE SAC Ltd.), Floating Rate Note 7/15/17 (g)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 20,171  |
|   | 25,000               | 5.88                                   | Wilton Re Finance LLC, Floating Rate Note, 3/30/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 26,681                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 114,150                                                                                                                                           |
|   |                 |                                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 539,381                                                                                                                                           |
|   |                 |                                   | Real Estate - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                                                                                              |
|   |                 |                                   | Office REIT - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                                                                                              |
|   | 40,000               |                                   | Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 42,411                                                                                                                                            |
|   | 35,000               |                                   | Highwoods Realty LP, 3.625%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 34,822                                                                                                                                            |
|   | 50,000               |                                   | Piedmont Operating Partnership LP, 3.4%, 6/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 47,681                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 124,914                                                                                                                                           |
|   |                 |                                   | Specialized REIT - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                                                                                              |
|   | 50,000               |                                   | DuPont Fabros Technology LP, 5.875%, 9/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 51,375                                                                                                                                            |
|   |                 |                                   | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 176,289                                                                                                                                           |
|   |                 |                                   | Software & Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                                                                                              |
|   |                 |                                   | Internet Software & Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                                                                                              |
|   | 100,000              |                                   | Bankrate, Inc., 6.125%, 8/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 97,250                                                                                                                                            |
|   |                 |                                   | Home Entertainment Software - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                                                                                              |
|   | 50,000               |                                   | Activision Blizzard, Inc., 6.125%, 9/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 53,875                                                                                                                                            |
|   |                 |                                   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 151,125                                                                                                                                           |
|   |                 |                                   | Technology Hardware & Equipment - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                                                                                              |
|   |                 |                                   | Electronic Manufacturing Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                                                                                              |
|   | 100,000              |                                   | Flextronics International, Ltd., 4.625%, 2/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 103,250                                                                                                                                           |
|   |                 |                                   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 103,250                                                                                                                                           |
|   |                 |                                   | Semiconductors & Semiconductor Equipment - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                                                                                                              |
|   |                 |                                   | Semiconductor Equipment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                                                                                              |
|   | 25,000               |                                   | Entegris, Inc., 6.0%, 4/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 25,625                                                                                                                                            |
|   |                 |                                   | Semiconductors - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                                                                                              |
|   | 55,000               |                                   | Micron Technology, Inc., 5.25%, 8/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 52,938                                                                                                                                            |
|   |                 |                                   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 78,563                                                                                                                                            |
|   |                 |                                   | Telecommunication Services - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                                                                                              |
|   |                 |                                   | Integrated Telecommunication Services - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
| COP    | 124,000,000          |                                   | Empresa de Telecomunicaciones de Bogota, 7.0%, 1/17/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 40,151                                                                                                                                            |
|   | 11,000               |                                   | Frontier Communications Corp., 7.125%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 9,928                                                                                                                                             |
|   | 19,000               |                                   | Frontier Communications Corp., 8.5%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 19,665                                                                                                                                            |
|   | 50,000               |                                   | GCI, Inc., 6.75%, 6/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 51,125                                                                                                                                            |
| EURO   | 50,000               |                                   | Telefonica Emisiones SAU, 5.496%, 4/1/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 56,737                                                                                                                                            |
|   | 25,000               |                                   | Unison Ground Lease Funding LLC, 2.981%, 3/16/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 24,887                                                                                                                                            |
|   | 38,000               |                                   | Verizon Communications, Inc., 5.012%, 8/21/54                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 35,126                                                                                                                                            |
|   | 40,000               |                                   | Verizon Communications, Inc., 6.55%, 9/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 47,257                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 284,876                                                                                                                                           |
|   |                 |                                   | Wireless Telecommunication Services - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                                                                                              |
|   | 30,000               |                                   | Crown Castle Towers LLC, 4.883%, 8/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 32,230                                                                                                                                            |
|   | 200,000              |                                   | MTN Mauritius Investments, Ltd., 4.755%, 11/11/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 202,222                                                                                                                                           |
|   | 75,000               |                                   | T-Mobile USA, Inc., 6.625%, 11/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 78,000                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 312,452                                                                                                                                           |
|   |                 |                                   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 597,328                                                                                                                                           |
|   |                 |                                   | Utilities - 3.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                                                                                              |
|   |                 |                                   | Electric Utilities - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                                                                                              |
|   | 100,000              |                                   | Electricite de France SA, 6.0%, 1/22/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 111,853                                                                                                                                           |
|   | 200,000              | 8.13                                   | Enel S.p.A., Floating Rate Note, 9/24/73 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 234,450                                                                                                                                           |
|   | 70,000               |                                   | Public Service Co. of New Mexico, 7.95%, 5/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 81,223                                                                                                                                            |
|   | 50,000               | 6.25                                   | Southern California Edison Co., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 55,188                                                                                                                                            |
|   | 50,000               |                                   | Talen Energy Supply LLC, 6.5%, 6/1/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 49,000                                                                                                                                            |
|   | 10,000               |                                   | West Penn Power Co., 5.95%, 12/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 10,921                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 542,635                                                                                                                                           |
|   |                 |                                   | Gas Utilities - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | 88,907               |                                   | Nakilat, Inc., 6.267%, 12/31/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 103,243                                                                                                                                           |
|   |                 |                                   | Independent Power Producers & Energy Traders - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                                                                                                              |
|   | 200,000              |                                   | Colbun SA, 4.5%, 7/10/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 201,161                                                                                                                                           |
|   | 33,772               |                                   | Panoche Energy Center LLC, 6.885%, 7/31/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 39,231                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 240,392                                                                                                                                           |
|   |                 |                                   | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 886,270                                                                                                                                           |
|   |                 |                                   | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                                                                                              |
|   |                 |                                   | (Cost $9,433,355)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 9,479,334                                                                                                                                         |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 12.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                                                                                              |
|   | 60,000               |                                   | Fannie Mae, 3.0%, 8/18/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 62,261                                                                                                                                            |
|   | 53,822               |                                   | Fannie Mae, 3.5%, 2/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 56,799                                                                                                                                            |
|   | 98,994               |                                   | Fannie Mae, 3.5%, 4/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 102,829                                                                                                                                           |
|   | 236,616              |                                   | Fannie Mae, 3.5%, 5/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 245,965                                                                                                                                           |
|   | 187,590              |                                   | Fannie Mae, 3.5%, 9/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 195,131                                                                                                                                           |
|   | 200,000              |                                   | Fannie Mae, 3.5%, 9/14/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 206,980                                                                                                                                           |
|   | 193,226              |                                   | Fannie Mae, 4.0%, 11/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 206,025                                                                                                                                           |
|   | 189,994              |                                   | Fannie Mae, 4.5%, 11/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 206,508                                                                                                                                           |
|   | 28,939               |                                   | Fannie Mae, 4.5%, 4/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 31,494                                                                                                                                            |
|   | 28,526               |                                   | Fannie Mae, 5.0%, 6/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 31,555                                                                                                                                            |
|   | 186,680              |                                   | Federal Home Loan Mortgage Corp., 3.5%, 12/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 193,554                                                                                                                                           |
|   | 206,215              |                                   | Federal Home Loan Mortgage Corp., 4.0%, 1/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 219,039                                                                                                                                           |
|   | 23,292               |                                   | Federal Home Loan Mortgage Corp., 4.0%, 12/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 24,811                                                                                                                                            |
|   | 366,738              |                                   | Federal Home Loan Mortgage Corp., 4.0%, 5/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 389,545                                                                                                                                           |
|   | 74,940               |                                   | Federal Home Loan Mortgage Corp., 4.5%, 6/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 81,372                                                                                                                                            |
|   | 53,419               |                                   | Federal Home Loan Mortgage Corp., 5.0%, 10/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 58,722                                                                                                                                            |
|   | 45,671               |                                   | Federal Home Loan Mortgage Corp., 5.0%, 9/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 50,203                                                                                                                                            |
|   | 39,364               |                                   | Federal Home Loan Mortgage Corp., 6.0%, 8/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 44,955                                                                                                                                            |
|   | 24,263               |                                   | Federal Home Loan Mortgage Corp., 6.5%, 1/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 28,943                                                                                                                                            |
|   | 71,989               |                                   | Federal Home Loan Mortgage Corp., 6.5%, 4/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 82,255                                                                                                                                            |
|   | 192,634              |                                   | Government National Mortgage Association I, 3.5%, 1/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 201,330                                                                                                                                           |
|   | 49,088               |                                   | Government National Mortgage Association I, 4.5%, 1/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 53,798                                                                                                                                            |
|   | 40,941               |                                   | Government National Mortgage Association I, 4.5%, 7/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 44,364                                                                                                                                            |
|   | 47,005               |                                   | Government National Mortgage Association I, 4.5%, 9/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 51,367                                                                                                                                            |
|   | 62,959               |                                   | Government National Mortgage Association II, 4.5%, 9/20/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 68,783                                                                                                                                            |
|   | 60,000               |                                   | U.S. Treasury Bonds, 4.5%, 2/15/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 77,677                                                                                                                                            |
|   | 60,000               |                                   | U.S. Treasury Bonds, 4.5%, 8/15/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 77,484                                                                                                                                            |
|   | 475,717              |                                   | U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 462,003                                                                                                                                           |
|   | 100,402              |                                   | U.S. Treasury Inflation Indexed Bonds, 0.25%, 1/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 98,112                                                                                                                                            |
|   |                 |                                   | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   |                 |                                   | (Cost $3,576,329)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 3,653,864                                                                                                                                         |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | FOREIGN GOVERNMENT BONDS - 37.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                                                                                              |
|   | 200,000              |                                   | Africa Finance Corp., 4.375%, 4/29/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 202,620                                                                                                                                           |
| AUD    | 1,050,000            |                                   | Australia Government Bond, 3.25%, 4/21/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 798,010                                                                                                                                           |
| EURO   | 50,000               |                                   | Austria Government Bond, 4.15%, 3/15/37 (144A) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 82,362                                                                                                                                            |
|   | 200,000              |                                   | Banque Cent de Tunisie, 5.75%, 1/30/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 193,500                                                                                                                                           |
|   | 200,000              |                                   | Brazil Minas SPE via State of Minas Gerais, 5.333%, 2/15/28 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 186,000                                                                                                                                           |
| EURO   | 215,000              |                                   | Bundesschatzanweisungen, 0.25%, 3/11/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 236,687                                                                                                                                           |
| CAD    | 700,000              |                                   | Canadian Government Bond, 1.75%, 9/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 562,044                                                                                                                                           |
| CAD    | 750,000              |                                   | Canadian Government Bond, 2.25%, 6/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 615,677                                                                                                                                           |
| CNY    | 500,000              |                                   | China Government Bond, 3.0%, 11/21/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 80,331                                                                                                                                            |
| CNY    | 500,000              |                                   | China Government Bond, 3.38%, 11/21/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 80,184                                                                                                                                            |
|   | 200,000              |                                   | Croatia Government International Bond, 5.5%, 4/4/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 205,601                                                                                                                                           |
|   | 200,000              |                                   | Ecuador Government International Bond, 7.95%, 6/20/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 167,500                                                                                                                                           |
| IDR    | 222,000,000          |                                   | Indonesia Treasury Bond, 6.125%, 5/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 13,088                                                                                                                                            |
| IDR    | 200,000,000          |                                   | Indonesia Treasury Bond, 7.0%, 5/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 12,974                                                                                                                                            |
| IDR    | 2,500,000,000        |                                   | Indonesia Treasury Bond, 7.375%, 9/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 184,450                                                                                                                                           |
| IDR    | 1,210,000,000        |                                   | Indonesia Treasury Bond, 8.25%, 6/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 84,751                                                                                                                                            |
| EURO   | 100,000              |                                   | Italy Buoni Poliennali Del Tesoro, 4.75%, 8/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 136,049                                                                                                                                           |
|   | 200,000              |                                   | Ivory Coast Government International Bond, 5.375%, 7/23/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 185,100                                                                                                                                           |
|   | 200,000              |                                   | Ivory Coast Government International Bond, 6.375%, 3/3/28 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 191,950                                                                                                                                           |
| JPY    | 20,000,000           |                                   | Japan Government Ten Year Bond, 1.0%, 12/20/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 170,191                                                                                                                                           |
| JPY    | 20,000,000           |                                   | Japan Government Twenty Year Bond, 1.5%, 3/20/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 169,920                                                                                                                                           |
| MXN    | 3,830,000            |                                   | Mexican Bonos, 4.75%, 6/14/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 237,709                                                                                                                                           |
| MXN    | 2,400,000            |                                   | Mexican Bonos, 6.5%, 6/9/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 154,440                                                                                                                                           |
| MXN    | 300,000              |                                   | Mexican Bonos, 7.5%, 6/3/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 20,478                                                                                                                                            |
| MXN    | 3,584,348            |                                   | Mexican Udibonos, 2.0%, 6/9/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 213,680                                                                                                                                           |
| MXN    | 4,756,581            |                                   | Mexican Udibonos, 3.5%, 12/14/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 312,729                                                                                                                                           |
| MXN    | 3,829,048            |                                   | Mexican Udibonos, 5.0%, 6/16/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 248,083                                                                                                                                           |
| EURO   | 100,000              |                                   | Mexico Government International Bond, 4.0%, 3/15/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 96,470                                                                                                                                            |
| NZD    | 950,000              |                                   | New Zealand Government Bond, 4.5%, 4/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 694,350                                                                                                                                           |
| NZD    | 1,250,000            |                                   | New Zealand Government Bond, 5.5%, 4/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 963,621                                                                                                                                           |
| NOK    | 1,800,000            |                                   | Norway Government Bond, 2.0%, 5/24/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 230,069                                                                                                                                           |
| NOK    | 2,700,000            |                                   | Norway Government Bond, 4.5%, 5/22/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 375,735                                                                                                                                           |
| PLN    | 1,000,000            |                                   | Poland Government Bond, 5.25%, 10/25/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 284,130                                                                                                                                           |
|   | 100,000              |                                   | Poland Government International Bond, 4.0%, 1/22/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 105,648                                                                                                                                           |
|   | 150,000              |                                   | Provincia de Buenos Aires Argentina, 9.95%, 6/9/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 148,125                                                                                                                                           |
| AUD    | 100,000              |                                   | Queensland Treasury Corp., 5.75%, 7/22/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 87,871                                                                                                                                            |
| RON    | 580,000              |                                   | Romania Government Bond, 5.85%, 4/26/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 164,994                                                                                                                                           |
| RON    | 1,150,000            |                                   | Romania Government Bond, 5.95%, 6/11/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 327,056                                                                                                                                           |
| RUB    | 5,545,000            |                                   | Russian Federal Bond - OFZ, 7.0%, 8/16/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 72,840                                                                                                                                            |
| SEK    | 2,300,000            |                                   | Sweden Government Bond, 2.5%, 5/12/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 310,481                                                                                                                                           |
| GBP    | 500,000              |                                   | United Kingdom Gilt, 1.75%, 7/22/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 796,259                                                                                                                                           |
| GBP    | 70,000               |                                   | United Kingdom Gilt, 4.25%, 9/7/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 143,523                                                                                                                                           |
| GBP    | 75,000               |                                   | United Kingdom Gilt, 8.75%, 8/25/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 136,739                                                                                                                                           |
|   | 400,000              |                                   | Zambia Government International Bond, 5.375%, 9/20/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 337,752                                                                                                                                           |
|   |                 |                                   | TOTAL FOREIGN GOVERNMENT BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                                                                                              |
|   |                 |                                   | (Cost $12,392,895)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 11,021,771                                                                                                                                        |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | MUNICIPAL BONDS - 2.5% (h)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                                                                                                              |
|   |                 |                                   | Municipal Airport - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                                                                                              |
|   | 20,000               |                                   | Indianapolis Airport Authority, 5.1%, 1/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 21,188                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | Municipal Development - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   | 50,000               |                                   | California Statewide Communities Development Authority, 6.0%, 8/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 59,277                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | Municipal General - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                                                                                              |
|   | 70,000               |                                   | JobsOhio Beverage System, 3.985%, 1/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 73,018                                                                                                                                            |
|   | 20,000               |                                   | JobsOhio Beverage System, 4.532%, 1/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 21,186                                                                                                                                            |
|   | 30,000               |                                   | Virginia Commonwealth Transportation Board, 4.0%, 5/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 31,590                                                                                                                                            |
|   | 30,000               |                                   | Virginia Commonwealth Transportation Board, 4.0%, 5/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 31,473                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 157,267                                                                                                                                           |
|   |                 |                                   | Higher Municipal Education - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                                                                                              |
|   | 25,000               |                                   | Baylor University, 4.313%, 3/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 25,510                                                                                                                                            |
|   | 25,000               |                                   | Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology -Series K, 5.5%, 7/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                            | 33,382  |
|   | 25,000               |                                   | Massachusetts Institute of Technology, 5.6%, 7/1/11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 31,387                                                                                                                                            |
|   | 50,000               |                                   | New Jersey Educational Facilities Authority, 4.0%, 7/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 52,121                                                                                                                                            |
|   | 20,000               |                                   | Permanent University Fund, 5.0%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 23,710                                                                                                                                            |
|   | 50,000               |                                   | University of California, 3.38%, 5/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 49,612                                                                                                                                            |
|   | 50,000               |                                   | University of Virginia, 5.0%, 4/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 57,790                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 273,512                                                                                                                                           |
|   |                 |                                   | Municipal Medical - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                                                                                                              |
|   | 25,000               |                                   | Massachusetts Development Finance Agency, 5.25%, 4/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 28,439                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | Municipal School District - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                                                                                              |
|   | 25,000               |                                   | Frisco Independent School District, 4.0%, 8/15/40 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 25,497                                                                                                                                            |
|   | 25,000               |                                   | Frisco Independent School District, 4.0%, 8/15/45 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 25,396                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 50,893                                                                                                                                            |
|   |                 |                                   | Municipal Obligation - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                                                                                                              |
|   | 50,000               |                                   | State of Texas, 4.0%, 10/1/44 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 51,627                                                                                                                                            |
|   | 50,000               |                                   | State of Washington, 5.0%, 7/1/30 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 58,462                                                                                                                                            |
|   | 20,000               |                                   | Washington Suburban Sanitary Commission, 4.0%, 6/1/43 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 20,615                                                                                                                                            |
|   | 20,000               |                                   | Washington Suburban Sanitary Commission, 4.0%, 6/1/44 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 20,600                                                                                                                                            |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 151,304                                                                                                                                           |
|   |                 |                                   | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                                                                                              |
|   |                 |                                   | (Cost $705,954)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 741,880                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | SENIOR FLOATING RATE LOAN INTERESTS - 0.3% **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |
|   |                 |                                   | Media - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   |                 |                                   | Cable & Satellite - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   | 60,000               | 0.00                                   | Charter Communications, First Lien Bridge Loan, 5/26/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 60,000                                                                                                                                            |
|   |                 |                                   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 60,000                                                                                                                                            |
|   |                 |                                   | Telecommunication Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                                                                                              |
|   |                 |                                   | Integrated Telecommunication Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   | 42,977               | 3.25                                   | West Corp., B-10 Term Loan (First Lien), 6/30/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 42,929                                                                                                                                            |
|   |                 |                                   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 42,929                                                                                                                                            |
|   |                 |                                   | TOTAL SENIOR FLOATING RATE LOAN INTERESTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                                                                                              |
|   |                 |                                   | (Cost $103,506)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 102,929                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | TOTAL INVESTMENT IN SECURITIES - 94.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                                                                                              |
|   |                 |                                   | (Cost $29,134,854) (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 28,008,900                                                                                                                                        |
|   |                 |                                   | OTHER ASSETS & LIABILITIES - 5.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 1,709,063                                                                                                                                         |
|   |                 |                                   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 29,717,963                                                                                                                                        |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | †              |                                   | Amount rounds to less than 0.1%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                                                                                              |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | (Perpetual)          | Security with no stated maturity date. |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | (Step)               |                                   | Step up bond issued with an initial coupon rate which converts to a higher rate at a later date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | REIT                 |                                   | Real Estate Investment Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | REMICS               |                                   | Real Estate Mortgage Investment Conduits.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                                                                                                              |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | (144A)               |                                   | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Suchsecurities may be resold normally to qualified institutional buyers in a transaction exemptfrom registration. At July 31, 2015, the value of these securities amounted to $6,953,376or 23.4% of total net assets.                                                                                                                                                                                                                                                             |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | **                   |                                   | Senior floating rate loan interests in which the Fund invests generally pay interest at ratesthat 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 majorEuropean banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offeredby 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 atperiod end. |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | (a)                  |                                   | At July 31, 2015, the net unrealized depreciation on investments based on cost for federalincome tax purposes of $29,147,717 was as follows:                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                 |                                   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 666,223                                                                                                                                           |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | (1,805,040)                                                                                                                                       |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | Net unrealized depreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | (1,138,817)                                                                                                                                       |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | (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 earned through accretion of discount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | (d)                  |                                   | Security represents the interest only portion payments on a pool of underlying mortgages ormortgage-backed securities.                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | (e)                  |                                   | Represents a General Obligation Bond                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | (g)                  |                                   | Structured reinsurance investment. At July 31, 2015, the value of these securities amounted to $87,469 or .3% of total net assets.                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | (h)                  |                                   | Consists of Revenue Bonds unless otherwise indicated.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                                                                                                              |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   |                 |                                   | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                 |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | AUD                  |                                   | Austrialian Dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                                                                                              |
|   | CAD                  |                                   | Canadian Dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                                                                                              |
|   | COP                  |                                   | Colombian Peso                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                                                                                                              |
|   | CNY                  |                                   | Chinese Yuan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   | EURO                 |                                   | Euro                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                                                                                                              |
|   | GBP                  |                                   | British Pound Sterling                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                                                                                                              |
|   | IDR                  |                                   | Indonesian Rupiah                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                                                                                              |
|   | INR                  |                                   | Indian Rupee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   | JPY                  |                                   | Japanese Yen                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   | MXN                  |                                   | Mexican Peso                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                                                                                                              |
|   | MYR                  |                                   | Malaysian Ringgit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                                                                                                              |
|   | NZD                  |                                   | New Zealand Dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                                                                                              |
|   | NOK                  |                                   | Norwegian Krone                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                                                                                                              |
|   | NZD                  |                                   | New Zealand Dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                                                                                                              |
|   | PLN                  |                                   | New Polish Zloty                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                                                                                              |
|   | RON                  |                                   | Romanian New Leu                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                                                                                                              |
|   | RUB                  |                                   | Russian Ruble                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |
|   | SEK                  |                                   | Swedish Krona                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                                                                                                              |

```

```

```

```

```

```

```

```

```

```

```

```

|                                                                              |   | CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION                                                                        |    |         |                                |                                      |   |   |   |              |   |            |   |                     |     |
|-----------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|---------|--------------|-------------------------------------|-------------------------------------------|--------|--------|--------|-------------------|--------|-----------------|--------|--------------------------|----------|
|                                                                              |   |                                                                                                                                      |    |         |                                |                                      |   |   |   |              |   |            |   |                     |     |   |   |   |
|                                                                              |   | Notional Principal ($) (1)                                                                                                                |    | Counterparty | Obligation Entity/Index             |                                      | Coupon |   |   | Credit Rating (2) |   | Expiration Date |   | Premiums Paid (Received) |     |   | Unrealized Appreciation |   |
|                                                                              |   |                                                                                                                                      | 343,332 |         | Chicago Mercantile Exchange         | Markit CDX North America High Yield Index |   |   | 5.00   | %                 |   |            | B      | +                        | 12/20/19 |   | $ | 18,632 |   |   | $ | 8,074 |   |
|                                                                              |   |                                                                                                                                      |    |         |                                |                                      |   |   |   |              |   |            |   |                     |     |   | $ | 18,632 |   |   | $ | 8,074 |   |
|                                                                              |   |                                                                                                                                      |    |         |                                |                                      |   |   |   |              |   |            |   |                     |     |   |   |   |   |   |   |   |   |
|                                                                              |   | CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION                                                                                          |    |         |                                |                                      |   |   |   |              |   |            |   |                     |     |   |   |   |   |
|                                                                              |   |                                                                                                                                      |    |         |                                |                                      |   |   |   |              |   |            |   |                     |     |   |   |   |   |   |   |   |   |
|                                                                              |   | Notional Principal ($) (1)                                                                                                                |    | Counterparty | Obligation Entity/Index             |                                      | Coupon |   |   | Credit Rating (2) |   | Expiration Date |   | Premiums Paid (Received) |     |   | Unrealized Depreciation |   |
|                                                                              |   |                                                                                                                                      | 50,000  |         | Morgan Stanley Capital Services LLC | Diamond Offshore Drilling Inc.            |   |   | 1.00   | %                 |   | BBB+            |   | 12/20/19                 |     |   | (1,873 | ) |   | $ | (2,744 | ) |
|                                                                              |   |                                                                                                                                      |    |         |                                |                                      |   |   |   |              |   |            |   |                     |     |   | $ | (1,873 | ) |   | $ | (2,744 | ) |
|              (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. |    |         |                                |                                      |   |
|              (2) |   | Based on Standard & Poor's rating of the issuer or the weighted average of all the underlying securities in the index.                |    |         |                                |                                      |   |   |   |              |   |            |   |                     |     |   |   |   |   |

```

```

```

```

| 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 or broker-dealers) as Level 3.                                                                                                      |
|                                                                                                                                                                                                                     |   |   |   |
| The following is a summary of the inputs used as of July 31, 2015, in valuing the Portfolio's investments:                                                                                                               |

```

```

```

```

```

```

```

```

|                                                                                              |   |   |                                                          |                                                                                                                                                                          | Level 1          |    |    | Level 2         |   |       | Level 3 |   |   | Total   |   |
|---------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|---------|---------|-----------------|--------|------------|---------|--------|--------|---------|--------|
|                                                                                              |   |   | Convertible Corporate Bonds                                   |                                                                                                                                                                          | $                | -       |    |            |   | 90,176     |    |   | $      | -       |   |   | $ | 90,176 |   |
|                                                                                              |   |   | Preferred Stocks                                              |                                                                                                                                                                          |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |
|                                                                                              |   |   |   Banks                                             |                                                                                                                                                                          |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |
|                                                                                              |   |   |     Regional Banks                        |                                                                                                                                                                          |             | -       |    |            |   | 25,510     |    |   |   | -       |   |   |   | 25,510 |   |
|                                                                                              |   |   |   All Other Preferred Stocks                        |                                                                                                                                                                          |             | 272,756 |    |            |   | -          |    |   |   | -       |   |   |   | 272,756 |   |
|                                                                                              |   |   | Convertible Preferred Stock                                   |                                                                                                                                                                          |             | 95,369  |    |            |   | -          |    |   |   | -       |   |   |   | 95,369 |   |
|                                                                                              |   |   | Asset Backed Securities                                       |                                                                                                                                                                          |             | -       |    |            |   | 538,201    |    |   |   | -       |   |   |   | 538,201 |   |
|                                                                                              |   |   | Collateralized Mortgage Obligations                           |                                                                                                                                                                          |             | -       |    |            |   | 1,987,110  |    |   |   | -       |   |   |   | 1,987,110 |   |
|                                                                                              |   |   | Corporate Bonds                                               |                                                                                                                                                                          |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |
|                                                                                              |   |   |   Insurance                                         |                                                                                                                                                                          |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |
|                                                                                              |   |   |     Reinsurance                           |                                                                                                                                                                          |             | -       |    |            |   | -          |    |   |   | 87,469  |   |   |   | 87,469 |   |
|                                                                                              |   |   |   All Other Corporate Bonds                         |                                                                                                                                                                          |             | -       |    |            |   | 9,391,865  |    |   |   | -       |   |   |   | 9,391,865 |   |
|                                                                                              |   |   | U.S. Government Agency Obligations                            |                                                                                                                                                                          |             | -       |    |            |   | 3,653,864  |    |   |   | -       |   |   |   | 3,653,864 |   |
|                                                                                              |   |   | Foreign Government Bonds                                      |                                                                                                                                                                          |             | -       |    |            |   | 11,021,771 |    |   |   | -       |   |   |   | 11,021,771 |   |
|                                                                                              |   |   | Municipal Bonds                                               |                                                                                                                                                                          |             | -       |    |            |   | 741,880    |    |   |   | -       |   |   |   | 741,880 |   |
|                                                                                              |   |   | Senior Floating Rate Loan Interest                            |                                                                                                                                                                          |             | -       |    |            |   | 102,929    |    |   |   | -       |   |   |   | 102,929 |   |
|                                                                                              |   |   | Total                                                         |                                                                                                                                                                          | $                | 368,125 |    |            |   | 27,553,306 |    |   | $      | 87,469  |   |   | $ | 28,008,900 |   |
|                                                                                              |   |   |                                                          |                                                                                                                                                                          |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |
|                                                                                              |   |   | Other Financial Instruments                                   |                                                                                                                                                                          |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |
|                                                                                              |   |   | Unrealized depreciation on futures contracts                  |                                                                                                                                                                          | $                | (5,992  | )       |            |   | -          |    |   | $      | -       |   |   | $ | (5,992 | ) |
|                                                                                              |   |   | Unrealized depreciation on swap contracts                     |                                                                                                                                                                          |             | -       |    |            |   | 5,330      |    |   |   | -       |   |   |   | 5,330 |   |
|                                                                                              |   |   | Unrealized appreciation on forward foreign currency contracts |                                                                                                                                                                          |             | -       |    |            |   | 147,822    |    |   |   | -       |   |   |   | 147,822 |   |
|                                                                                              |   |   | Total Other Financial Instruments                             |                                                                                                                                                                          | $                | (5,992  | )       |            |   | 153,152    |    |   | $      | -       |   |   | $ | 147,160 |   |
|                                                                                              |   |   |                                                          |                                                                                                                                                                          |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |
| The following is a reconciliation of assets valued using significant observable inputs (Level 3): |   |   |                                                          |                                                                                                                                                                          |             |    |    |            |   |       |    |   |   |    |   |   |
|                                                                                              |   |   |                                                          |                                                                                                                                                                          | Preferred Stocks |    |    | Corporate Bonds |   |       | Total   |   |   |    |   |   |
|                                                                                              |   |   |                                                          |                                                                                                                                                                          |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |
|                                                                                              |   |   | Balance as of 10/31/14                                        |                                                                                                                                                                          | $                | 31,404  |    |            | $      | 53,730     |    |   | $      | 85,134  |   |   |   |   |   |
|                                                                                              |   |   | Realized gain (loss)1                                         |                                                                                                                                                                          |             | -       |    |            |   | -          |    |   |   | -       |   |   |   |   |   |
|                                                                                              |   |   | Change in unrealized appreciation (depreciation)2             |                                                                                                                                                                          |             | -       |    |            |   | (59,210    | )       |   |   | (59,210 | )      |   |   |   |   |
|                                                                                              |   |   | Purchases                                                     |                                                                                                                                                                          |             | -       |    |            |   | 80,281     |    |   |   | 80,281  |   |   |   |   |   |
|                                                                                              |   |   | Sales                                                         |                                                                                                                                                                          |             | -       |    |            |   | (18,736    | )       |   |   | (18,736 | )      |   |   |   |   |
|                                                                                              |   |   | Transfers in and out of Level 3*                              |                                                                                                                                                                          |             | -       |    |            |   | -          |    |   |   | -       |   |   |   |   |   |
|                                                                                              |   |   | Transfers in and out of Level 3 categories*                   |                                                                                                                                                                          |             | (31,404 | )       |            |   | 31,404     |    |   |   | -       |   |   |   |   |   |
|                                                                                              |   |   | Balance as of 7/31/15                                         |                                                                                                                                                                          | $                | -       |    |            | $      | 87,469     |    |   | $      | 87,469  |   |   |   |   |   |
|                                                                                              |   |   |                                                          |                                                                                                                                                                          |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |
|                                                                                              |   | 1      |                                                          | Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations.                                         |             |
|                                                                                              |   |   |                                                          |                                                                                                                                                                          |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |   |
|                                                                                              |   | 2      |                                                          | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) on investments in the Statement of Operations. |             |
|                                                                                              |   |   |                                                          |                                                                                                                                                                          |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |   |
|                                                                                              |   | *      |                                                          | Transfers are calculated on the beginning of period values.  During the period ended                                                                                |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |   |
|                                                                                              |   |   |                                                          | July 31, 2015, there were no transfers between Levels 1, 2 and 3.                                                                                                             |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |   |
|                                                                                              |   |   |                                                          |                                                                                                                                                                          |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |   |
|                                                                                              |   |   |                                                          | Net change in unrealized appreciation (depreciation) of investments                                                                                                           |             |    |    |            |   |       |    |   |   |    |   |   |   |   |   |   |
|                                                                                              |   |   |                                                          | still held as of 7/31/15                                                                                                                                                      |             |    | (59,210 | )               |   |       |    |   |   |    |   |   |   |   |   |   |

```

```

```

 ITEM 2. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive
and principal financial officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on the
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR 270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures are
effective based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of this report.

(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.

There were no significant changes in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the
period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.

ITEM 3. EXHIBITS.

File as exhibits as part of this Form a separate certification for each principal
executive officer and principal financial officer of the registrant as required
by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below:

                             CERTIFICATIONS

I, [identify the certifying individual], certify that:

1.  I have reviewed this report on Form N-Q of [identify registrant];

2.  Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3.  Based on my knowledge, the schedules of investments included in this report
fairly present in all material respects the investments of the registrant as of
the end of the fiscal quarter for which the report is filed;

4.  The registrants other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act
of 1940) for the registrant and have:

  (a)  Designed such disclosure controls and procedures, or caused such
  disclosure controls and procedures to be designed under our supervision, to
  ensure that material information relating to the registrant, including its
  consolidated subsidiaries, is made known to us by others within those entities,
  particularly during the period in which this report is being prepared;

  (b)  Designed such internal control over financial reporting, or caused such
  internal control over financial reporting to be designed under our supervision,
  to provide reasonable assurance regarding the reliability of financial
  reporting and the preparation of financial statements for external purposes
  in accordance with generally accepted accounting principles;

  (c)  Evaluated the effectiveness of the registrants disclosure controls and
  procedures and presented in this report our conclusions about the effectiveness
  of the disclosure controls and procedures, as of a date within 90 days prior to
  the filing date of this report, based on such evaluation; and

  (d)  Disclosed in this report any change in the registrants internal control
  over financial reporting that occurred during the registrants most recent
  fiscal quarter that has materially affected, or is reasonably likely to
  materially affect, the registrants internal control over financial reporting;
  and

5.  The registrants other certifying officer(s) and I have disclosed to the
registrants auditors and the audit committee of the registrants board of
directors (or persons performing the equivalent functions):

  (a)  All significant deficiencies and material weaknesses in the design or operation
  of internal control over financial reporting which are reasonably likely to adversely
  affect the registrants ability to record, process, summarize, and report financial
  information; and

  (b)  Any fraud, whether or not material, that involves management or other employees
  who have a significant role in the registrants internal control over financial
  reporting.

Date:                                                  [Signature] [Title]

Filed herewith.

<PAGE>

                                   SIGNATURES

                          [See General Instruction F]

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

(Registrant) Pioneer Series Trust VII

By (Signature and Title)* /s/ Lisa M.Jones
                          -----------------------
                          Lisa M.Jones, President and Chief Executive Officer

Date September 29, 2015

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

By (Signature and Title)* /s/ Lisa M.Jones
                          -----------------------
                          Lisa M.Jones, President and Chief Executive Officer

Date September 29, 2015

By (Signature and Title)* /s/ Mark E. Bradley
                          -----------------
                          Mark E. Bradley, Treasurer and Chief Accounting
                                        and Financial Officer

Date September 29, 2015

* Print the name and title of each signing officer under his or her signature.
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