```

                                                             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 811-21823

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

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

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

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

Date of fiscal year end:  August 31

Date of reporting period:  May 31, 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 Global Equity Fund                                                                                                                    |   |                                                                          |
|------------------------------|-----------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------|
|                         |      |   |   | Schedule of Investments 5/29/15 (unaudited)                                                                                                   |   |                                                                          |
|                         |      |   |   |                                                                                                                                          |   |                                                                          |
|                         | Shares    |   |   |                                                                                                                                          |   | Value                                                                         |
|                         |      |   |   | COMMON STOCKS - 95.7%                                                                                                                         |   |                                                                          |
|                         |      |   |   | Energy - 1.7%                                                                                                                                 |   |                                                                          |
|                         |      |   |   | Integrated Oil & Gas - 0.7%                                                                                                               |   |                                                                          |
|                         | 45,048    |   |   | Royal Dutch Shell Plc                                                                                                                         | $      | 1,346,335                                                                     |
|                         |      |   |   | Oil & Gas Exploration & Production - 1.0%                                                                                             |   |                                                                          |
|                         | 74,988    |   |   | Southwestern Energy Co. *                                                                                                                     | $      | 1,932,441                                                                     |
|                         |      |   |   | Total Energy                                                                                                                                  | $      | 3,278,776                                                                     |
|                         |      |   |   | Materials - 4.5%                                                                                                                              |   |                                                                          |
|                         |      |   |   | Commodity Chemicals - 0.8%                                                                                                                    |   |                                                                          |
|                         | 14,427    |   |   | Methanex Corp.                                                                                                                                | $      | 800,443                                                                       |
|                         | 12,389    |   |   | Methanex Corp.                                                                                                                                |   | 687,466                                                                       |
|                         |      |   |   |                                                                                                                                          | $      | 1,487,909                                                                     |
|                         |      |   |   | Fertilizers & Agricultural Chemicals - 1.8%                                                                                               |   |                                                                          |
|                         | 7,529     |   |   | Syngenta AG                                                                                                                                   | $      | 3,448,725                                                                     |
|                         |      |   |   | Specialty Chemicals - 1.8%                                                                                                                    |   |                                                                          |
|                         | 43,000    |   |   | Nitto Denko Corp.                                                                                                                             | $      | 3,323,219                                                                     |
|                         |      |   |   | Steel - 0.1%                                                                                                                                  |   |                                                                          |
|                         | 134,208   |   |   | Fortescue Metals Group, Ltd.                                                                                                                  | $      | 246,377                                                                       |
|                         |      |   |   | Total Materials                                                                                                                               | $      | 8,506,230                                                                     |
|                         |      |   |   | Capital Goods - 6.5%                                                                                                                          |   |                                                                          |
|                         |      |   |   | Aerospace & Defense - 2.1%                                                                                                                |   |                                                                          |
|                         | 12,037    |   |   | Precision Castparts Corp.                                                                                                                     | $      | 2,547,390                                                                     |
|                         | 12,616    |   |   | United Technologies Corp.                                                                                                                     |   | 1,478,217                                                                     |
|                         |      |   |   |                                                                                                                                          | $      | 4,025,607                                                                     |
|                         |      |   |   | Electrical Components & Equipment - 0.9%                                                                                                  |   |                                                                          |
|                         | 23,941    |   |   | Eaton Corp. Plc                                                                                                                               | $      | 1,713,936                                                                     |
|                         |      |   |   | Heavy Electrical Equipment - 1.3%                                                                                                             |   |                                                                          |
|                         | 182,000   |   |   | Mitsubishi Electric Corp.                                                                                                                     | $      | 2,485,197                                                                     |
|                         |      |   |   | Industrial Machinery - 2.2%                                                                                                                   |   |                                                                          |
|                         | 53,215    |   |   | Ingersoll-Rand Plc                                                                                                                            | $      | 3,660,128                                                                     |
|                         | 324,300   |   |   | Sarine Technologies, Ltd.                                                                                                                     |   | 476,299                                                                       |
|                         |      |   |   |                                                                                                                                          | $      | 4,136,427                                                                     |
|                         |      |   |   | Total Capital Goods                                                                                                                           | $      | 12,361,167                                                                    |
|                         |      |   |   | Commercial Services & Supplies - 1.2%                                                                                                     |   |                                                                          |
|                         |      |   |   | Human Resource & Employment Services - 1.2%                                                                                               |   |                                                                          |
|                         | 16,095    |   |   | Towers Watson & Co.                                                                                                                       | $      | 2,220,305                                                                     |
|                         |      |   |   | Total Commercial Services & Supplies                                                                                                      | $      | 2,220,305                                                                     |
|                         |      |   |   | Transportation - 2.3%                                                                                                                         |   |                                                                          |
|                         |      |   |   | Airlines - 2.3%                                                                                                                               |   |                                                                          |
|                         | 63,948    |   |   | American Airlines Group, Inc.                                                                                                                 | $      | 2,709,477                                                                     |
|                         | 68,098    |   |   | easyJet Plc                                                                                                                                   |   | 1,676,408                                                                     |
|                         |      |   |   |                                                                                                                                          | $      | 4,385,885                                                                     |
|                         |      |   |   | Total Transportation                                                                                                                          | $      | 4,385,885                                                                     |
|                         |      |   |   | Automobiles & Components - 4.3%                                                                                                           |   |                                                                          |
|                         |      |   |   | Tires & Rubber - 1.7%                                                                                                                     |   |                                                                          |
|                         | 79,500    |   |   | Bridgestone Corp.                                                                                                                             | $      | 3,301,798                                                                     |
|                         |      |   |   | Automobile Manufacturers - 2.6%                                                                                                               |   |                                                                          |
|                         | 15,105    |   |   | Daimler AG                                                                                                                                    | $      | 1,415,347                                                                     |
|                         | 11,800    |   |   | Toyota Motor Corp.                                                                                                                            |   | 814,051                                                                       |
|                         | 10,918    |   |   | Volkswagen AG                                                                                                                                 |   | 2,632,676                                                                     |
|                         |      |   |   |                                                                                                                                          | $      | 4,862,074                                                                     |
|                         |      |   |   | Total Automobiles & Components                                                                                                            | $      | 8,163,872                                                                     |
|                         |      |   |   | Consumer Durables & Apparel - 3.0%                                                                                                        |   |                                                                          |
|                         |      |   |   | Consumer Electronics - 0.6%                                                                                                                   |   |                                                                          |
|                         | 80,700    |   |   | Panasonic Corp.                                                                                                                               | $      | 1,183,776                                                                     |
|                         |      |   |   | Homebuilding - 2.1%                                                                                                                           |   |                                                                          |
|                         | 286,000   |   |   | Sekisui Chemical Co., Ltd.                                                                                                                    | $      | 3,852,639                                                                     |
|                         |      |   |   | Textiles - 0.3%                                                                                                                               |   |                                                                          |
|                         | 391,000   |   |   | Pacific Textiles Holdings, Ltd.                                                                                                               | $      | 547,465                                                                       |
|                         |      |   |   | Total Consumer Durables & Apparel                                                                                                         | $      | 5,583,880                                                                     |
|                         |      |   |   | Consumer Services - 1.6%                                                                                                                      |   |                                                                          |
|                         |      |   |   | Hotels, Resorts & Cruise Lines - 0.8%                                                                                                     |   |                                                                          |
|                         | 19,721    |   |   | Marriott International, Inc.                                                                                                                  | $      | 1,538,041                                                                     |
|                         |      |   |   | Restaurants - 0.8%                                                                                                                            |   |                                                                          |
|                         | 120,362   |   |   | Domino's Pizza Group Plc                                                                                                                      | $      | 1,466,201                                                                     |
|                         |      |   |   | Total Consumer Services                                                                                                                       | $      | 3,004,242                                                                     |
|                         |      |   |   | Media - 1.7%                                                                                                                                  |   |                                                                          |
|                         |      |   |   | Broadcasting - 1.3%                                                                                                                           |   |                                                                          |
|                         | 40,760    |   |   | CBS Corp. (Class B)                                                                                                                           | $      | 2,515,707                                                                     |
|                         |      |   |   | Movies & Entertainment - 0.4%                                                                                                             |   |                                                                          |
|                         | 10,877    |   |   | Viacom, Inc. (Class B)                                                                                                                        | $      | 727,454                                                                       |
|                         |      |   |   | Total Media                                                                                                                                   | $      | 3,243,161                                                                     |
|                         |      |   |   | Retailing - 0.8%                                                                                                                              |   |                                                                          |
|                         |      |   |   | Apparel Retail - 0.8%                                                                                                                         |   |                                                                          |
|                         | 15,445    |   |   | Ross Stores, Inc.                                                                                                                             | $      | 1,493,068                                                                     |
|                         |      |   |   | Total Retailing                                                                                                                               | $      | 1,493,068                                                                     |
|                         |      |   |   | Food & Staples Retailing - 3.8%                                                                                                           |   |                                                                          |
|                         |      |   |   | Drug Retail - 2.7%                                                                                                                            |   |                                                                          |
|                         | 49,621    |   |   | CVS Health Corp.                                                                                                                              | $      | 5,080,198                                                                     |
|                         |      |   |   | Food Retail - 1.1%                                                                                                                            |   |                                                                          |
|                         | 24,705    |   |   | Walgreens Boots Alliance, Inc.                                                                                                                | $      | 2,120,677                                                                     |
|                         |      |   |   | Total Food & Staples Retailing                                                                                                            | $      | 7,200,875                                                                     |
|                         |      |   |   | Food, Beverage & Tobacco - 3.2%                                                                                                           |   |                                                                          |
|                         |      |   |   | Brewers - 0.6%                                                                                                                                |   |                                                                          |
|                         | 15,667    |   |   | Molson Coors Brewing Co. (Class B)                                                                                                            | $      | 1,149,644                                                                     |
|                         |      |   |   | Soft Drinks - 0.5%                                                                                                                            |   |                                                                          |
|                         | 89,293    |   |   | Britvic Plc                                                                                                                                   | $      | 1,000,801                                                                     |
|                         |      |   |   | Packaged Foods & Meats - 0.5%                                                                                                             |   |                                                                          |
|                         | 1,189,000 |   |   | WH Group, Ltd. *                                                                                                                              | $      | 910,694                                                                       |
|                         |      |   |   | Tobacco - 1.6%                                                                                                                                |   |                                                                          |
|                         | 80,000    |   |   | Japan Tobacco, Inc.                                                                                                                           | $      | 2,904,534                                                                     |
|                         |      |   |   | Total Food, Beverage & Tobacco                                                                                                            | $      | 5,965,673                                                                     |
|                         |      |   |   | Health Care Equipment & Services - 3.8%                                                                                                   |   |                                                                          |
|                         |      |   |   | Health Care Equipment - 0.5%                                                                                                                  |   |                                                                          |
|                         | 7,510     |   |   | Edwards Lifesciences Corp. *                                                                                                                  | $      | 981,707                                                                       |
|                         |      |   |   | Health Care Distributors - 2.7%                                                                                                               |   |                                                                          |
|                         | 59,153    |   |   | Cardinal Health, Inc.                                                                                                                         | $      | 5,215,520                                                                     |
|                         |      |   |   | Health Care Technology - 0.6%                                                                                                                 |   |                                                                          |
|                         | 45,713    |   |   | NNIT A/S                                                                                                                                      | $      | 1,080,205                                                                     |
|                         |      |   |   | Total Health Care Equipment & Services                                                                                                    | $      | 7,277,432                                                                     |
|                         |      |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 15.7%                                                                                    |   |                                                                          |
|                         |      |   |   | Biotechnology - 1.4%                                                                                                                          |   |                                                                          |
|                         | 2,131     |   |   | Biogen, Inc. *                                                                                                                                | $      | 845,986                                                                       |
|                         | 15,348    |   |   | Gilead Sciences, Inc. *                                                                                                                       |   | 1,723,120                                                                     |
|                         |      |   |   |                                                                                                                                          | $      | 2,569,106                                                                     |
|                         |      |   |   | Pharmaceuticals - 13.7%                                                                                                                       |   |                                                                          |
|                         | 7,353     |   |   | Jazz Pharmaceuticals Plc *                                                                                                                    | $      | 1,318,761                                                                     |
|                         | 37,398    |   |   | Johnson & Johnson                                                                                                                         |   | 3,745,036                                                                     |
|                         | 6,320     |   |   | Mallinckrodt Plc *                                                                                                                            |   | 818,061                                                                       |
|                         | 30,551    |   |   | Merck & Co., Inc.                                                                                                                         |   | 1,860,250                                                                     |
|                         | 47,418    |   |   | Novartis AG                                                                                                                                   |   | 4,880,817                                                                     |
|                         | 98,206    |   |   | Pfizer, Inc.                                                                                                                                  |   | 3,412,658                                                                     |
|                         | 15,134    |   |   | Roche Holding AG                                                                                                                              |   | 4,456,598                                                                     |
|                         | 61,628    |   |   | Shire Plc                                                                                                                                     |   | 5,337,216                                                                     |
|                         |      |   |   |                                                                                                                                          | $      | 25,829,397                                                                    |
|                         |      |   |   | Life Sciences Tools & Services - 0.6%                                                                                                     |   |                                                                          |
|                         | 9,476     |   |   | Thermo Fisher Scientific, Inc.                                                                                                                | $      | 1,228,374                                                                     |
|                         |      |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                      | $      | 29,626,877                                                                    |
|                         |      |   |   | Banks - 9.9%                                                                                                                                  |   |                                                                          |
|                         |      |   |   | Diversified Banks - 7.9%                                                                                                                      |   |                                                                          |
|                         | 15,619    |   |   | Citigroup, Inc.                                                                                                                               | $      | 844,676                                                                       |
|                         | 199,183   |   |   | First Gulf Bank PJSC                                                                                                                          |   | 789,925                                                                       |
|                         | 2,351,000 |   |   | Industrial & Commercial Bank of China, Ltd.                                                                                               |   | 2,046,409                                                                     |
|                         | 44,834    |   |   | JPMorgan Chase & Co.                                                                                                                      |   | 2,949,181                                                                     |
|                         | 634,500   |   |   | Mitsubishi UFJ Financial Group, Inc.                                                                                                          |   | 4,677,872                                                                     |
|                         | 65,138    |   |   | Nordea Bank AB                                                                                                                                |   | 848,310                                                                       |
|                         | 34,500    |   |   | Sumitomo Mitsui Financial Group, Inc.                                                                                                         |   | 1,563,237                                                                     |
|                         | 55,873    |   |   | Swedbank AB                                                                                                                                   |   | 1,311,483                                                                     |
|                         |      |   |   |                                                                                                                                          | $      | 15,031,093                                                                    |
|                         |      |   |   | Regional Banks - 2.0%                                                                                                                         |   |                                                                          |
|                         | 38,836    |   |   | The PNC Financial Services Group, Inc.                                                                                                        | $      | 3,716,217                                                                     |
|                         |      |   |   | Total Banks                                                                                                                                   | $      | 18,747,310                                                                    |
|                         |      |   |   | Diversified Financials - 8.3%                                                                                                                 |   |                                                                          |
|                         |      |   |   | Other Diversified Financial Services - 0.5%                                                                                                   |   |                                                                          |
|                         | 19,892    |   |   | Voya Financial, Inc.                                                                                                                          | $      | 901,307                                                                       |
|                         |      |   |   | Specialized Finance - 2.2%                                                                                                                    |   |                                                                          |
|                         | 9,169     |   |   | Intercontinental Exchange, Inc.                                                                                                               | $      | 2,171,036                                                                     |
|                         | 39,348    |   |   | The NASDAQ OMX Group, Inc.                                                                                                                    |   | 2,036,259                                                                     |
|                         |      |   |   |                                                                                                                                          | $      | 4,207,295                                                                     |
|                         |      |   |   | Consumer Finance - 1.5%                                                                                                                       |   |                                                                          |
|                         | 49,134    |   |   | Discover Financial Services, Inc.                                                                                                             | $      | 2,863,038                                                                     |
|                         |      |   |   | Investment Banking & Brokerage - 1.9%                                                                                                     |   |                                                                          |
|                         | 13,200    |   |   | Huatai Securities Co, Ltd.                                                                                                                    | $      | 42,220                                                                        |
|                         | 93,637    |   |   | Morgan Stanley Co.                                                                                                                            |   | 3,576,933                                                                     |
|                         |      |   |   |                                                                                                                                          | $      | 3,619,153                                                                     |
|                         |      |   |   | Diversified Capital Markets - 2.2%                                                                                                            |   |                                                                          |
|                         | 70,725    |   |   | Credit Suisse Group AG                                                                                                                        | $      | 1,878,006                                                                     |
|                         | 100,363   |   |   | UBS Group AG                                                                                                                                  |   | 2,159,643                                                                     |
|                         |      |   |   |                                                                                                                                          | $      | 4,037,649                                                                     |
|                         |      |   |   | Total Diversified Financials                                                                                                                  | $      | 15,628,442                                                                    |
|                         |      |   |   | Insurance - 0.4%                                                                                                                              |   |                                                                          |
|                         |      |   |   | Property & Casualty Insurance - 0.4%                                                                                                      |   |                                                                          |
|                         | 7,216     |   |   | ACE, Ltd.                                                                                                                                     | $      | 768,360                                                                       |
|                         |      |   |   | Total Insurance                                                                                                                               | $      | 768,360                                                                       |
|                         |      |   |   | Real Estate - 0.6%                                                                                                                            |   |                                                                          |
|                         |      |   |   | Diversified Real Estate Activities - 0.6%                                                                                                     |   |                                                                          |
|                         | 195,800   |   |   | Leopalace21 Corp.                                                                                                                             | $      | 1,129,254                                                                     |
|                         |      |   |   | Total Real Estate                                                                                                                             | $      | 1,129,254                                                                     |
|                         |      |   |   | Software & Services - 9.3%                                                                                                                |   |                                                                          |
|                         |      |   |   | Internet Software & Services - 4.7%                                                                                                       |   |                                                                          |
|                         | 21,236    |   |   | Alibaba Group Holding, Ltd. (A.D.R.)                                                                                                          | $      | 1,896,800                                                                     |
|                         | 57,401    |   |   | eBay, Inc. *                                                                                                                                  |   | 3,522,125                                                                     |
|                         | 1,245     |   |   | Google, Inc. (Class C)                                                                                                                        |   | 662,477                                                                       |
|                         | 64,959    |   |   | Yahoo!, Inc. *                                                                                                                                |   | 2,789,015                                                                     |
|                         |      |   |   |                                                                                                                                          | $      | 8,870,417                                                                     |
|                         |      |   |   | Data Processing & Outsourced Services - 0.9%                                                                                              |   |                                                                          |
|                         | 24,088    |   |   | Visa, Inc.                                                                                                                                    | $      | 1,654,364                                                                     |
|                         |      |   |   | Systems Software - 3.1%                                                                                                                       |   |                                                                          |
|                         | 125,610   |   |   | Microsoft Corp.                                                                                                                               | $      | 5,886,085                                                                     |
|                         |      |   |   | Home Entertainment Software - 0.6%                                                                                                            |   |                                                                          |
|                         | 83,900    |   |   | Nexon Co, Ltd.                                                                                                                                | $      | 1,122,311                                                                     |
|                         |      |   |   | Total Software & Services                                                                                                                 | $      | 17,533,177                                                                    |
|                         |      |   |   | Technology Hardware & Equipment - 9.1%                                                                                                    |   |                                                                          |
|                         |      |   |   | Communications Equipment - 0.8%                                                                                                               |   |                                                                          |
|                         | 22,127    |   |   | Qualcomm, Inc.                                                                                                                                | $      | 1,541,809                                                                     |
|                         |      |   |   | Computer Storage & Peripherals - 3.7%                                                                                                     |   |                                                                          |
|                         | 53,413    |   |   | Apple, Inc.                                                                                                                                   | $      | 6,958,643                                                                     |
|                         |      |   |   | Hardware Storage & Peripherals - 1.4%                                                                                                     |   |                                                                          |
|                         | 76,662    |   |   | NetApp, Inc.                                                                                                                                  | $      | 2,560,511                                                                     |
|                         |      |   |   | Electronic Equipment Manufacturers - 1.8%                                                                                                     |   |                                                                          |
|                         | 1,446,000 |   |   | PAX Global Technology, Ltd. *                                                                                                                 | $      | 2,614,743                                                                     |
|                         | 520,000   |   |   | Wasion Group Holdings, Ltd.                                                                                                                   |   | 803,726                                                                       |
|                         |      |   |   |                                                                                                                                          | $      | 3,418,469                                                                     |
|                         |      |   |   | Electronic Components - 1.2%                                                                                                                  |   |                                                                          |
|                         | 14,400    |   |   | Murata Manufacturing Co., Ltd.                                                                                                                | $      | 2,337,203                                                                     |
|                         |      |   |   | Electronic Manufacturing Services - 0.2%                                                                                                      |   |                                                                          |
|                         | 95,000    |   |   | Global Display Co., Ltd.                                                                                                                      | $      | 461,575                                                                       |
|                         |      |   |   | Total Technology Hardware & Equipment                                                                                                     | $      | 17,278,210                                                                    |
|                         |      |   |   | Semiconductors & Semiconductor Equipment - 2.4%                                                                                           |   |                                                                          |
|                         |      |   |   | Semiconductors - 2.4%                                                                                                                         |   |                                                                          |
|                         | 501,000   |   |   | Advanced Semiconductor Engineering, Inc.                                                                                                      | $      | 712,041                                                                       |
|                         | 63,930    |   |   | SK Hynix, Inc.                                                                                                                                |   | 2,913,516                                                                     |
|                         | 224,000   |   |   | Transcend Information, Inc.                                                                                                                   |   | 852,860                                                                       |
|                         |      |   |   |                                                                                                                                          | $      | 4,478,417                                                                     |
|                         |      |   |   | Total Semiconductors & Semiconductor Equipment                                                                                            | $      | 4,478,417                                                                     |
|                         |      |   |   | Telecommunication Services - 1.6%                                                                                                             |   |                                                                          |
|                         |      |   |   | Integrated Telecommunication Services - 1.6%                                                                                                  |   |                                                                          |
|                         | 44,400    |   |   | Nippon Telegraph & Telephone Corp.                                                                                                        | $      | 3,087,036                                                                     |
|                         |      |   |   | Total Telecommunication Services                                                                                                              | $      | 3,087,036                                                                     |
|                         |      |   |   | TOTAL COMMON STOCKS                                                                                                                           |   |                                                                          |
|                         |      |   |   | (Cost $153,883,275)                                                                                                                           | $      | 180,961,649                                                                   |
|                         |      |   |   |                                                                                                                                          |   |                                                                          |
|                         |      |   |   | TOTAL INVESTMENT IN SECURITIES - 95.7%                                                                                                        |   |                                                                          |
|                         |      |   |   | (Cost $153,883,275) (a)                                                                                                                       | $      | 180,961,649                                                                   |
|                         |      |   |   |                                                                                                                                          |   |                                                                          |
|                         |      |   |   | OTHER ASSETS & LIABILITIES - 4.3%                                                                                                         | $      | 8,121,377                                                                     |
|                         |      |   |   |                                                                                                                                          |   |                                                                          |
|                         |      |   |   | TOTAL NET ASSETS - 100.0%                                                                                                                     | $      | 189,083,026                                                                   |
|                         |      |   |   |                                                                                                                                          |   |                                                                          |
|                         | *         |   |   | Non-income producing security.                                                                                                                |   |                                                                          |
|                         |      |   |   |                                                                                                                                          |   |                                                                          |
|                         | (a)       |   |   | At May 31, 2015, the net unrealized appreciation on investments based on cost for federal income tax purposes of $153,883,275 was as follows: |
|                         |      |   |   |                                                                                                                                          |   |                                                                          |
|                         |      |   |   | Aggregate gross unrealized appreciation for all investments in which                                                                          |   |                                                                          |
|                         |      |   |   | there is an excess of value over tax cost                                                                                                     |   |  $          33,959,464 |
|                         |      |   |   |                                                                                                                                          |   |                                                                          |
|                         |      |   |   | Aggregate gross unrealized depreciation for all investments in which                                                                          |   |                                                                          |
|                         |      |   |   | there is an excess of tax cost over value                                                                                                     |   | (6,881,090)                                                                   |
|                         |      |   |   |                                                                                                                                          |   |                                                                          |
|                         |      |   |   | Net unrealized appreciation                                                                                                                   |   |  $          27,078,374 |
|                         |      |   |   |                                                                                                                                          |   |                                                                          |
|                         | (b)       |   |   | Distributions of investments by country of issue, as a percentage of total investment in                                                      |   |                                                                          |
|                         |      |   |   | securities (excluding temporary cash investments), is as follows:                                                                             |   |                                                                          |
|                         |      |   |   |                                                                                                                                          |   |                                                                          |
|                         |      |   |   | United States                                                                                                                                 |   | 49.3                                                                          |
|                         |      |   |   | Japan                                                                                                                                         |   | 17.6                                                                          |
|                         |      |   |   | Switzerland                                                                                                                                   |   | 9.7                                                                           |
|                         |      |   |   | Ireland                                                                                                                                       |   | 4.2                                                                           |
|                         |      |   |   | Other (individually less than 1%)                                                                                                             |   | 3.1                                                                           |
|                         |      |   |   | United Kingdom                                                                                                                                |   | 3.0                                                                           |
|                         |      |   |   | Jersey Channel Islands                                                                                                                        |   | 3.0                                                                           |
|                         |      |   |   | Cayman Islands                                                                                                                                |   | 2.3                                                                           |
|                         |      |   |   | Germany                                                                                                                                       |   | 2.2                                                                           |
|                         |      |   |   | South Korea                                                                                                                                   |   | 1.9                                                                           |
|                         |      |   |   | Bermuda                                                                                                                                       |   | 1.4                                                                           |
|                         |      |   |   | Sweden                                                                                                                                        |   | 1.2                                                                           |
|                         |      |   |   | China                                                                                                                                         |   | 1.1                                                                           |
|                         |      |   |   |                                                                                                                                          |   | 100.0                                                                         |
|                         |      |   |   |                                                                                                                                          |   |                                                                          |
| TOTAL RETURN SWAP AGREEMENTS |      |   |
|                         |      |   |   |                                                                                                                                          |   |                                                                          |

|                                                                  | Notional Principal ($) (1)                                                                                                                           | Counterparty | Pay / Receive | Obligation Entity/Index |   | Coupon           | Expiration Date | Net Unrealized Appreciation                              |
|-----------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|---------------|-------------------------|--------|------------------|-----------------|----------------------------------------------------------|
| JPY                                                                   |        (534,616,880)                                                                                              | Citibank NA  | Pay           | JPX-NIKKEI INDEX 400    |   | 1M Libor +53 bps | 6/2/15          |  $       286,479 |
|                                                                  |                                                                                                                                                 |         |          |                    |   |             |            |                                                     |
|            (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. |         |          |
|                                                                  |                                                                                                                                                 |         |          |                    |   |             |            |                                                     |
| NOTE:                                                                 | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                            |         |          |                    |   |
| JPY                                                                   | Japanese Yen                                                                                                                                         |         |          |                    |   |             |            |                                                     |

| 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 May 31, 2015, in valuing the Fund's investments:                                                                                                    |   |   |

|   |   |   |                                                             |                                                                                     |                                                                                                                                                                | Level 1                                                                                                                   |  Level 2                                                                                                       | Level 3                                                                                                        | Total                                                                           |
|--------|--------|--------|------------------------------------------------------------------|------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
|   |   |   | Common Stocks                                                    |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |   Energy                                               |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Integrated Oil & Gas                 |                                                                                     |  $                         -      |  $     1,346,335                                                                            |  $                 -      |  $       1,346,335                                                     |
|   |   |   |   Materials                                            |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Fertilizers & Agricultural Chemicals |                                                                                     |                            - |         3,448,725                                                                 |                    - |           3,448,725                                          |
|   |   |   |     Specialty Chemicals                      |                                                                                     |                            - |         3,323,219                                                                 |                    - |           3,323,219                                          |
|   |   |   |     Steel                                    |                                                                                     |                            - |           246,377                                                       |                    - |             246,377                                |
|   |   |   |   Capital Goods                                        |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Heavy Electrical Equipment               |                                                                                     |                            - |         2,485,197                                                                 |                    - |           2,485,197                                          |
|   |   |   |     Industrial Machinery                     |                                                                                     |                3,660,128                                                                 |           476,299                                                       |                    - |           4,136,427                                          |
|   |   |   |   Transportation                                       |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Airlines                                 |                                                                                     |                2,709,477                                                                 |         1,676,408                                                                 |                    - |           4,385,885                                          |
|   |   |   |   Automobiles & Components                         |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Tires & Rubber                       |                                                                                     |                            - |         3,301,798                                                                 |                    - |           3,301,798                                          |
|   |   |   |     Automobile Manufacturers                 |                                                                                     |                            - |         4,862,074                                                                 |                    - |           4,862,074                                          |
|   |   |   |   Consumer Durables & Apparel                      |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Consumer Electronics                     |                                                                                     |                            - |         1,183,776                                                                 |                    - |           1,183,776                                          |
|   |   |   |     Homebuilding                             |                                                                                     |                            - |         3,852,639                                                                 |                    - |           3,852,639                                          |
|   |   |   |     Textiles                                 |                                                                                     |                            - |           547,465                                                       |                    - |             547,465                                |
|   |   |   |   Consumer Services                                    |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Restaurants                              |                                                                                     |                            - |         1,466,201                                                                 |                    - |           1,466,201                                          |
|   |   |   |   Food, Beverage & Tobacco                         |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Soft Drinks                              |                                                                                     |                            - |         1,000,801                                                                 |                    - |           1,000,801                                          |
|   |   |   |     Packaged Foods & Meats               |                                                                                     |                            - |           910,694                                                       |                    - |             910,694                                |
|   |   |   |     Tobacco                                  |                                                                                     |                            - |         2,904,534                                                                 |                    - |           2,904,534                                          |
|   |   |   |   Health Care Equipment & Services                 |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Health Care Technology                   |                                                                                     |                            - |         1,080,205                                                                 |                    - |           1,080,205                                          |
|   |   |   |   Pharmaceuticals, Biotechnology & Life Sciences   |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Pharmaceuticals                          |                                                                                     |              11,154,766                                                                            |       14,674,631                                                                            |                    - |         25,829,397                                                     |
|   |   |   |   Banks                                                |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Diversified Banks                        |                                                                                     |                3,793,857                                                                 |       11,237,236                                                                            |                    - |         15,031,093                                                     |
|   |   |   |   Diversified Financials                               |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Investment Banking & Brokerage       |                                                                                     |                3,576,933                                                                 |             42,220                                            |                    - |           3,619,153                                          |
|   |   |   |     Diversified Capital Markets              |                                                                                     |                            - |         4,037,649                                                                 |                    - |           4,037,649                                          |
|   |   |   |   Real Estate                                          |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Diversified Real Estate Activities       |                                                                                     |                            - |         1,129,254                                                                 |                    - |           1,129,254                                          |
|   |   |   |   Software & Services                              |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Home Entertainment Software              |                                                                                     |                            - |         1,122,311                                                                 |                    - |           1,122,311                                          |
|   |   |   |   Technology Hardware & Equipment                  |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Electronic Equipment Manufacturers       |                                                                                     |                            - |         3,418,469                                                                 |                    - |           3,418,469                                          |
|   |   |   |     Electronic Components                    |                                                                                     |                            - |         2,337,203                                                                 |                    - |           2,337,203                                          |
|   |   |   |     Electronic Manufacturing Services        |                                                                                     |                            - |           461,575                                                       |                    - |             461,575                                |
|   |   |   |   Semiconductors & Semiconductor Equipment         |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Semiconductors                           |                                                                                     |                            - |         4,478,417                                                                 |                    - |           4,478,417                                          |
|   |   |   |   Telecommunication Services                           |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   |     Integrated Telecommunication Services    |                                                                                     |                            - |         3,087,036                                                                 |                    - |           3,087,036                                          |
|   |   |   |   All Other Common Stocks                              |                                                                                     |              75,927,740                                                                            |                     - |                    - |         75,927,740                                                     |
|   |   |   | Total                                                            |                                                                                     |                                                                                                                                                                |  $         100,822,901                                                  |  $   80,138,748                                                                                 |  $                 - |  $   180,961,649                                            |
|   |   |   | Other Financial Instruments:                                     |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |
|   |   |   | Net Unrealized Deppreciation On Futures Contracts                |                                                                                     |  $             (268,877)                                                                      |  $                 -            |  $                 -      |  $        (268,877)                                               |
|   |   |   | Net Unrealized Appreciation On Total Return Swap                 |                                                                                     |                            - |           286,479                                                       |                    - |             286,479                                |
|   |   |   | Total                                                            |                                                                                     |                                                                                                                                                                |  $             (268,877)                            |  $       286,479                                                            |  $                 - |  $           17,602 |
|   |   |   |                                                             |                                                                                     |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |                                                                            |
|   |   |   |                                                             | During the period ended May 31, 2015, there were no transfers between Levels 1, 2 and 3. |                                                                                                                                                                |                                                                                                                      |                                                                                                                |                                                                                                           |                                                                            |

|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Pioneer High Income Municipal Fund                                                                                                                                                                                                                                                                                               |   |                                           |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|--------|
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Schedule of Investments 5/31/15 (unaudited)                                                                                                                                                                                                                                                                                      |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             | Principal Amount ($) | FloatingRate (b) |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | Value  |                                           |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | MUNICIPAL BONDS - 97.0% (e)                                                                                                                                                                                                                                                                                                      |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Alaska - 0.2%                                                                                                                                                                                                                                                                                                                    |   |                                           |   |
|                                                                                                                                                             | 1,250,000            |             |                                                                                                                                                                                                                                                                         | Northern Tobacco Securitization Corp., 5.0%, 6/1/46                                                                                                                                                                                                                                                                              | $      | 975,275                                        |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Arizona - 0.9%                                                                                                                                                                                                                                                                                                                   |   |                                           |   |
|                                                                                                                                                             | 1,000,000            |             |                                                                                                                                                                                                                                                                         | The Industrial Development Authority of the County of Pima, 7.0%, 5/1/34                                                                                                                                                                                                                                                         | $      | 1,039,550                                      |   |
|                                                                                                                                                             | 3,000,000            |             |                                                                                                                                                                                                                                                                         | The Industrial Development Authority of the County of Pima, 7.25%, 5/1/44                                                                                                                                                                                                                                                        |   | 3,125,580                                      |   |
|                                                                                                                                                             | 725,000              |             |                                                                                                                                                                                                                                                                         | The Industrial Development Authority of the County of Pima, 8.5%, 7/1/39 (Pre-Refunded)                                                                                                                                                                                                                                          |   | 899,036                                        |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 5,064,166                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | California - 13.8%                                                                                                                                                                                                                                                                                                               |   |                                           |   |
|                                                                                                                                                             | 5,040,000            |             |                                                                                                                                                                                                                                                                         | California County Tobacco Securitization Agency, 5.125%, 6/1/38                                                                                                                                                                                                                                                                  | $      | 4,208,098                                      |   |
|                                                                                                                                                             | 1,880,000            |             |                                                                                                                                                                                                                                                                         | California County Tobacco Securitization Agency, 5.25%, 6/1/45                                                                                                                                                                                                                                                                   |   | 1,553,200                                      |   |
|                                                                                                                                                             | 6,755,000            |             |                                                                                                                                                                                                                                                                         | California County Tobacco Securitization Agency, 5.25%, 6/1/45                                                                                                                                                                                                                                                                   |   | 5,525,117                                      |   |
|                                                                                                                                                             | 2,715,000            |             |                                                                                                                                                                                                                                                                         | California County Tobacco Securitization Agency, 5.6%, 6/1/36                                                                                                                                                                                                                                                                    |   | 2,495,302                                      |   |
|                                                                                                                                                             | 3,800,000            |             |                                                                                                                                                                                                                                                                         | California County Tobacco Securitization Agency, 5.7%, 6/1/46                                                                                                                                                                                                                                                                    |   | 3,354,602                                      |   |
|                                                                                                                                                             | 6,300,000            |             |                                                                                                                                                                                                                                                                         | California Municipal Finance Authority, 6.0%, 7/1/42                                                                                                                                                                                                                                                                             |   | 6,606,747                                      |   |
|                                                                                                                                                             | 830,000              |             |                                                                                                                                                                                                                                                                         | California School Finance Authority, 5.625%, 10/1/34                                                                                                                                                                                                                                                                             |   | 848,376                                        |   |
|                                                                                                                                                             | 1,475,000            |             |                                                                                                                                                                                                                                                                         | California School Finance Authority, 5.875%, 10/1/44                                                                                                                                                                                                                                                                             |   | 1,516,477                                      |   |
|                                                                                                                                                             | 1,000,000            |             |                                                                                                                                                                                                                                                                         | California School Finance Authority, 6.0%, 10/1/49                                                                                                                                                                                                                                                                               |   | 1,033,330                                      |   |
|                                                                                                                                                             | 3,230,000            |             |                                                                                                                                                                                                                                                                         | California School Finance Authority, 7.125%, 10/1/48                                                                                                                                                                                                                                                                             |   | 3,599,964                                      |   |
|                                                                                                                                                             | 3,000,000            |             |                                                                                                                                                                                                                                                                         | California School Finance Authority, 7.375%, 10/1/43                                                                                                                                                                                                                                                                             |   | 3,520,440                                      |   |
|                                                                                                                                                             | 2,500,000            |             |                                                                                                                                                                                                                                                                         | California Statewide Communities Development Authority, 5.5%, 12/1/54                                                                                                                                                                                                                                                            |   | 2,715,800                                      |   |
|                                                                                                                                                             | 1,560,000            |             |                                                                                                                                                                                                                                                                         | California Statewide Communities Development Authority, 6.125%, 11/1/33                                                                                                                                                                                                                                                          |   | 1,759,321                                      |   |
|                                                                                                                                                             | 4,030,000            |             |                                                                                                                                                                                                                                                                         | California Statewide Communities Development Authority, 6.375%, 11/1/43                                                                                                                                                                                                                                                          |   | 4,562,202                                      |   |
|                                                                                                                                                             | 2,000,000            |             |                                                                                                                                                                                                                                                                         | California Statewide Communities Development Authority, 7.5%, 6/1/42                                                                                                                                                                                                                                                             |   | 2,216,140                                      |   |
|                                                                                                                                                             | 315,559              |             |                                                                                                                                                                                                                                                                         | California Statewide Communities Development Authority, 9.0%, 12/1/38 (c)                                                                                                                                                                                                                                                        |   | 3                                              |   |
|                                                                                                                                                             | 12,500,000           |             |                                                                                                                                                                                                                                                                         | Golden State Tobacco Securitization Corp., 5.75%, 6/1/47                                                                                                                                                                                                                                                                         |   | 10,654,250                                     |   |
|                                                                                                                                                             | 5,130,000            |             |                                                                                                                                                                                                                                                                         | Golden State Tobacco Securitization Corp., 6/1/37                                                                                                                                                                                                                                                                                |   | 4,200,752                                      |   |
|                                                                                                                                                             | 2,500,000            |             |                                                                                                                                                                                                                                                                         | Pittsburg Unified School District, 9/1/41 (d)                                                                                                                                                                                                                                                                                    |   | 704,150                                        |   |
|                                                                                                                                                             | 1,925,000            |             |                                                                                                                                                                                                                                                                         | Pittsburg Unified School District, 9/1/42 (d)                                                                                                                                                                                                                                                                                    |   | 515,303                                        |   |
|                                                                                                                                                             | 5,000,000            |             |                                                                                                                                                                                                                                                                         | River Islands Public Financing Authority, 5.5%, 9/1/45                                                                                                                                                                                                                                                                           |   | 5,120,450                                      |   |
|                                                                                                                                                             | 6,000,000            |             |                                                                                                                                                                                                                                                                         | Tobacco Securitization Authority of Southern California, 5.0%, 6/1/37                                                                                                                                                                                                                                                            |   | 5,074,320                                      |   |
|                                                                                                                                                             | 2,800,000            |             |                                                                                                                                                                                                                                                                         | Tobacco Securitization Authority of Southern California, 5.125%, 6/1/46                                                                                                                                                                                                                                                          |   | 2,324,532                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 74,108,876                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Colorado - 3.3%                                                                                                                                                                                                                                                                                                                  |   |                                           |   |
|                                                                                                                                                             | 2,860,000            |             |                                                                                                                                                                                                                                                                         | Castle Oaks Metropolitan District No 3, 6.25%, 12/1/44 (f)                                                                                                                                                                                                                                                                       | $      | 2,833,345                                      |   |
|                                                                                                                                                             | 1,000,000            |             |                                                                                                                                                                                                                                                                         | Colorado Educational & Cultural Facilities Authority, 5.0%, 12/15/45                                                                                                                                                                                                                                                         |   | 993,770                                        |   |
|                                                                                                                                                             | 2,000,000            |             |                                                                                                                                                                                                                                                                         | Colorado Educational & Cultural Facilities Authority, 8.0%, 9/1/43                                                                                                                                                                                                                                                           |   | 2,027,260                                      |   |
|                                                                                                                                                             | 5,000,000            |             |                                                                                                                                                                                                                                                                         | Colorado Educational & Cultural Facilities Authority, 8.125%, 9/1/48                                                                                                                                                                                                                                                         |   | 5,075,350                                      |   |
|                                                                                                                                                             | 8,000,000            |             |                                                                                                                                                                                                                                                                         | Kremmling Memorial Hospital District, 7.125%, 12/1/45                                                                                                                                                                                                                                                                            |   | 6,608,800                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 17,538,525                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Connecticut - 0.5%                                                                                                                                                                                                                                                                                                               |   |                                           |   |
|                                                                                                                                                             | 2,640,000            |             |                                                                                                                                                                                                                                                                         | Town of Hamden Connecticut, 7.75%, 1/1/43                                                                                                                                                                                                                                                                                        | $      | 2,761,466                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | District of Columbia - 0.8%                                                                                                                                                                                                                                                                                                      |   |                                           |   |
|                                                                                                                                                             | 735,000              |             |                                                                                                                                                                                                                                                                         | District of Columbia Tobacco Settlement Financing Corp., 6.75%, 5/15/40                                                                                                                                                                                                                                                          | $      | 735,029                                        |   |
|                                                                                                                                                             | 3,500,000            |             |                                                                                                                                                                                                                                                                         | District of Columbia, 5.0%, 10/1/45                                                                                                                                                                                                                                                                                              |   | 3,566,500                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 4,301,529                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Florida - 2.8%                                                                                                                                                                                                                                                                                                                   |   |                                           |   |
|                                                                                                                                                             | 5,000,000            |             |                                                                                                                                                                                                                                                                         | Alachua County Health Facilities Authority, 8.125%, 11/15/46                                                                                                                                                                                                                                                                     | $      | 5,899,700                                      |   |
|                                                                                                                                                             | 5,000,000            |             |                                                                                                                                                                                                                                                                         | Capital Trust Agency, Inc., 7.75%, 1/1/41                                                                                                                                                                                                                                                                                        |   | 4,758,600                                      |   |
|                                                                                                                                                             | 1,820,000            |             |                                                                                                                                                                                                                                                                         | County of Liberty Florida, 8.25%, 7/1/28                                                                                                                                                                                                                                                                                         |   | 404,932                                        |   |
|                                                                                                                                                             | 1,000,000            |             |                                                                                                                                                                                                                                                                         | Florida Development Finance Corp., 7.0%, 6/1/35                                                                                                                                                                                                                                                                                  |   | 1,029,690                                      |   |
|                                                                                                                                                             | 3,000,000            |             |                                                                                                                                                                                                                                                                         | Florida Development Finance Corp., 7.0%, 6/1/45                                                                                                                                                                                                                                                                                  |   | 3,060,450                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 15,153,372                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Hawaii - 0.2%                                                                                                                                                                                                                                                                                                                    |   |                                           |   |
|                                                                                                                                                             | 1,000,000            |             |                                                                                                                                                                                                                                                                         | State of Hawaii Department of Budget & Finance, 9.0%, 11/15/44                                                                                                                                                                                                                                                               | $      | 1,269,270                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Illinois - 3.8%                                                                                                                                                                                                                                                                                                                  |   |                                           |   |
|                                                                                                                                                             | 526,959              |             |                                                                                                                                                                                                                                                                         | Illinois Finance Authority, 11/15/52 (d)                                                                                                                                                                                                                                                                                         | $      | 144,366                                        |   |
|                                                                                                                                                             | 526,959              |             |                                                                                                                                                                                                                                                                         | Illinois Finance Authority, 11/15/52 (d)                                                                                                                                                                                                                                                                                         |   | 90,784                                         |   |
|                                                                                                                                                             | 2,634,795            |             |                                                                                                                                                                                                                                                                         | Illinois Finance Authority, 11/15/52 (d)                                                                                                                                                                                                                                                                                         |   | 91,585                                         |   |
|                                                                                                                                                             | 485,000              |             |                                                                                                                                                                                                                                                                         | Illinois Finance Authority, 7.0%, 11/15/17                                                                                                                                                                                                                                                                                       |   | 485,160                                        |   |
|                                                                                                                                                             | 1,250,000            |             |                                                                                                                                                                                                                                                                         | Illinois Finance Authority, 7.625%, 9/15/28                                                                                                                                                                                                                                                                                      |   | 1,392,688                                      |   |
|                                                                                                                                                             | 4,845,000            |             |                                                                                                                                                                                                                                                                         | Illinois Finance Authority, 7.75%, 9/15/38                                                                                                                                                                                                                                                                                       |   | 5,588,514                                      |   |
|                                                                                                                                                             | 4,213,653            | 4.00             |                                                                                                                                                                                                                                                                         | Illinois Finance Authority, Floating Rate Note, 11/15/52                                                                                                                                                                                                                                                                         |   | 2,694,968                                      |   |
|                                                                                                                                                             | 2,520,000            |             |                                                                                                                                                                                                                                                                         | Southwestern Illinois Development Authority, 5.625%, 11/1/26                                                                                                                                                                                                                                                                     |   | 2,141,395                                      |   |
|                                                                                                                                                             | 485,000              |             |                                                                                                                                                                                                                                                                         | Southwestern Illinois Development Authority, 6.2%, 6/1/17                                                                                                                                                                                                                                                                        |   | 496,010                                        |   |
|                                                                                                                                                             | 7,020,000            |             |                                                                                                                                                                                                                                                                         | Southwestern Illinois Development Authority, 6.625%, 6/1/37                                                                                                                                                                                                                                                                      |   | 7,147,413                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 20,272,883                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Indiana - 2.8%                                                                                                                                                                                                                                                                                                                   |   |                                           |   |
|                                                                                                                                                             | 1,750,000            |             |                                                                                                                                                                                                                                                                         | City of Carmel Indiana, 7.0%, 11/15/32                                                                                                                                                                                                                                                                                           | $      | 1,944,985                                      |   |
|                                                                                                                                                             | 2,000,000            |             |                                                                                                                                                                                                                                                                         | City of Carmel Indiana, 7.125%, 11/15/42                                                                                                                                                                                                                                                                                         |   | 2,230,040                                      |   |
|                                                                                                                                                             | 2,000,000            |             |                                                                                                                                                                                                                                                                         | City of Carmel Indiana, 7.125%, 11/15/47                                                                                                                                                                                                                                                                                         |   | 2,225,340                                      |   |
|                                                                                                                                                             | 3,500,000            |             |                                                                                                                                                                                                                                                                         | City of Crown Point Indiana, 8.0%, 11/15/39                                                                                                                                                                                                                                                                                      |   | 3,961,370                                      |   |
|                                                                                                                                                             | 4,000,000            |             |                                                                                                                                                                                                                                                                         | Vigo County Hospital Authority, 8.0%, 9/1/41                                                                                                                                                                                                                                                                                     |   | 4,816,000                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 15,177,735                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Iowa - 1.6%                                                                                                                                                                                                                                                                                                                      |   |                                           |   |
|                                                                                                                                                             | 105,000              |             |                                                                                                                                                                                                                                                                         | Iowa Tobacco Settlement Authority, 5.5%, 6/1/42                                                                                                                                                                                                                                                                                  | $      | 91,477                                         |   |
|                                                                                                                                                             | 1,000,000            |             |                                                                                                                                                                                                                                                                         | Iowa Tobacco Settlement Authority, 5.6%, 6/1/34                                                                                                                                                                                                                                                                                  |   | 947,420                                        |   |
|                                                                                                                                                             | 8,580,000            |             |                                                                                                                                                                                                                                                                         | Iowa Tobacco Settlement Authority, 5.625%, 6/1/46                                                                                                                                                                                                                                                                                |   | 7,563,270                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 8,602,167                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Louisiana - 0.8%                                                                                                                                                                                                                                                                                                                 |   |                                           |   |
|                                                                                                                                                             | 5,800,000            |             |                                                                                                                                                                                                                                                                         | Tensas Parish Law Enforcement District, 10/1/26 (c) (d)                                                                                                                                                                                                                                                                          | $      | 4,119,450                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Maryland - 0.2%                                                                                                                                                                                                                                                                                                                  |   |                                           |   |
|                                                                                                                                                             | 1,000,000            |             |                                                                                                                                                                                                                                                                         | Maryland Health & Higher Educational Facilities Authority, 6.75%, 7/1/44                                                                                                                                                                                                                                                     | $      | 1,087,810                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Massachusetts - 1.4%                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             | 1,116,746            |             |                                                                                                                                                                                                                                                                         | Massachusetts Development Finance Agency, 11/15/56 (d)                                                                                                                                                                                                                                                                           | $      | 6,779                                          |   |
|                                                                                                                                                             | 1,235,770            |             |                                                                                                                                                                                                                                                                         | Massachusetts Development Finance Agency, 6.25%, 11/15/26                                                                                                                                                                                                                                                                        |   | 1,206,161                                      |   |
|                                                                                                                                                             | 3,340,294            |             |                                                                                                                                                                                                                                                                         | Massachusetts Development Finance Agency, 6.25%, 11/15/39                                                                                                                                                                                                                                                                        |   | 3,195,325                                      |   |
|                                                                                                                                                             | 2,000,000            |             |                                                                                                                                                                                                                                                                         | Massachusetts Development Finance Agency, 6.75%, 10/15/37                                                                                                                                                                                                                                                                        |   | 2,078,080                                      |   |
|                                                                                                                                                             | 860,000              |             |                                                                                                                                                                                                                                                                         | Massachusetts Development Finance Agency, 7.625%, 10/15/37                                                                                                                                                                                                                                                                       |   | 963,733                                        |   |
|                                                                                                                                                             | 3,500,000            |             |                                                                                                                                                                                                                                                                         | Massachusetts Health & Educational Facilities Authority, 1/15/38 (c) (d)                                                                                                                                                                                                                                                     |   | 8,925                                          |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 7,459,003                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Michigan - 6.3%                                                                                                                                                                                                                                                                                                                  |   |                                           |   |
|                                                                                                                                                             | 1,250,000            |             |                                                                                                                                                                                                                                                                         | Flint Hospital Building Authority, 5.25%, 7/1/39                                                                                                                                                                                                                                                                                 | $      | 1,221,538                                      |   |
|                                                                                                                                                             | 1,250,000            |             |                                                                                                                                                                                                                                                                         | Flint Hospital Building Authority, 7.375%, 7/1/35                                                                                                                                                                                                                                                                                |   | 1,425,162                                      |   |
|                                                                                                                                                             | 5,485,000            |             |                                                                                                                                                                                                                                                                         | Flint International Academy, 5.75%, 10/1/37                                                                                                                                                                                                                                                                                      |   | 5,534,584                                      |   |
|                                                                                                                                                             | 225,000              |             |                                                                                                                                                                                                                                                                         | Michigan Public Educational Facilities Authority, 7.25%, 4/1/20                                                                                                                                                                                                                                                                  |   | 239,152                                        |   |
|                                                                                                                                                             | 2,020,000            |             |                                                                                                                                                                                                                                                                         | Michigan Public Educational Facilities Authority, 8.0%, 4/1/40                                                                                                                                                                                                                                                                   |   | 2,163,662                                      |   |
|                                                                                                                                                             | 4,410,000            |             |                                                                                                                                                                                                                                                                         | Michigan Public Educational Facilities Authority, Ltd Oblig-David Ellis-West Project, 5.875%, 6/1/37                                                                                                                                                                                                                             |   | 4,418,203                                      |   |
|                                                                                                                                                             | 4,000,000            | 6.62             |                                                                                                                                                                                                                                                                         | Michigan Strategic Fund, Floating Rate Note, 11/1/41                                                                                                                                                                                                                                                                             |   | 4,288,920                                      |   |
|                                                                                                                                                             | 7,135,000            | 6.75             |                                                                                                                                                                                                                                                                         | Michigan Strategic Fund, Floating Rate Note, 3/1/40                                                                                                                                                                                                                                                                              |   | 7,722,567                                      |   |
|                                                                                                                                                             | 750,000              |             |                                                                                                                                                                                                                                                                         | Michigan Tobacco Settlement Finance Authority, 6.0%, 6/1/34                                                                                                                                                                                                                                                                      |   | 657,938                                        |   |
|                                                                                                                                                             | 6,290,000            |             |                                                                                                                                                                                                                                                                         | Michigan Tobacco Settlement Finance Authority, 6.0%, 6/1/48                                                                                                                                                                                                                                                                      |   | 5,258,063                                      |   |
|                                                                                                                                                             | 1,250,000            |             |                                                                                                                                                                                                                                                                         | Michigan Tobacco Settlement Finance Authority, 6.875%, 6/1/42                                                                                                                                                                                                                                                                    |   | 1,231,150                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 34,160,939                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Minnesota - 1.3%                                                                                                                                                                                                                                                                                                                 |   |                                           |   |
|                                                                                                                                                             | 2,000,000            |             |                                                                                                                                                                                                                                                                         | Bloomington Port Authority, 9.0%, 12/1/35                                                                                                                                                                                                                                                                                        | $      | 2,309,060                                      |   |
|                                                                                                                                                             | 1,500,000            |             |                                                                                                                                                                                                                                                                         | City of Brooklyn Park Minnesota, 9.25%, 3/1/39 (Pre-Refunded)                                                                                                                                                                                                                                                                    |   | 1,745,685                                      |   |
|                                                                                                                                                             | 3,000,000            |             |                                                                                                                                                                                                                                                                         | St Paul Housing & Redevelopment Authority, 5.25%, 7/1/50                                                                                                                                                                                                                                                                     |   | 2,856,990                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 6,911,735                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Missouri - 1.6%                                                                                                                                                                                                                                                                                                                  |   |                                           |   |
|                                                                                                                                                             | 5,740,000            |             |                                                                                                                                                                                                                                                                         | Community Memorial Hospital District, 6.68%, 12/1/34                                                                                                                                                                                                                                                                             | $      | 5,979,186                                      |   |
|                                                                                                                                                             | 2,500,000            |             |                                                                                                                                                                                                                                                                         | Kirkwood Industrial Development Authority, 8.25%, 5/15/45                                                                                                                                                                                                                                                                        |   | 2,848,675                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 8,827,861                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | New Jersey - 5.0%                                                                                                                                                                                                                                                                                                                |   |                                           |   |
|                                                                                                                                                             | 6,000,000            |             |                                                                                                                                                                                                                                                                         | New Jersey Economic Development Authority, 6.625%, 1/1/37                                                                                                                                                                                                                                                                        | $      | 6,055,200                                      |   |
|                                                                                                                                                             | 4,500,000            |             |                                                                                                                                                                                                                                                                         | New Jersey Health Care Facilities Financing Authority, 6.25%, 7/1/35                                                                                                                                                                                                                                                             |   | 4,957,920                                      |   |
|                                                                                                                                                             | 7,580,000            |             |                                                                                                                                                                                                                                                                         | Tobacco Settlement Financing Corp. New Jersey, 4.75%, 6/1/34                                                                                                                                                                                                                                                                     |   | 5,790,059                                      |   |
|                                                                                                                                                             | 13,000,000           |             |                                                                                                                                                                                                                                                                         | Tobacco Settlement Financing Corp. New Jersey, 5.0%, 6/1/41                                                                                                                                                                                                                                                                      |   | 9,934,080                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 26,737,259                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | New Mexico - 1.0%                                                                                                                                                                                                                                                                                                                |   |                                           |   |
|                                                                                                                                                             | 6,055,000            |             |                                                                                                                                                                                                                                                                         | County of Otero New Mexico, 6.0%, 4/1/28                                                                                                                                                                                                                                                                                         | $      | 5,252,652                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | New York - 4.5%                                                                                                                                                                                                                                                                                                                  |   |                                           |   |
|                                                                                                                                                             | 85,000               |             |                                                                                                                                                                                                                                                                         | New York City Industrial Development Agency, 5.25%, 12/1/32                                                                                                                                                                                                                                                                      | $      | 85,178                                         |   |
|                                                                                                                                                             | 1,180,000            |             |                                                                                                                                                                                                                                                                         | New York Counties Tobacco Trust IV, 5.0%, 6/1/45                                                                                                                                                                                                                                                                                 |   | 1,003,425                                      |   |
|                                                                                                                                                             | 10,000,000           |             |                                                                                                                                                                                                                                                                         | New York Counties Tobacco Trust V, 6/1/38 (d)                                                                                                                                                                                                                                                                                    |   | 2,273,200                                      |   |
|                                                                                                                                                             | 2,000,000            |             |                                                                                                                                                                                                                                                                         | Onondaga Civic Development Corp., 5.0%, 7/1/42                                                                                                                                                                                                                                                                                   |   | 2,052,720                                      |   |
|                                                                                                                                                             | 1,000,000            |             |                                                                                                                                                                                                                                                                         | Onondaga Civic Development Corp., 5.125%, 7/1/31                                                                                                                                                                                                                                                                                 |   | 1,069,240                                      |   |
|                                                                                                                                                             | 4,500,000            |             |                                                                                                                                                                                                                                                                         | Suffolk Tobacco Asset Securitization Corp., 6/1/44                                                                                                                                                                                                                                                                               |   | 4,506,930                                      |   |
|                                                                                                                                                             | 8,000,000            |             |                                                                                                                                                                                                                                                                         | The Erie County Industrial Development Agency, 10/1/30 (c) (d)                                                                                                                                                                                                                                                                   |   | 2,038,480                                      |   |
|                                                                                                                                                             | 10,000,000           |             |                                                                                                                                                                                                                                                                         | The Erie County Industrial Development Agency, 10/1/30 (c) (d)                                                                                                                                                                                                                                                                   |   | 2,548,100                                      |   |
|                                                                                                                                                             | 1,795,000            |             |                                                                                                                                                                                                                                                                         | The Erie County Industrial Development Agency, 10/1/30 (c) (d)                                                                                                                                                                                                                                                                   |   | 457,384                                        |   |
|                                                                                                                                                             | 9,040,000            |             |                                                                                                                                                                                                                                                                         | TSASC, Inc. New York, 5.125%, 6/1/42                                                                                                                                                                                                                                                                                             |   | 7,912,531                                      |   |
|                                                                                                                                                             | 100,000              |             |                                                                                                                                                                                                                                                                         | Westchester Tobacco Asset Securitization New York, 5.125%, 6/1/38                                                                                                                                                                                                                                                                |   | 96,274                                         |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 24,043,462                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Ohio - 5.7%                                                                                                                                                                                                                                                                                                                      |   |                                           |   |
|                                                                                                                                                             | 6,000,000            |             |                                                                                                                                                                                                                                                                         | Buckeye Tobacco Settlement Financing Authority, 5.75%, 6/1/34                                                                                                                                                                                                                                                                    | $      | 4,786,380                                      |   |
|                                                                                                                                                             | 4,000,000            |             |                                                                                                                                                                                                                                                                         | Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47                                                                                                                                                                                                                                                                   |   | 3,232,040                                      |   |
|                                                                                                                                                             | 8,555,000            |             |                                                                                                                                                                                                                                                                         | Buckeye Tobacco Settlement Financing Authority, 6.0%, 6/1/42                                                                                                                                                                                                                                                                     |   | 7,024,254                                      |   |
|                                                                                                                                                             | 5,010,000            |             |                                                                                                                                                                                                                                                                         | Buckeye Tobacco Settlement Financing Authority, 6.5%, 6/1/47                                                                                                                                                                                                                                                                     |   | 4,367,468                                      |   |
|                                                                                                                                                             | 1,150,000            |             |                                                                                                                                                                                                                                                                         | County of Muskingum Ohio, 5.0%, 2/15/33                                                                                                                                                                                                                                                                                          |   | 1,196,161                                      |   |
|                                                                                                                                                             | 5,000,000            |             |                                                                                                                                                                                                                                                                         | County of Muskingum Ohio, 5.0%, 2/15/48                                                                                                                                                                                                                                                                                          |   | 5,133,050                                      |   |
|                                                                                                                                                             | 500,000              |             |                                                                                                                                                                                                                                                                         | Southeastern Ohio Port Authority, 5.0%, 12/1/43                                                                                                                                                                                                                                                                                  |   | 503,760                                        |   |
|                                                                                                                                                             | 1,000,000            |             |                                                                                                                                                                                                                                                                         | Southeastern Ohio Port Authority, 5.5%, 12/1/43                                                                                                                                                                                                                                                                                  |   | 1,047,480                                      |   |
|                                                                                                                                                             | 2,900,000            |             |                                                                                                                                                                                                                                                                         | Southeastern Ohio Port Authority, 6.0%, 12/1/42                                                                                                                                                                                                                                                                                  |   | 3,111,497                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 30,402,090                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Pennsylvania - 9.7%                                                                                                                                                                                                                                                                                                              |   |                                           |   |
|                                                                                                                                                             | 680,000              |             |                                                                                                                                                                                                                                                                         | Allegheny County Hospital Development Authority, 5.125%, 4/1/35                                                                                                                                                                                                                                                                  | $      | 672,853                                        |   |
|                                                                                                                                                             | 3,000,000            |             |                                                                                                                                                                                                                                                                         | Pennsylvania Economic Development Financing Authority, 5.25%, 6/1/28                                                                                                                                                                                                                                                             |   | 3,001,650                                      |   |
|                                                                                                                                                             | 2,005,000            |             |                                                                                                                                                                                                                                                                         | Pennsylvania Economic Development Financing Authority, 7.5%, 5/1/20                                                                                                                                                                                                                                                              |   | 2,321,950                                      |   |
|                                                                                                                                                             | 8,445,000            |             |                                                                                                                                                                                                                                                                         | Pennsylvania Economic Development Financing Authority, 8.0%, 5/1/29                                                                                                                                                                                                                                                              |   | 10,067,200                                     |   |
|                                                                                                                                                             | 2,500,000            |             |                                                                                                                                                                                                                                                                         | Philadelphia Authority for Industrial Development, 5.5%, 6/15/32                                                                                                                                                                                                                                                                 |   | 2,577,875                                      |   |
|                                                                                                                                                             | 5,200,000            |             |                                                                                                                                                                                                                                                                         | Philadelphia Authority for Industrial Development, 5.75%, 6/15/42                                                                                                                                                                                                                                                                |   | 5,379,140                                      |   |
|                                                                                                                                                             | 2,200,000            |             |                                                                                                                                                                                                                                                                         | Philadelphia Authority for Industrial Development, 6.5%, 6/1/45                                                                                                                                                                                                                                                                  |   | 2,184,204                                      |   |
|                                                                                                                                                             | 1,000,000            |             |                                                                                                                                                                                                                                                                         | Philadelphia Authority for Industrial Development, 6.5%, 6/15/33 (144A)                                                                                                                                                                                                                                                          |   | 1,053,380                                      |   |
|                                                                                                                                                             | 3,145,000            |             |                                                                                                                                                                                                                                                                         | Philadelphia Authority for Industrial Development, 6.625%, 6/1/50                                                                                                                                                                                                                                                                |   | 3,121,696                                      |   |
|                                                                                                                                                             | 3,000,000            |             |                                                                                                                                                                                                                                                                         | Philadelphia Authority for Industrial Development, 6.75%, 6/15/43 (144A)                                                                                                                                                                                                                                                         |   | 3,179,370                                      |   |
|                                                                                                                                                             | 6,000,000            |             |                                                                                                                                                                                                                                                                         | Philadelphia Authority for Industrial Development, 8.2%, 12/1/43                                                                                                                                                                                                                                                                 |   | 6,656,700                                      |   |
|                                                                                                                                                             | 1,180,000            |             |                                                                                                                                                                                                                                                                         | Philadelphia Hospitals & Higher Education Facilities Authority, 5.625%, 7/1/36                                                                                                                                                                                                                                               |   | 1,263,450                                      |   |
|                                                                                                                                                             | 6,000,000            |             |                                                                                                                                                                                                                                                                         | Philadelphia Hospitals & Higher Education Facilities Authority, 5.625%, 7/1/42                                                                                                                                                                                                                                               |   | 6,368,160                                      |   |
|                                                                                                                                                             | 4,000,000            |             |                                                                                                                                                                                                                                                                         | Pottsville Hospital Authority Pennsylvania, 6.5%, 7/1/28                                                                                                                                                                                                                                                                         |   | 4,315,520                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 52,163,148                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Puerto Rico - 2.8%                                                                                                                                                                                                                                                                                                               |   |                                           |   |
|                                                                                                                                                             | 18,000,000           |             |                                                                                                                                                                                                                                                                         | Commonwealth of Puerto Rico, 8.0%, 7/1/35 (f)                                                                                                                                                                                                                                                                                    | $      | 15,142,140                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Rhode Island - 0.1%                                                                                                                                                                                                                                                                                                              |   |                                           |   |
|                                                                                                                                                             | 2,065,000            |             |                                                                                                                                                                                                                                                                         | Central Falls Detention Facility Corp., 7.25%, 7/15/35                                                                                                                                                                                                                                                                           | $      | 513,276                                        |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Tennessee - 0.0% †                                                                                                                                                                                                                                                                                                         |   |                                           |   |
|                                                                                                                                                             | 5,000                |             |                                                                                                                                                                                                                                                                         | Johnson City Health & Educational Facilities Board, 5.0%, 2/15/43                                                                                                                                                                                                                                                            | $      | 5,141                                          |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Texas - 10.2%                                                                                                                                                                                                                                                                                                                    |   |                                           |   |
|                                                                                                                                                             | 5,500,000            |             |                                                                                                                                                                                                                                                                         | Arlington Higher Education Finance Corp., 7.125%, 3/1/44                                                                                                                                                                                                                                                                         | $      | 5,862,010                                      |   |
|                                                                                                                                                             | 400,000              |             |                                                                                                                                                                                                                                                                         | City of Celina Texas, 5.375%, 9/1/28                                                                                                                                                                                                                                                                                             |   | 390,344                                        |   |
|                                                                                                                                                             | 1,000,000            |             |                                                                                                                                                                                                                                                                         | City of Celina Texas, 5.5%, 9/1/24                                                                                                                                                                                                                                                                                               |   | 981,450                                        |   |
|                                                                                                                                                             | 250,000              |             |                                                                                                                                                                                                                                                                         | City of Celina Texas, 5.5%, 9/1/32                                                                                                                                                                                                                                                                                               |   | 242,928                                        |   |
|                                                                                                                                                             | 650,000              |             |                                                                                                                                                                                                                                                                         | City of Celina Texas, 5.875%, 9/1/40                                                                                                                                                                                                                                                                                             |   | 628,368                                        |   |
|                                                                                                                                                             | 1,075,000            |             |                                                                                                                                                                                                                                                                         | City of Celina Texas, 6.0%, 9/1/30                                                                                                                                                                                                                                                                                               |   | 1,047,663                                      |   |
|                                                                                                                                                             | 2,700,000            |             |                                                                                                                                                                                                                                                                         | City of Celina Texas, 6.25%, 9/1/40                                                                                                                                                                                                                                                                                              |   | 2,613,222                                      |   |
|                                                                                                                                                             | 2,000,000            |             |                                                                                                                                                                                                                                                                         | City of Houston Texas Airport System Revenue, 5.0%, 7/1/29                                                                                                                                                                                                                                                                       |   | 2,112,340                                      |   |
|                                                                                                                                                             | 500,000              |             |                                                                                                                                                                                                                                                                         | City of Mclendon-Chisholm Texas, 5.125%, 9/15/28                                                                                                                                                                                                                                                                                 |   | 491,920                                        |   |
|                                                                                                                                                             | 450,000              |             |                                                                                                                                                                                                                                                                         | City of Mclendon-Chisholm Texas, 5.375%, 9/15/35                                                                                                                                                                                                                                                                                 |   | 440,712                                        |   |
|                                                                                                                                                             | 400,000              |             |                                                                                                                                                                                                                                                                         | City of Mclendon-Chisholm Texas, 5.5%, 9/15/40                                                                                                                                                                                                                                                                                   |   | 390,884                                        |   |
|                                                                                                                                                             | 234,442              |             |                                                                                                                                                                                                                                                                         | Gulf Coast Industrial Development Authority, 12/1/36 (c) (d)                                                                                                                                                                                                                                                                     |   | 2                                              |   |
|                                                                                                                                                             | 1,380,000            |             |                                                                                                                                                                                                                                                                         | Kinney County Public Facilities Corp., 7.0%, 11/1/25                                                                                                                                                                                                                                                                             |   | 1,241,075                                      |   |
|                                                                                                                                                             | 15,000,000           |             |                                                                                                                                                                                                                                                                         | Sanger Industrial Development Corp., 8.0%, 7/1/38                                                                                                                                                                                                                                                                                |   | 16,848,450                                     |   |
|                                                                                                                                                             | 1,775,000            |             |                                                                                                                                                                                                                                                                         | Tarrant County Cultural Education Facilities Finance Corp., 8.0%, 11/15/28                                                                                                                                                                                                                                                       |   | 1,760,516                                      |   |
|                                                                                                                                                             | 2,250,000            |             |                                                                                                                                                                                                                                                                         | Tarrant County Cultural Education Facilities Finance Corp., 8.0%, 11/15/29                                                                                                                                                                                                                                                       |   | 2,188,125                                      |   |
|                                                                                                                                                             | 120,000              |             |                                                                                                                                                                                                                                                                         | Tarrant County Cultural Education Facilities Finance Corp., 8.0%, 11/15/34                                                                                                                                                                                                                                                       |   | 139,126                                        |   |
|                                                                                                                                                             | 5,000,000            |             |                                                                                                                                                                                                                                                                         | Tarrant County Cultural Education Facilities Finance Corp., 8.125%, 11/15/39                                                                                                                                                                                                                                                     |   | 4,817,850                                      |   |
|                                                                                                                                                             | 6,350,000            |             |                                                                                                                                                                                                                                                                         | Tarrant County Cultural Education Facilities Finance Corp., 8.125%, 11/15/44                                                                                                                                                                                                                                                     |   | 7,347,014                                      |   |
|                                                                                                                                                             | 5,000,000            |             |                                                                                                                                                                                                                                                                         | Tarrant County Cultural Education Facilities Finance Corp., 8.25%, 11/15/44                                                                                                                                                                                                                                                      |   | 4,945,200                                      |   |
|                                                                                                                                                             | 1,000,000            |             |                                                                                                                                                                                                                                                                         | Texas Midwest Public Facility Corp., 10/1/30 (c) (d)                                                                                                                                                                                                                                                                             |   | 140,000                                        |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 54,629,199                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Utah - 1.7%                                                                                                                                                                                                                                                                                                                      |   |                                           |   |
|                                                                                                                                                             | 1,285,000            |             |                                                                                                                                                                                                                                                                         | Utah State Charter School Finance Authority, 7.25%, 5/15/21                                                                                                                                                                                                                                                                      | $      | 1,402,706                                      |   |
|                                                                                                                                                             | 1,985,000            |             |                                                                                                                                                                                                                                                                         | Utah State Charter School Finance Authority, 8.125%, 5/15/31                                                                                                                                                                                                                                                                     |   | 2,200,511                                      |   |
|                                                                                                                                                             | 5,145,000            |             |                                                                                                                                                                                                                                                                         | Utah State Charter School Finance Authority, 8.5%, 5/15/41                                                                                                                                                                                                                                                                       |   | 5,814,416                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 9,417,633                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Virginia - 1.7%                                                                                                                                                                                                                                                                                                                  |   |                                           |   |
|                                                                                                                                                             | 12,920,000           |             |                                                                                                                                                                                                                                                                         | Tobacco Settlement Financing Corp. Virginia, 5.0%, 6/1/47                                                                                                                                                                                                                                                                        | $      | 9,103,561                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Washington - 2.6%                                                                                                                                                                                                                                                                                                                |   |                                           |   |
|                                                                                                                                                             | 3,500,000            |             |                                                                                                                                                                                                                                                                         | Washington State Housing Finance Commission, 5.625%, 1/1/27                                                                                                                                                                                                                                                                      | $      | 3,518,515                                      |   |
|                                                                                                                                                             | 10,610,000           |             |                                                                                                                                                                                                                                                                         | Washington State Housing Finance Commission, 5.625%, 1/1/38                                                                                                                                                                                                                                                                      |   | 10,456,049                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 13,974,564                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | West Virginia - 5.1%                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             | 25,000,000           |             |                                                                                                                                                                                                                                                                         | City of Philippi West Virginia, 7.75%, 10/1/44                                                                                                                                                                                                                                                                                   | $      | 21,380,751                                     |   |
|                                                                                                                                                             | 5,395,000            |             |                                                                                                                                                                                                                                                                         | West Virginia Hospital Finance Authority, 9.125%, 10/1/41                                                                                                                                                                                                                                                                        |   | 6,003,988                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 27,384,739                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Wisconsin - 4.6%                                                                                                                                                                                                                                                                                                                 |   |                                           |   |
|                                                                                                                                                             | 500,000              |             |                                                                                                                                                                                                                                                                         | Public Finance Authority, 5.0%, 10/1/34                                                                                                                                                                                                                                                                                          | $      | 506,710                                        |   |
|                                                                                                                                                             | 1,245,000            |             |                                                                                                                                                                                                                                                                         | Public Finance Authority, 5.125%, 10/1/45                                                                                                                                                                                                                                                                                        |   | 1,254,001                                      |   |
|                                                                                                                                                             | 1,590,000            |             |                                                                                                                                                                                                                                                                         | Public Finance Authority, 5.625%, 7/1/44                                                                                                                                                                                                                                                                                         |   | 1,688,039                                      |   |
|                                                                                                                                                             | 1,500,000            |             |                                                                                                                                                                                                                                                                         | Public Finance Authority, 5.75%, 4/1/35                                                                                                                                                                                                                                                                                          |   | 1,468,620                                      |   |
|                                                                                                                                                             | 4,150,000            |             |                                                                                                                                                                                                                                                                         | Public Finance Authority, 5.875%, 4/1/45                                                                                                                                                                                                                                                                                         |   | 4,047,038                                      |   |
|                                                                                                                                                             | 2,815,000            |             |                                                                                                                                                                                                                                                                         | Public Finance Authority, 6.2%, 10/1/42                                                                                                                                                                                                                                                                                          |   | 3,029,109                                      |   |
|                                                                                                                                                             | 5,057,500            |             |                                                                                                                                                                                                                                                                         | Public Finance Authority, 7.0%, 10/1/42                                                                                                                                                                                                                                                                                          |   | 5,074,089                                      |   |
|                                                                                                                                                             | 5,325,000            |             |                                                                                                                                                                                                                                                                         | Public Finance Authority, 8.25%, 6/1/46                                                                                                                                                                                                                                                                                          |   | 6,234,563                                      |   |
|                                                                                                                                                             | 1,265,000            |             |                                                                                                                                                                                                                                                                         | Public Finance Authority, 8.375%, 6/1/20                                                                                                                                                                                                                                                                                         |   | 1,269,174                                      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             | $      | 24,571,343                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                            |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | (Cost $515,249,268)                                                                                                                                                                                                                                                                                                              | $      | 521,132,269                                    |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.0% †                                                                                                                                                                                                                                                                          |   |                                           |   |
|                                                                                                                                                             | 1,175,000            | 0.00             |                                                                                                                                                                                                                                                                         | Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A)                                                                                                                                                                                                                                                         | $      | 80,405                                         |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION                                                                                                                                                                                                                                                                                   |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | (Cost $1,172,460)                                                                                                                                                                                                                                                                                                                | $      | 80,405                                         |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | TOTAL INVESTMENT IN SECURITIES - 97.0%                                                                                                                                                                                                                                                                                           |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | (Cost $516,421,728) (a) (g)                                                                                                                                                                                                                                                                                                      | $      | 521,212,674                                    |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | OTHER ASSETS & LIABILITIES - 3.0%                                                                                                                                                                                                                                                                                            | $      | 16,163,668                                     |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                        | $      | 537,376,342                                    |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             | †              |             |                                                                                                                                                                                                                                                                         | Rounds to less than 0.01%.                                                                                                                                                                                                                                                                                                       |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             | (144A)               |             |                                                                                                                                                                                                                                                                         | Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At May 31, 2015, the value of these securities amounted to $4,313,155 or 0.8% of total net assets. |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |  (Pre-Refunded) |             | Pre-refunded bonds have been collateralized by U.S. Treasury securities which are held in escrow and used to pay principal and interest on the tax-exempt bonds in full at the earliest refunding date issue and to retire the bonds in full at the earliest refunding date. |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             | (a)                  |             |                                                                                                                                                                                                                                                                         | At May 31, 2015, the net unrealized appreciation on investments based on cost for federal income tax purposes of $516,127,117 was as follows:                                                                                                                                                                                    |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                        |   |  $    34,637,014      |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                        |   | (29,551,457)                                   |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Net unrealized appreciation                                                                                                                                                                                                                                                                                                      |   |  $     5,085,557 |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             | (b)                  |             |                                                                                                                                                                                                                                                                         | Debt obligation with a variable interest rate. Rate shown is rate at end of period.                                                                                                                                                                                                                                              |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             | (c)                  |             |                                                                                                                                                                                                                                                                         | Security is in default and is non-income producing.                                                                                                                                                                                                                                                                              |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             | (d)                  |             |                                                                                                                                                                                                                                                                         | Security issued with a zero coupon. Income is earned through accretion of discount.                                                                                                                                                                                                                                              |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             | (e)                  |             |                                                                                                                                                                                                                                                                         | Consists of Revenue Bonds unless otherwise indicated.                                                                                                                                                                                                                                                                            |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             | (f)                  |             |                                                                                                                                                                                                                                                                         | Represents a General Obligation bond                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             | (g)                  |             |                                                                                                                                                                                                                                                                         | The concentration of investments by type of obligation/market sector is as follows:                                                                                                                                                                                                                                              |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Health                                                                                                                                                                                                                                                                                                                           |   | 30.6                                           | %      |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Special Revenues                                                                                                                                                                                                                                                                                                                 |   | 25.1                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Education                                                                                                                                                                                                                                                                                                                        |   | 20.1                                           |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Various Revenues                                                                                                                                                                                                                                                                                                                 |   | 8.4                                            |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Pollution Control Revenue                                                                                                                                                                                                                                                                                                        |   | 8.2                                            |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | General Obligation                                                                                                                                                                                                                                                                                                               |   | 3.5                                            |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Transportation                                                                                                                                                                                                                                                                                                                   |   | 2.7                                            |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Reserves                                                                                                                                                                                                                                                                                                                         |   | 1.0                                            |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Escrowed                                                                                                                                                                                                                                                                                                                         |   | 0.2                                            |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         | Insured                                                                                                                                                                                                                                                                                                                          |   | 0.2                                            |   |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   | 100.0                                          | %      |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
| Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below. |                 |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
| Level 1 – quoted prices in active markets for identical securities                                                                                         |                 |             |                                                                                                                                                                                                                                                                         |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)       |                 |             |                                                                                                                                                                                                                                                                         |
| Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)                            |                 |             |                                                                                                                                                                                                                                                                         |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                               |                 |             |                                                                                                                                                                                                                                                                         |
| using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3.                                              |                 |             |                                                                                                                                                                                                                                                                         |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |
| The following is a summary of the inputs used as of May 31, 2015, in valuing the Fund’s assets:                                                            |                 |             |                                                                                                                                                                                                                                                                         |
|                                                                                                                                                             |                 |             |                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                             |   |                                           |   |

|                                                                                     |   |   |                                     |   |                                                                                                                 | Level 1                                                                                                              | Level 2                                            | Level 3                                                                                    | Total                                      |
|------------------------------------------------------------------------------------------|--------|--------|------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|--------------------------------------------------------------------------------------------|--------------------------------------------|
|                                                                                     |   |   | Municipal Bonds                          |   |  $                  - |  $    521,132,269                                                                           |  $       - |  $    521,132,269                                                 |
|                                                                                     |   |   | Municipal Collateralized Debt Obligation |   |                    -  |               80,405                           |         -  |               80,405 |
|                                                                                     |   |   | Total                                    |   |                                                                                                                 |  $                  - |  $    521,212,674         |  $       -                                         |  $    521,212,674 |
|                                                                                     |   |   |                                     |   |                                                                                                                 |                                                                                                                 |                                               |                                                                                       |                                       |
| During the period ended May 31, 2015, there were no transfers between Levels 1, 2 and 3. |   |   |                                     |   |                                                                                                                 |

|   |                                                              |   |   | Pioneer Absolute Return Bond Fund                                                                                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------|-------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                              |   |   | Schedule of Investments 5/31/15 (unaudited)                                                                                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | Principal Amount ($)                                              |   |   |                                                                                                                                         |
|   |                                                              |   |   | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 59.0%                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | 1,200,000                                                         |   |   | U.S. Treasury Bills, 1/7/16 (b)                                                                                                              | $      | 1,199,267                                                                                                                                                                                                                                                                                                                                                                                               |
|   | 3,650,000                                                         |   |   | U.S. Treasury Bills, 11/12/15 (b)                                                                                                            |   | 3,649,083                                                                                                                                                                                                                                                                                                                                                                                               |
|   | 1,450,000                                                         |   |   | U.S. Treasury Bills, 2/4/16 (b)                                                                                                              |   | 1,448,676                                                                                                                                                                                                                                                                                                                                                                                               |
|   | 1,900,000                                                         |   |   | U.S. Treasury Bills, 3/3/16 (b)                                                                                                              |   | 1,897,306                                                                                                                                                                                                                                                                                                                                                                                               |
|   | 3,000,000                                                         |   |   | U.S. Treasury Bills, 7/23/15 (b)                                                                                                             |   | 2,999,958                                                                                                                                                                                                                                                                                                                                                                                               |
|   | 500,000                                                           |   |   | U.S. Treasury Bills, 8/27/15 (b)                                                                                                             |   | 499,988                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                              |   |   | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | (Cost $11,692,068)                                                                                                                           | $      | 11,694,278                                                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | FOREIGN GOVERNMENT BONDS - 25.7%                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
| EUR    | 1,242,012                                                         |   |   | Deutsche Bundesrepublik Inflation Linked Bond, 0.1%, 4/15/23                                                                                 | $      | 1,466,364                                                                                                                                                                                                                                                                                                                                                                                               |
| EUR    | 161,179                                                           |   |   | Deutsche Bundesrepublik Inflation Linked Bond, 0.1%, 4/15/26                                                                                 |   | 192,812                                                                                                                                                                                                                                                                                                                                                                                                 |
| EUR    | 179,000                                                           |   |   | Ireland Government Bond, 2.4%, 5/15/30                                                                                                       |   | 219,057                                                                                                                                                                                                                                                                                                                                                                                                 |
| EUR    | 220,000                                                           |   |   | Ireland Government Bond, 3.4%, 3/18/24                                                                                                       |   | 287,869                                                                                                                                                                                                                                                                                                                                                                                                 |
| EUR    | 240,000                                                           |   |   | Ireland Government Bond, 3.9%, 3/20/23                                                                                                       |   | 321,732                                                                                                                                                                                                                                                                                                                                                                                                 |
| EUR    | 474,701                                                           |   |   | Italy Buoni Poliennali Del Tesoro, 2.35%, 9/15/19                                                                                            |   | 572,741                                                                                                                                                                                                                                                                                                                                                                                                 |
| EUR    | 45,000                                                            |   |   | Italy Buoni Poliennali Del Tesoro, 3.25%, 9/1/46                                                                                             |   | 53,475                                                                                                                                                                                                                                                                                                                                                                                                  |
| EUR    | 250,000                                                           |   |   | Italy Buoni Poliennali Del Tesoro, 3.5%, 3/1/30                                                                                              |   | 315,101                                                                                                                                                                                                                                                                                                                                                                                                 |
| EUR    | 85,000                                                            |   |   | Italy Buoni Poliennali Del Tesoro, 4.75%, 9/1/44                                                                                             |   | 128,221                                                                                                                                                                                                                                                                                                                                                                                                 |
| EUR    | 14,000                                                            |   |   | Italy Buoni Poliennali Del Tesoro, 5.0%, 9/1/40                                                                                              |   | 21,314                                                                                                                                                                                                                                                                                                                                                                                                  |
| JPY    | 3,583,510                                                         |   |   | Japanese Government CPI Linked Bond, 0.1%, 3/10/24                                                                                           |   | 31,040                                                                                                                                                                                                                                                                                                                                                                                                  |
| JPY    | 49,440,000                                                        |   |   | Japanese Government CPI Linked Bond, 0.1%, 9/10/23                                                                                           |   | 427,840                                                                                                                                                                                                                                                                                                                                                                                                 |
| NOK    | 5,000,000                                                         |   |   | Norway Government Bond, 1.75%, 3/13/25                                                                                                       |   | 656,472                                                                                                                                                                                                                                                                                                                                                                                                 |
| EUR    | 20,000                                                            |   |   | Spain Government Bond, 4.7%, 7/30/41                                                                                                         |   | 29,463                                                                                                                                                                                                                                                                                                                                                                                                  |
| EUR    | 235,000                                                           |   |   | Spain Government Bond, 5.15%, 10/31/44                                                                                                       |   | 374,683                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                              |   |   | TOTAL FOREIGN GOVERNMENT BONDS                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | (Cost $5,340,835)                                                                                                                            | $      | 5,098,184                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | Shares                                                            |   |   |                                                                                                                                         |   | Value                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                              |   |   | PURCHASED PUT OPTIONS - 0.4%                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | 120,000                                                           |   |   | FX Barrier Option Put EUR/Call USD Knock-out (Down-and-out) @ (1.08) 1.1125%, 6/2/15                                                         | $      | 1,491                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 130,000                                                           |   |   | FX Vanilla Option Put EUR/Call USD @ 1.135, 7/16/15                                                                                          |   | 5,454                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 150,000                                                           |   |   | FX Vanilla Option Put EUR/Call USD @ 1.34, 6/25/15                                                                                           |   | 36,245                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 170,000                                                           |   |   | FX Vanilla Option Put EUR/Call USD @ 1.3615, 6/23/15                                                                                         |   | 44,745                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                              |   |   | TOTAL PURCHASED PUT OPTIONS                                                                                                                  |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | (Premiums paid $12,592)                                                                                                                      | $      | 87,935                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | PURCHASED CALL OPTIONS - 0.2%                                                                                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | 180,000                                                           |   |   | FX Barrier Option Call EUR/Put SEK Knock-out (Up-and-out) @ (9.470000000000001) 9.2625 6/10/15                                               | $      | 657                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | 200,000                                                           |   |   | FX Barrier Option Call USD/Put KRW Knock-out (Up-and-out)@ (1150) 1110 6/25/15                                                               |   | 805                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | 170,000                                                           |   |   | FX Vanilla Option Call EUR/Put USD @ 1.3615 6/23/15                                                                                          |   |                                                                  - |
|   | 230,000                                                           |   |   | FX Vanilla Option Call USD/Put CNY @ 6.4 10/25/16                                                                                            |   | 2,427                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 250,000                                                           |   |   | FX Vanilla Option Call USD/Put CNY @ 6.4 10/25/16                                                                                            |   | 2,638                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 250,000                                                           |   |   | FX Vanilla Option Call USD/Put CNY @ 6.4 10/25/16                                                                                            |   | 2,638                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 130,000                                                           |   |   | FX Vanilla Option Call USD/Put JPY @ 120.5 6/2/15                                                                                            |   | 3,719                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 120,000                                                           |   |   | FX Vanilla Option Call USD/Put JPY @ 121.5 11/19/15                                                                                          |   | 4,294                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 200,000                                                           |   |   | FX Vanilla Option Call USD/Put SGD @  1.25 6/25/15                                                                                 |   | 14,646                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 200,000                                                           |   |   | FX Vanilla Option Call USD/Put TWD @ 306/26/15                                                                                               |   | 4,656                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                              |   |   | TOTAL PURCHASED CALL OPTIONS                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | (Premiums paid $28,035)                                                                                                                      | $      | 36,480                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | INTEREST RATE SWAPTIONS - 3.4%                                                                                                               |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | 900,000                                                           |   |   | Fixed 1/26/46  0.8% (SWP 1/22/16 Right to pay fixed)                                                                               | $      | 141,900                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 900,000                                                           |   |   | Fixed 1/26/46  0.8% (SWP 1/22/16 Right to receive fixed)                                                                           |   | 17,310                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 2,200,000                                                         |   |   | Fixed 11/11/17  1.65% (SWP 11/9/15 Right to pay fixed)                                                                             |   | 1,612                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 2,200,000                                                         |   |   | Fixed 11/11/17  1.65% (SWP 11/9/15 Right to receive fixed)                                                                         |   | 23,694                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 2,400,000                                                         |   |   | Fixed 11/16/25  1.21% (SWP 11/12/15 Right to pay fixed)                                                                            |   | 18,853                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 2,400,000                                                         |   |   | Fixed 11/16/25  2.21% (SWP 11/12/15 Right to pay fixed)                                                                            |   | 651                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | 625,000                                                           |   |   | Fixed 2/15/27  0.97% (SWP 2/13/17 Right to receive fixed)                                                                          |   | 17,875                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 625,000                                                           |   |   | Fixed 2/15/27 0.97% (SWP 2/13/17 Right to pay fixed)                                                                                         |   | 27,620                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 2,250,000                                                         |   |   | Fixed 2/25/18  1.7% (SWP 2/23/16 Right to pay fixed)                                                                               |   | 5,283                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 2,250,000                                                         |   |   | Fixed 2/25/18  1.7% (SWP 2/23/16 Right to receive fixed)                                                                           |   | 21,298                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 500,000                                                           |   |   | Fixed 3/13/27  2.74% (SWP 3/9/17 Right to pay fixed)                                                                               |   | 17,473                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 500,000                                                           |   |   | Fixed 3/13/27  2.74% (SWP 3/9/17 Right to receive fixed)                                                                           |   | 23,503                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 275,000,000                                                       |   |   | Fixed 5/26/25  0.96% (SWP 5/22/20 Right to pay fixed)                                                                              |   | 35,641                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 275,000,000                                                       |   |   | Fixed 5/26/25  0.96% (SWP 5/22/20 Right to receive fixed)                                                                          |   | 40,627                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 1,000,000                                                         |   |   | Fixed 5/30/47  2.8% (SWP 5/26/17 Right to pay fixed)                                                                               |   | 90,682                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 1,000,000                                                         |   |   | Fixed 5/30/47  2.8% (SWP 5/26/17 Right to receive fixed)                                                                           |   | 91,430                                                                                                                                                                                                                                                                                                                                                                                                  |
|   | 6,000,000                                                         |   |   | Fixed 6/3/35 1.62% (SWP 6/1/15 Right to pay fixed)                                                                                           |   |                                                                  - |
|   | 58,600,000                                                        |   |   | Fixed 6/3/35 JPY 1.62% (SWP 6/1/15 Right to pay fixed)                                                                                       |   |                                                                  - |
|   | 2,000,000                                                         |   |   | Fixed 7/15/15  65% (SWP 3/18/15 Right to pay fixed)                                                                                |   | 7,893                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 2,180,000                                                         |   |   | Fixed 9/15/20  2.5% (SWP 9/11/15 Right to pay fixed)                                                                               |   | 1,468                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 2,180,000                                                         |   |   | Fixed 9/15/20  2.5% (SWP 9/11/15 Right to receive fixed)                                                                           |   | 80,480                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                              |   |   | TOTAL INTEREST RATE SWAPTIONS                                                                                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | (Premiums paid $691,845)                                                                                                                     | $      | 665,293                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | TOTAL INVESTMENT IN SECURITIES - 88.7%                                                                                                       |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | (Cost $17,765,375) (a)                                                                                                                       | $      | 17,582,170                                                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | WRITTEN PUT OPTIONS - (0.2)%                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (130,000)                                                         |   |   | FX Vanilla Option Put EUR/Call USD @ 1.08 7/16/15                                                                                            | $      | (1,498)                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | (170,000)                                                         |   |   | FX Vanilla Option Put EUR/Call USD @ 1.3615 6/23/15                                                                                          |   | (44,745)                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                              |   |   | TOTAL WRITTEN PUT OPTIONS                                                                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | (Premiums received $(40,410))                                                                                                                | $      | (46,243)                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | WRITTEN CALL OPTIONS - (0.0)% †                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (130,000)                                                         |   |   | FX Vanilla Option Call EUR/Put USD @ 1.17 7/16/15                                                                                            | $      | (182)                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | (80,000)                                                          |   |   | FX Vanilla Option Call USD/Put TRY @ 3.4 3/11/15                                                                                             |   | (477)                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                              |   |   | TOTAL WRITTEN CALL OPTIONS                                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | (Premiums received $(1,878))                                                                                                                 | $      | (659)                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | WRITTEN INTEREST RATE SWAPTIONS - (1.7)%                                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (2,500,000)                                                       |   |   | Fixed 1/26/26  0.56% (SWP 1/22/16 Right to receive fixed)                                                                          | $      | (13,498)                                                                                                                                                                                                                                                                                                                                                                                                |
|   | (2,500,000)                                                       |   |   | Fixed 1/26/26 0.56% (SWP1/22/16 Right to pay fixed)                                                                                          |   | (115,198)                                                                                                                                                                                                                                                                                                                                                                                               |
|   | (4,800,000)                                                       |   |   | Fixed 11/16/25  1.71% (SWP 11/12/15 Right to pay fixed)                                                                            |   | (8,266)                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | (600,000)                                                         |   |   | Fixed 5/26/47  2.3% (SWP 5/26/17 Right to pay fixed)                                                                               |   | (91,915)                                                                                                                                                                                                                                                                                                                                                                                                |
|   | (2,000,000)                                                       |   |   | Fixed 7/15/15  80% (SWP 3/18/15 Right to pay fixed)                                                                                |   | (15,448)                                                                                                                                                                                                                                                                                                                                                                                                |
|   | (600,000)                                                         |   |   | Fixed5/26/47  2.3% (SWP 5/26/17 Right to receive fixed)                                                                            |   | (96,115)                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                              |   |   | TOTAL WRITTEN INTEREST RATE SWAPTIONS                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | (Premiums received $(326,299))                                                                                                               | $      | (340,440)                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                              |   |   | OTHER ASSETS & LIABILITIES - 86.8%                                                                                                       | $      | 2,635,612                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                              |   |   | TOTAL NET ASSETS - 13.2%                                                                                                                     | $      | 19,830,440                                                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | †                                                           |   |   | Amount rounds to less than 0.1% or (0.1)%.                                                                                                   |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (a)                                                               |   |   | At May 31, 2015, the net unrealized depreciation on investments based on cost for federal income tax purposes of $17,765,375 was as follows: |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | Aggregate gross unrealized appreciation for all investments in which                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | there is an excess of value over tax cost                                                                                                    |   |  $                                                      277,166                                                      |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | Aggregate gross unrealized depreciation for all investments in which                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | there is an excess of tax cost over value                                                                                                    |   | (460,371)                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | Net unrealized depreciation                                                                                                                  |   |  $                                                    (183,205)                                                                |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (b)                                                               |   |   | Security issued with a zero coupon. Income is earned through accretion of discount.                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   | CNY    | Chinese Yuan                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   | EURO   | European Euro                                                                                                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   | JPY    | Japanese Yen                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   | KRW    | South Korean Won                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   | NOK    | Norwegian Krone                                                                                                                              |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   | SEK    | Swedish Krone                                                                                                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   | SGD    | Singapore Dollar                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   | TRY    | Turkish Lira                                                                                                                                 |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   | TWD    | New Taiwan Dollar                                                                                                                            |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                                              |   |   |                                                                                                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION |   |   |

|   | Notional Principal ($)                                                        | Counterparty | Obligation Entity/Index   | Coupon                                          | Expiration Date | Premiums Paid (Received) | Net Unrealized Appreciation (Depreciation)                     |
|--------|-------------------------------------------------------------------------------|--------------|---------------------------|-------------------------------------------------|-----------------|--------------------------|----------------------------------------------------------------|
|   |            (2,300,000) |         | Intercontinental Exchange | Markit CDX North America Investment Grade Index | 1.00%           | 6/20/20                  |          (41,723) |                 1,663 |
|   |                                                                          |         |                      |                                            |            |                     |  $      (41,723)            |  $             1,663 |
|   | INFLATION RATE SWAP AGREEMENTS                                                |         |                      |                                            |            |                     |

|   |   | Notional Principal ($)        | Counterparty | Pay / Receive                                                                   | Index  |                                | Annual Fixed Rate |   | Expiration Date |   | Net Unrealized Appreciation (Depreciation) |   |
|--------|--------|-------------------------------|--------------|---------------------------------------------------------------------------------|--------|-------------------------------------|-------------------|--------|-----------------|--------|--------------------------------------------|--------|
| EUR    |   |                          | 498,000      |                                                                            |   | Credit Suisse International         | Receive           | USCPI  |            |   | 2.138                                      | %      | 3/3/19 |   |   | 17,766 |   |
| EUR    |   |                          | 994,250      |                                                                            |   | Credit Suisse International         | Receive           | USCPI  |            |   | 2.145                                      | %      | 2/7/19 |   |   | 33,691 |   |
| EUR    |   |                          | (320,000     | )                                                                               |   | Goldman Sachs International         | Pay               | EUCPI  |            |   | 0.750                                      | %      | 3/3/20 |   |   | (4,402 | ) |
| EUR    |   |                          | (140,000     | )                                                                               |   | Goldman Sachs International         | Receive           | EUCPI  |            |   | 0.825                                      | %      | 12/5/19 |   |   | 59 |   |
| EUR    |   |                          | (600,000     | )                                                                               |   | Goldman Sachs International         | Receive           | EUCPI  |            |   | 1.209                                      | %      | 2/5/25 |   |   | 7,536 |   |
| EUR    |   |                          | 600,000      |                                                                            |   | Goldman Sachs International         | Pay               | EUCPI  |            |   | 1.209                                      | %      | 2/5/20 |   |   | (4,952 | ) |
| EUR    |   |                          | (320,000     | )                                                                               |   | Goldman Sachs International         | Receive           | EUCPI  |            |   | 1.200                                      | %      | 3/3/25 |   |   | 5,953 |   |
| EUR    |   |                          | 155,000      |                                                                            |   | Goldman Sachs International         | Pay               | EUCPI  |            |   | 0.990                                      | %      | 3/30/20 |   |   | (40 | ) |
| EUR    |   |                          | 155,000      |                                                                            |   | Goldman Sachs International         | Pay               | EUCPI  |            |   | 1.345                                      | %      | 3/30/25 |   |   | 310 |   |
| EUR    |   |                          | (367,500     | )                                                                               |   | Morgan Stanley Capital Services LLC | Pay               | EUCPI  |            |   | 1.238                                      | %      | 2/7/19 |   |   | (11,022 | ) |
|   |   |                          | (181,000     | )                                                                               |   | Morgan Stanley Capital Services LLC | Pay               | EUCPI  |            |   | 1.210                                      | %      | 3/3/19 |   |   | (5,317 | ) |
| EUR    |   |                          | (575,000     | )                                                                               |   | Morgan Stanley Capital Services LLC | Pay               | EUCPI  |            |   | 0.525                                      | %      | 1/20/20 |   |   | (11,718 | ) |
| EUR    |   |                          | 480,000      |                                                                            |   | Morgan Stanley Capital Services LLC | Pay               | USCPI  |            |   | 1.648                                      | %      | 2/26/20 |   |   | (1,091 | ) |
| EUR    |   |                          | (310,000     | )                                                                               |   | Morgan Stanley Capital Services LLC | Receive           | EUCPI  |            |   | 0.728                                      | %      | 2/26/20 |   |   | 3,295 |   |
|   |   |                          | (275,000     | )                                                                               |   | Morgan Stanley Capital Services LLC | Receive           | EUCPI  |            |   | 1.078                                      | %      | 5/22/19 |   |   | (584 | ) |
| EUR    |   |                          | (300,000     | )                                                                               |   | Morgan Stanley Capital Services LLC | Receive           | EUCPI  |            |   | 0.988                                      | %      | 5/29/19 |   |   | 579 |   |
|   |   |                          | 338,000      |                                                                            |   | Morgan Stanley Capital Services LLC | Pay               | USCPI  |            |   | 1.705                                      | %      | 12/5/19 |   |   | 3,759 |   |
|   |   |                          | (575,000     | )                                                                               |   | Morgan Stanley Capital Services LLC | Receive           | EUCPI  |            |   | 1.030                                      | %      | 1/20/25 |   |   | 17,598 |   |
|   |   |                          |         |                                                                            |   |                                |              |   |            |   |                                       |   |   |   | $ | 51,420 |   |
|   |   | EUCPI                         |         | Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA                          |   |                                |              |   |            |   |                                       |   |   |   |
|   |   | USCPI                         |         | United States Consumer Price Index                                              |   |                                |              |   |            |   |                                       |   |   |   |
|   |   |                          |         |                                                                            |   |                                |              |   |            |   |                                       |   |   |   |   |   |   |
|   |   | NOTE:                         |         |  Principal amounts are denominated in U.S. Dollars unless otherwise noted: |   |                                |              |   |            |   |                                       |   |   |   |
|   |   |                          |         |                                                                            | EUR    | Euro                                |              |   |            |   |                                       |   |   |   |   |   |   |
|   |   |                          |         |                                                                            |   |                                |              |   |            |   |                                       |   |   |   |   |   |   |
|   |   | INTEREST RATE SWAP AGREEMENTS |         |                                                                            |   |                                |              |   |            |   |                                       |   |   |

|   |   | Notional Principal ($) |         | Counterparty | Pay / Receive                                                             | Floating Rate          |                                     | Annual Fixed Rate |   | Expiration Date |   | Net Unrealized Appreciation (Depreciation) |   |
|--------|--------|------------------------|--------------|--------------|---------------------------------------------------------------------------|------------------------|------------------------------------------|-------------------|--------|-----------------|--------|--------------------------------------------|--------|
| AUD    |   |                   | (545,000     | )            | Morgan Stanley Capital Services LLC                                       | Receive                | LIBOR AUD 3 Month                        |              |   | 3.604           | %      | 10/16/24                                   |   | $ | (21,787 | ) |
| AUD    |   |                   | 10,602,000   |         | Morgan Stanley Capital Services LLC                                       | Receive                | LIBOR AUD 3 Month                        |              |   | 2.040           | %      | 11/30/16                                   |   |   | 3,455 |   |
| AUD    |   |                   | 588,500      |         | Morgan Stanley Capital Services LLC                                       | Receive                | LIBOR AUD 3 Month                        |              |   | 3.510           | %      | 1/13/25                                    |   |   | 510 |   |
| AUD    |   |                   | (655,000     | )            | Morgan Stanley Capital Services LLC                                       | Receive                | LIBOR AUD 3 Month                        |              |   | 3.240           | %      | 5/22/25                                    |   |   | (9,881 | ) |
| AUD    |   |                   | (588,500     | )            | Morgan Stanley Capital Services LLC                                       | Receive                | LIBOR AUD 3 Month                        |              |   | 3.285           | %      | 1/13/25                                    |   |   | 4,635 |   |
| AUD    |   |                   | (611,800     | )            | Morgan Stanley Capital Services LLC                                       | Receive                | LIBOR AUD 3 Month                        |              |   | 3.150           | %      | 2/5/25                                     |   |   | 7,619 |   |
| CAD    |   |                   | 3,786,000    |         | Deutsche Bank                                                             | Pay                    | Canadian Bankers Acceptances 3 Month     |              |   | 1.315           | %      | 4/18/19                                    |   |   | (6,086 | ) |
| CAD    |   |                   | 2,520,000    |         | Deutsche Bank                                                             | Pay                    | Canadian Bankers Acceptances 3 Month     |              |   | 1.280           | %      | 4/18/19                                    |   |   | (5,420 | ) |
| EUR    |   |                   | (1,930,000   | )            | Deutsche Bank                                                             | Pay                    | EURIBOR 6 Month                          |              |   | 2.703           | %      | 7/9/23                                     |   |   | (176,204 | ) |
| EUR    |   |                   | 260,000      |         | Deutsche Bank                                                             | Receive                | EURIBOR 6 Month                          |              |   | 2.558           | %      | 2/11/54                                    |   |   | (112,037 | ) |
| EUR    |   |                   | (970,000     | )            | Deutsche Bank                                                             | Receive                | EURIBOR 6 Month                          |              |   | 1.538           | %      | 12/15/64                                   |   |   | (31,522 | ) |
| EUR    |   |                   | (80,000      | )            | Deutsche Bank                                                             | Receive                | EURIBOR 6 Month                          |              |   | 1.824           | %      | 11/11/44                                   |   |   | (12,117 | ) |
| EUR    |   |                   | 400,000      |         | Deutsche Bank                                                             | Pay                    | EURIBOR 6 Month                          |              |   | 1.320           | %      | 2/16/55                                    |   |   | (1,393 | ) |
| EUR    |   |                   | 300,000      |         | Deutsche Bank                                                             | Pay                    | EURIBOR 6 Month                          |              |   | 0.261           | %      | 5/29/19                                    |   |   | 224 |   |
| EUR    |   |                   | 630,000      |         | Deutsche Bank                                                             | Pay                    | EURIBOR 6 Month                          |              |   | 0.527           | %      | 3/29/23                                    |   |   | (9,091 | ) |
| EUR    |   |                   | (285,000     | )            | Deutsche Bank                                                             | Receive                | EURIBOR 6 Month                          |              |   | 0.886           | %      | 3/29/36                                    |   |   | 22,879 |   |
| EUR    |   |                   | 691,000      |         | Deutsche Bank                                                             | Pay                    | EURIBOR 6 Month                          |              |   | 0.292           | %      | 3/20/25                                    |   |   | (20,850 | ) |
| EUR    |   |                   | (1,375,000   | )            | Deutsche Bank                                                             | Receive                | EURIBOR 6 Month                          |              |   | 0.924           | %      | 3/20/45                                    |   |   | 129,957 |   |
| EUR    |   |                   | 1,105,000    |         | Deutsche Bank                                                             | Pay                    | EURIBOR 6 Month                          |              |   | 0.739           | %      | 3/20/45                                    |   |   | (115,105 | ) |
| EUR    |   |                   | 300,000      |         | Deutsche Bank                                                             | Pay                    | EURIBOR 6 Month                          |              |   | 0.299           | %      | 2/26/20                                    |   |   | (315 | ) |
| EUR    |   |                   | 140,000      |         | Deutsche Bank                                                             | Pay                    | EURIBOR 6 Month                          |              |   | 0.411           | %      | 12/5/19                                    |   |   | 817 |   |
| EUR    |   |                   | 1,110,000    |         | Deutsche Bank                                                             | Pay                    | EONIA 1 Day Interbank Rate               |              |   | 0.037           | %      | 2/23/20                                    |   |   | (1,735 | ) |
| EUR    |   |                   | (510,000     | )            | Deutsche Bank                                                             | Receive                | EURIBOR 6 Month                          |              |   | 0.980           | %      | 2/16/65                                    |   |   | 1,066 |   |
| EUR    |   |                   | 390,000      |         | Deutsche Bank                                                             | Pay                    | EONIA 1 Day Interbank Rate               |              |   | 0.765           | %      | 2/23/30                                    |   |   | (6,726 | ) |
| EUR    |   |                   | 184,000      |         | Deutsche Bank                                                             | Receive                | EURIBOR 6 Month                          |              |   | 0.948           | %      | 3/3/19                                     |   |   | 5,463 |   |
| EUR    |   |                   | 275,000      |         | Deutsche Bank                                                             | Pay                    | EURIBOR 6 Month                          |              |   | 0.272           | %      | 5/22/19                                    |   |   | 342 |   |
| EUR    |   |                   | 660,000      |         | Deutsche Bank                                                             | Pay                    | EURIBOR 6 Month                          |              |   | 1.800           | %      | 12/15/54                                   |   |   | 19,866 |   |
| EUR    |   |                   | (630,000     | )            | Deutsche Bank                                                             | Receive                | EURIBOR 6 Month                          |              |   | 1.900           | %      | 2/11/24                                    |   |   | 68,873 |   |
| EUR    |   |                   | 372,500      |         | Morgan Stanley Capital Services LLC                                       | Receive                | EURIBOR 6 Month                          |              |   | 1.004           | %      | 2/7/19                                     |   |   | 11,772 |   |
| GBP    |   |                   | (717,000     | )            | Deutsche Bank                                                             | Pay                    | LIBOR GBP 6 Month                        |              |   | 3.154           | %      | 9/23/24                                    |   |   | (42,047 | ) |
| GBP    |   |                   | (340,000     | )            | Deutsche Bank                                                             | Pay                    | LIBOR GBP 6 Month                        |              |   | 1.966           | %      | 5/5/25                                     |   |   | (3,353 | ) |
| GBP    |   |                   | (750,000     | )            | Deutsche Bank                                                             | Receive                | LIBOR GBP 6 Month                        |              |   | 2.800           | %      | 11/14/24                                   |   |   | (25,211 | ) |
| GBP    |   |                   | (1,100,000   | )            | Deutsche Bank                                                             | Receive                | LIBOR GBP 6 Month                        |              |   | 1.380           | %      | 2/5/19                                     |   |   | 3,206 |   |
| GBP    |   |                   | 260,000      |         | Deutsche Bank                                                             | Pay                    | LIBOR GBP 6 Month                        |              |   | 2.893           | %      | 11/14/44                                   |   |   | 21,789 |   |
| GBP    |   |                   | (1,100,000   | )            | Deutsche Bank                                                             | Receive                | LIBOR GBP 6 Month                        |              |   | 1.425           | %      | 2/8/19                                     |   |   | 1,134 |   |
| GBP    |   |                   | 376,000      |         | Deutsche Bank                                                             | Pay                    | LIBOR GBP 6 Month                        |              |   | 3.130           | %      | 9/24/44                                    |   |   | 44,391 |   |
| INR    |   |                   | 33,700,000   |         | Barclays Bank Plc                                                         | Pay                    | Mumbai Interbank Offer Rate              |              |   | 6.965           | %      | 2/12/17                                    |   |   | (2,337 | ) |
| INR    |   |                   | (14,400,000  | )            | Barclays Bank Plc                                                         | Receive                | Mumbai Interbank Offer Rate              |              |   | 6.560           | %      | 2/12/20                                    |   |   | 4,842 |   |
| INR    |   |                   | 20,500,000   |         | Goldman Sachs International                                               | Pay                    | Mumbai Interbank Offer Rate              |              |   | 6.985           | %      | 5/27/17                                    |   |   | (1,286 | ) |
| INR    |   |                   | 33,700,000   |         | Goldman Sachs International                                               | Pay                    | Mumbai Interbank Offer Rate              |              |   | 6.825           | %      | 2/3/17                                     |   |   | (3,482 | ) |
| INR    |   |                   | (9,000,000   | )            | Goldman Sachs International                                               | Receive                | Mumbai Interbank Offer Rate              |              |   | 6.875           | %      | 5/27/20                                    |   |   | 1,324 |   |
| INR    |   |                   | (14,400,000  | )            | Goldman Sachs International                                               | Receive                | Mumbai Interbank Offer Rate              |              |   | 6.430           | %      | 2/3/20                                     |   |   | 5,971 |   |
| INR    |   |                   | (13,500,000  | )            | Morgan Stanley Capital Services LLC                                       | Receive                | Mumbai Interbank Offer Rate              |              |   | 6.800           | %      | 3/13/20                                    |   |   | 2,576 |   |
| INR    |   |                   | 33,200,000   |         | Morgan Stanley Capital Services LLC                                       | Pay                    | Mumbai Interbank Offer Rate              |              |   | 7.015           | %      | 3/13/17                                    |   |   | (1,885 | ) |
| INR    |   |                   | 40,600,000   |         | Morgan Stanley Capital Services LLC                                       | Pay                    | Mumbai Interbank Offer Rate              |              |   | 6.940           | %      | 2/26/17                                    |   |   | (3,082 | ) |
| INR    |   |                   | 33,700,000   |         | Morgan Stanley Capital Services LLC                                       | Pay                    | Mumbai Interbank Offer Rate              |              |   | 6.930           | %      | 2/4/17                                     |   |   | (2,623 | ) |
| INR    |   |                   | (14,400,000  | )            | Morgan Stanley Capital Services LLC                                       | Receive                | Mumbai Interbank Offer Rate              |              |   | 6.540           | %      | 2/4/20                                     |   |   | 4,998 |   |
| INR    |   |                   | (17,300,000  | )            | Morgan Stanley Capital Services LLC                                       | Receive                | Mumbai Interbank Offer Rate              |              |   | 6.560           | %      | 2/26/20                                    |   |   | 5,860 |   |
| JPY    |   |                   | (49,900,000  | )            | Deutsche Bank                                                             | Receive                | LIBOR JPY 6 Month                        |              |   | 0.623           | %      | 10/10/24                                   |   |   | (3,329 | ) |
| JPY    |   |                   | (137,000,000 | )            | Deutsche Bank                                                             | Receive                | LIBOR JPY 6 Month                        |              |   | 0.328           | %      | 2/4/22                                     |   |   | 1,756 |   |
| JPY    |   |                   | (65,600,000  | )            | Deutsche Bank                                                             | Receive                | LIBOR JPY 6 Month                        |              |   | 2.010           | %      | 2/17/45                                    |   |   | 3,333 |   |
| JPY    |   |                   | (65,600,000  | )            | Deutsche Bank                                                             | Receive                | LIBOR JPY 6 Month                        |              |   | 1.993           | %      | 2/17/45                                    |   |   | 3,961 |   |
| JPY    |   |                   | 54,700,000   |         | Deutsche Bank                                                             | Pay                    | LIBOR JPY 6 Month                        |              |   | 1.906           | %      | 2/17/35                                    |   |   | (761 | ) |
| JPY    |   |                   | 54,700,000   |         | Deutsche Bank                                                             | Pay                    | LIBOR JPY 6 Month                        |              |   | 1.920           | %      | 2/19/35                                    |   |   | (222 | ) |
| KRW    |   |                   | 768,000,000  |         | Goldman Sachs International                                               | Pay                    | South Korea Overnight Interbank Rate     |              |   | 2.100           | %      | 2/3/25                                     |   |   | (2,226 | ) |
| NOK    |   |                   | 2,826,000    |         | Deutsche Bank                                                             | Pay                    | Norwegian Interbank Offer Rate 6 Month   |              |   | 1.790           | %      | 10/23/17                                   |   |   | 3,548 |   |
| NOK    |   |                   | 2,550,000    |         | Goldman Sachs International                                               | Pay                    | Norwegian Interbank Offer Rate 6 Month   |              |   | 1.020           | %      | 3/21/18                                    |   |   | (2,055 | ) |
| NOK    |   |                   | 3,000,000    |         | Morgan Stanley Capital Services LLC                                       | Pay                    | Norwegian Interbank Offer Rate 6 Month   |              |   | 1.635           | %      | 11/12/17                                   |   |   | 2,556 |   |
| NOK    |   |                   | 2,826,000    |         | Morgan Stanley Capital Services LLC                                       | Pay                    | Norwegian Interbank Offer Rate 6 Month   |              |   | 1.765           | %      | 10/28/17                                   |   |   | 3,367 |   |
| NZD    |   |                   | 2,682,000    |         | Morgan Stanley Capital Services LLC                                       | Pay                    | NZD Bank Bill 3 Month                    |              |   | 3.510           | %      | 4/28/17                                    |   |   | 5,935 |   |
| NZD    |   |                   | 702,000      |         | Morgan Stanley Capital Services LLC                                       | Pay                    | NZD Bank Bill 3 Month                    |              |   | 4.050           | %      | 1/23/25                                    |   |   | (3,248 | ) |
| NZD    |   |                   | 711,000      |         | Morgan Stanley Capital Services LLC                                       | Pay                    | NZD Bank Bill 3 Month                    |              |   | 3.770           | %      | 2/7/25                                     |   |   | (8,732 | ) |
| NZD    |   |                   | 702,000      |         | Morgan Stanley Capital Services LLC                                       | Pay                    | NZD Bank Bill 3 Month                    |              |   | 3.850           | %      | 1/13/25                                    |   |   | (7,044 | ) |
| SEK    |   |                   | 2,900,000    |         | Barclays Bank Plc                                                         | Pay                    | LIBOR SEK 3 Month                        |              |   | 0.103           | %      | 2/12/17                                    |   |   | 1,557 |   |
| SEK    |   |                   | 2,610,000    |         | Barclays Bank Plc                                                         | Pay                    | LIBOR SEK 3 Month                        |              |   | 0.403           | %      | 10/24/16                                   |   |   | 2,599 |   |
| SEK    |   |                   | 3,310,000    |         | Barclays Bank Plc                                                         | Pay                    | LIBOR SEK 3 Month                        |              |   | 0.390           | %      | 10/28/16                                   |   |   | 3,276 |   |
| SEK    |   |                   | 4,750,000    |         | Barclays Bank Plc                                                         | Pay                    | LIBOR SEK 3 Month                        |              |   | 0.615           | %      | 8/26/16                                    |   |   | 5,829 |   |
| SEK    |   |                   | 5,040,000    |         | Barclays Bank Plc                                                         | Pay                    | LIBOR SEK 3 Month                        |              |   | 0.550           | %      | 9/18/16                                    |   |   | 5,931 |   |
| SEK    |   |                   | 4,800,000    |         | Barclays Bank Plc                                                         | Receive                | LIBOR SEK 3 Month                        |              |   | 0.628           | %      | 8/20/16                                    |   |   | 5,937 |   |
| SEK    |   |                   | 4,800,000    |         | Morgan Stanley Capital Services LLC                                       | Receive                | LIBOR SEK 3 Month                        |              |   | 0.628           | %      | 8/13/16                                    |   |   | 5,806 |   |
| SEK    |   |                   | 4,800,000    |         | Morgan Stanley Capital Services LLC                                       | Receive                | LIBOR SEK 3 Month                        |              |   | 0.630           | %      | 8/14/16                                    |   |   | 5,831 |   |
| SGD    |   |                   | (1,650,000   | )            | Goldman Sachs International                                               | Receive                | Singapore Interbank Offered Rate 6 Month |              |   | 2.018           | %      | 5/6/20                                     |   |   | (826 | ) |
| THB    |   |                   | 44,000,000   |         | Goldman Sachs International                                               | Receive                | Bangkok Interbank Offered Rate 6 Month   |              |   | 1.820           | %      | 4/24/18                                    |   |   | 3,266 |   |
|   |   |                   | (410,000     | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 0.640           | %      | 10/28/16                                   |   |   | (83 | ) |
|   |   |                   | (1,690,000   | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 3.044           | %      | 11/28/22                                   |   |   | (26,508 | ) |
|   |   |                   | 530,000      |         | Deutsche Bank                                                             | Pay                    | LIBOR USD 3 Month                        |              |   | 2.223           | %      | 5/6/25                                     |   |   | 2,115 |   |
|   |   |                   | 3,150,000    |         | Deutsche Bank                                                             | Pay                    | LIBOR USD 3 Month                        |              |   | 1.810           | %      | 1/23/19                                    |   |   | (2,123 | ) |
|   |   |                   | 1,800,000    |         | Deutsche Bank                                                             | Pay                    | LIBOR USD 3 Month                        |              |   | 1.593           | %      | 2/10/19                                    |   |   | 1,427 |   |
|   |   |                   | (35,000      | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 2.453           | %      | 3/13/27                                    |   |   | 456 |   |
|   |   |                   | (3,014,000   | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 1.861           | %      | 4/18/19                                    |   |   | 4,986 |   |
|   |   |                   | (2,000,000   | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 1.928           | %      | 4/18/19                                    |   |   | 747 |   |
|   |   |                   | (700,000     | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 1.480           | %      | 2/25/18                                    |   |   | (1,930 | ) |
|   |   |                   | (1,000,000   | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 1.275           | %      | 11/11/17                                   |   |   | (2,527 | ) |
|   |   |                   | (350,000     | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 1.700           | %      | 9/15/20                                    |   |   | 719 |   |
|   |   |                   | (508,000     | )            | Deutsche Bank                                                             | Pay                    | LIBOR USD 3 Month                        |              |   | 1.576           | %      | 3/3/19                                     |   |   | (4,207 | ) |
|   |   |                   | (350,000     | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 1.753           | %      | 12/5/19                                    |   |   | (3,626 | ) |
|   |   |                   | (680,000     | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 2.734           | %      | 2/15/41                                    |   |   | (9,195 | ) |
|   |   |                   | (1,400,000   | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 1.930           | %      | 9/15/20                                    |   |   | (12,658 | ) |
|   |   |                   | (2,860,000   | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 0.893           | %      | 12/31/16                                   |   |   | (9,264 | ) |
|   |   |                   | (630,000     | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 0.775           | %      | 9/18/16                                    |   |   | (1,640 | ) |
|   |   |                   | (500,000     | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 1.717           | %      | 2/26/20                                    |   |   | (3,554 | ) |
|   |   |                   | (340,000     | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 1.521           | %      | 11/12/17                                   |   |   | (2,511 | ) |
|   |   |                   | (371,500     | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 1.427           | %      | 10/28/17                                   |   |   | (2,266 | ) |
|   |   |                   | (625,000     | )            | Deutsche Bank                                                             | Pay                    | LIBOR USD 3 Month                        |              |   | 0.679           | %      | 8/13/16                                    |   |   | (1,041 | ) |
|   |   |                   | (619,000     | )            | Deutsche Bank                                                             | Pay                    | LIBOR USD 3 Month                        |              |   | 0.700           | %      | 8/26/16                                    |   |   | (1,042 | ) |
|   |   |                   | (625,000     | )            | Deutsche Bank                                                             | Pay                    | LIBOR USD 3 Month                        |              |   | 0.673           | %      | 8/14/16                                    |   |   | (1,000 | ) |
|   |   |                   | (371,500     | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 1.370           | %      | 10/23/17                                   |   |   | (1,918 | ) |
|   |   |                   | (176,000     | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 0.635           | %      | 10/24/16                                   |   |   | (32 | ) |
|   |   |                   | (625,000     | )            | Deutsche Bank                                                             | Pay                    | LIBOR USD 3 Month                        |              |   | 0.648           | %      | 8/20/16                                    |   |   | (680 | ) |
|   |   |                   | (1,630,000   | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 2.348           | %      | 1/23/23                                    |   |   | 16,986 |   |
|   |   |                   | 3,130,000    |         | Deutsche Bank                                                             | Pay                    | LIBOR USD 3 Month                        |              |   | 2.252           | %      | 11/28/18                                   |   |   | 29,182 |   |
|   |   |                   | (2,220,000   | )            | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 1.445           | %      | 2/6/20                                     |   |   | 10,830 |   |
|   |   |                   | 1,380,000    |         | Deutsche Bank                                                             | Receive                | LIBOR USD 3 Month                        |              |   | 3.985           | %      | 7/9/23                                     |   |   | 85,922 |   |
|   |   |                   | (1,015,000   | )            | Morgan Stanley Capital Services LLC                                       | Pay                    | LIBOR USD 3 Month                        |              |   | 1.599           | %      | 2/7/19                                     |   |   | (9,585 | ) |
|   |   |                   |         |         |                                                                      |                   |                                     |              |   |            |   |                                       |   | $ | (149,981 | ) |
|   |   |                   |         |         |                                                                      |                   |                                     |              |   |            |   |                                       |   |   |   |   |
|   |   |                   |         |         | Principal amounts are denominated in U.S. Dollars unless otherwise noted: |                   |                                     |              |   |            |   |                                       |   |   |   |
|   |   |                   |         |         |                                                                      |                   |                                     |              |   |            |   |                                       |   |   |   |   |
|   |   |                   |         |         | AUD                                                                       | Australian Dollar      |                                     |              |   |            |   |                                       |   |   |   |   |
|   |   |                   |         |         | CAD                                                                       | Canadian Dollar        |                                     |              |   |            |   |                                       |   |   |   |   |
|   |   |                   |         |         | EUR                                                                       | Euro                   |                                     |              |   |            |   |                                       |   |   |   |   |
|   |   |                   |         |         | GBP                                                                       | British Pound Sterling |                                     |              |   |            |   |                                       |   |   |   |   |
|   |   |                   |         |         | INR                                                                       | Indian Rupee           |                                     |              |   |            |   |                                       |   |   |   |   |
|   |   |                   |         |         | JPY                                                                       | Japanese Yen           |                                     |              |   |            |   |                                       |   |   |   |   |
|   |   |                   |         |         | KRW                                                                       | South Korean Won       |                                     |              |   |            |   |                                       |   |   |   |   |
|   |   |                   |         |         | NOK                                                                       | Norwegian Krone        |                                     |              |   |            |   |                                       |   |   |   |   |
|   |   |                   |         |         | NZD                                                                       | New Zealand Dollar     |                                     |              |   |            |   |                                       |   |   |   |   |
|   |   |                   |         |         | SEK                                                                       | Swedish Krone          |                                     |              |   |            |   |                                       |   |   |   |   |
|   |   |                   |         |         | SGD                                                                       | Singapore Dollar       |                                     |              |   |            |   |                                       |   |   |   |   |
|   |   |                   |         |         | THB                                                                       | Thai Baht              |                                     |              |   |            |   |                                       |   |   |   |   |

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

|                                                                                     |   | Level 1 |   |   | Level 2 |   |       | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|--------|--------|---------|--------|------------|---------|--------|--------|--------|--------|
| U.S. Government and Agency Obligations                                                   |   | $       | -      |   |    | $      | 11,694,278 |    |   | $      | -      |   |   | $ | 11,694,278 |   |
| Foreign Government Bonds                                                                 |   |    | -      |   |    |   | 5,098,184  |    |   |   | -      |   |   |   | 5,098,184 |   |
| Purchased Put Options                                                                    |   |    | -      |   |    |   | 87,935     |    |   |   | -      |   |   |   | 87,935 |   |
| Purchased Call Options                                                                   |   |    | -      |   |    |   | 36,480     |    |   |   | -      |   |   |   | 36,480 |   |
| Interest Rate Swaptions                                                                  |   |    | -      |   |    |   | 665,293    |    |   |   | -      |   |   |   | 665,293 |   |
| Total                                                                                    |   | $       | -      |   |    | $      | 17,582,170 |    |   | $      | -      |   |   | $ | 17,582,170 |   |
| Other Financial Instruments                                                              |   |    |   |   |    |   |       |    |   |   |   |   |   |   |   |   |
| Net unrealized depreciation on written put options                                       |   | $       | -      |   |    | $      | (5,833     | )       |   | $      | -      |   |   | $ | (5,833 | ) |
| Net unrealized appreciation on written call options                                      |   |    | -      |   |    |   | 1,219      |    |   |   | -      |   |   |   | 1,219 |   |
| Net unrealized depreciation on written interest rate swaptions                           |   |    | -      |   |    |   | (14,141    | )       |   |   | -      |   |   |   | (14,141 | ) |
| Net unrealized appreciation on futures contracts                                         |   |    | 66,167 |   |    |   | -          |    |   |   | -      |   |   |   | 66,167 |   |
| Net unrealied appreciation on forward foreign currency contracts                         |   |    | -      |   |    |   | 110,874    |    |   |   | -      |   |   |   | 110,874 |   |
| Net unrealied depreciation on forward foreign currency contracts                         |   |    | -      |   |    |   | (317,015   | )       |   |   | -      |   |   |   | (317,015 | ) |
| Net unrealized appreciation on centrally cleared credit default swap                     |   |    | -      |   |    |   | 1,663      |    |   |   | -      |   |   |   | 1,663 |   |
| Unrealized Appreciation on Inflation Rate Swaps                                          |   |    | -      |   |    |   | 51,420     |    |   |   | -      |   |   |   | 51,420 |   |
| Unrealized Depreciation on Interest Rate Swaps                                           |   |    | -      |   |    |   | (149,981   | )       |   |   | -      |   |   |   | (149,981 | ) |
| Total                                                                                    |   | $       | 66,167 |   |    | $      | (321,794   | )       |   | $      | -      |   |   | $ | (255,627 | ) |
|                                                                                     |   |    |   |   |    |   |       |    |   |   |   |   |   |   |   |   |
| During the period ended May 31, 2015, there were no transfers between Levels 1, 2 and 3. |   |    |   |   |    |   |       |    |   |   |   |   |   |   |   |   |

|   |                                            |             |   | Pioneer Long/Short Opportunistic Credit Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |
|--------|-------------------------------------------------|------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|------------|
|   |                                            |             |   | Schedule of Investments 5/29/15 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |
|   | Principal Amount ($)                            | FloatingRate (b) |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | Value      |
|   |                                            |             |   | PREFERRED STOCK - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |
|   |                                            |             |   | Diversified Financials - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |
|   |                                            |             |   | Investment Banking & Brokerage - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |
|   | 12,000                                          | 7.12             |   | Morgan Stanley, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 339,360    |
|   |                                            |             |   | TOTAL PREFERRED STOCK                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |
|   |                                            |             |   | (Cost $340,923)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 339,360    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | ASSET BACKED SECURITIES - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |
|   |                                            |             |   | Banks - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |
|   |                                            |             |   | Thrifts & Mortgage Finance - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |
|   | 27,978                                          |             |   | CAM Mortgage Trust 2014-1, 5.5%, 12/15/53 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 28,002     |
|   | 40,499                                          | 1.48             |   | First Franklin Mortgage Loan Trust 2003-FFC, Floating Rate Note, 11/25/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 38,655  |
|   | 42,038                                          |             |   | Icon Brand Holdings LLC, 4.229%, 1/26/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 42,230     |
|   | 29,160                                          | 3.18             |   | Irwin Whole Loan Home Equity Trust 2003-C, Floating Rate Note, 6/25/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 29,155     |
|   | 50,376                                          | 5.47             |   | New Century Home Equity Loan Trust, Floating Rate Note, 8/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 52,119     |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 190,161    |
|   |                                            |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 190,161    |
|   |                                            |             |   | Diversified Financials - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |
|   |                                            |             |   | Other Diversified Financial Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |
|   | 87,500                                          |             |   | TAL Advantage V LLC, 4.1%, 2/22/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 88,764     |
|   |                                            |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 88,764     |
|   |                                            |             |   | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |
|   |                                            |             |   | (Cost $277,411)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 278,925    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | COLLATERALIZED MORTGAGE OBLIGATIONS - 22.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |
|   |                                            |             |   | Banks - 22.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |
|   |                                            |             |   | Thrifts & Mortgage Finance - 22.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |
|   | 300,000                                         | 1.14             |   | Alternative Loan Trust 2005-J4, Floating Rate Note, 7/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 270,386    |
|   | 180,000                                         | 2.71             |   | BAMLL Commercial Mortgage Securities Trust 2014-INLD, Floating Rate Note, 12/17/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 166,640 |
|   | 250,000                                         | 5.97             |   | Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 259,917 |
|   | 45,548                                          | 1.18             |   | Bayview Commercial Asset Trust 2004-3, Floating Rate Note, 1/25/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 41,985  |
|   | 150,000                                         |             |   | Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 152,416 |
|   | 106,223                                         | 4.45             |   | CAM Mortgage Trust 2014-2, Floating Rate Note, 5/15/48 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 106,438    |
|   | 120,000                                         | 2.77             |   | Carefree Portfolio Trust 2014-CARE, Floating Rate Note, 11/15/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 111,282    |
|   | 155,000                                         | 5.77             |   | COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 145,649 |
|   | 47,000                                          | 5.77             |   | COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 41,450  |
|   | 175,000                                         | 5.57             |   | COBALT Commercial Mortgage Trust 2007-C2, Floating Rate Note, 4/15/47 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 179,507 |
|   | 175,000                                         |             |   | COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 177,711    |
|   | 175,000                                         | 5.23             |   | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/17/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 175,615 |
|   | 300,000                                         | 5.10             |   | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 282,929 |
|   | 175,000                                         | 3.29             |   | CSMC Trust 2014-SURF, Floating Rate Note, 2/15/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 174,892    |
|   | 92,613                                          | 4.93             |   | EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/9/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 91,928     |
|   | 100,000                                         | 3.38             |   | GAHR Commercial Mortgage Trust 2015-NRF, Floating Rate Note, 12/15/34 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 95,382  |
|   | 125,000                                         | 4.94             |   | GS Mortgage Securities Corp., II, Series 2005-GG4, Floating Rate Note, 7/10/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 122,943 |
|   | 250,000                                         | 5.74             |   | GS Mortgage Securities Trust 2006-GG6, Floating Rate Note, 4/10/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 251,513    |
|   | 200,000                                         |             |   | JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 202,601 |
|   | 888,001                                         | 3.50             |   | JP Morgan Mortgage Trust 2014-1 REMICS, Floating Rate Note, 1/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 909,876 |
|   | 756,278                                         | 3.96             |   | JP Morgan Mortgage Trust 2014-1 REMICS, Floating Rate Note, 1/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 792,497 |
|   | 187,500                                         | 5.28             |   | LB-UBS Commercial Mortgage Trust 2006-C1, Floating Rate Note, 2/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 189,671 |
|   | 260,000                                         | 5.45             |   | Merrill Lynch Mortgage Trust 2005-CKI1, Floating Rate Note, 11/12/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 261,017    |
|   | 70,000                                          | 5.48             |   | ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 71,539     |
|   | 1,738                                           | 0.96             |   | Nomura Asset Acceptance Corp., Alternative Loan Trust Series 2004-AR2, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 1,736   |
|   | 636,237                                         | 3.50             |   | Sequoia Mortgage Trust 2012-3, Floating Rate Note, 7/25/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 647,918    |
|   | 863,143                                         | 3.00             |   | Sequoia Mortgage Trust 2013-7, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 847,127    |
|   | 250,000                                         | 5.36             |   | Wachovia Bank Commercial Mortgage Trust Series 2005-C22, Floating Rate Note, 12/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 252,149 |
|   | 125,000                                         | 5.95             |   | Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 131,390 |
|   | 200,000                                         | 3.69             |   | Wells Fargo Commercial Mortgage Trust 2014-TISH, Floating Rate Note, 1/15/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 200,422 |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 7,356,526  |
|   |                                            |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 7,356,526  |
|   |                                            |             |   | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |
|   |                                            |             |   | (Cost $7,193,507)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 7,356,526  |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | CORPORATE BONDS - 8.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |
|   |                                            |             |   | Energy - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |
|   |                                            |             |   | Integrated Oil & Gas - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |
|   | 675,000                                         |             |   | Petrobras Global Finance BV, 3.875%, 1/27/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 677,700    |
|   |                                            |             |   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 677,700    |
|   |                                            |             |   | Banks - 3.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |
|   |                                            |             |   | Diversified Banks - 3.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |
|   | 300,000                                         | 6.50             |   | Bank of America Corp., Floating Rate Note, 10/23/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 317,250    |
|   | 300,000                                         | 5.90             |   | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 299,625    |
|   | 300,000                                         | 6.62             |   | Credit Agricole SA, Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 300,750    |
|   | 325,000                                         | 6.50             |   | ING Groep NV, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 320,938    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 1,238,563  |
|   |                                            |             |   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,238,563  |
|   |                                            |             |   | Diversified Financials - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |
|   |                                            |             |   | Other Diversified Financial Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |
| INR    | 3,700,000                                       |             |   | European Bank for Reconstruction & Development, 6.0%, 3/3/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 57,744     |
|   |                                            |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 57,744     |
|   |                                            |             |   | Insurance - 2.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |
|   |                                            |             |   | Reinsurance - 2.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |       |
|   | 250,000                                         | 6.86             |   | Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 253,050    |
|   | 250,000                                         | 4.52             |   | Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 249,500    |
|   | 250,000                                         | 4.51             |   | Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 253,200 |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 755,750    |
|   |                                            |             |   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 755,750    |
|   |                                            |             |   | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |
|   |                                            |             |   | (Cost $2,732,379)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 2,729,757  |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 42.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       |
|   | 1,290,000                                       |             |   | U.S. Treasury Bills, 6/11/15 (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,289,996  |
|   | 1,290,000                                       |             |   | U.S. Treasury Bills, 6/18/15 (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 1,289,991  |
|   | 1,490,000                                       |             |   | U.S. Treasury Bills, 6/25/15 (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 1,489,985  |
|   | 1,290,000                                       |             |   | U.S. Treasury Bills, 7/2/15 (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 1,289,988  |
|   | 1,455,000                                       | 0.06             |   | U.S. Treasury Note, Floating Rate Note, 1/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 1,454,913  |
|   | 1,450,000                                       | 0.07             |   | U.S. Treasury Note, Floating Rate Note, 10/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 1,449,723  |
|   | 1,455,000                                       | 0.08             |   | U.S. Treasury Note, Floating Rate Note, 4/30/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 1,455,172  |
|   | 1,420,000                                       | 0.09             |   | U.S. Treasury Note, Floating Rate Note, 7/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 1,420,104  |
|   | 1,450,000                                       | 0.10             |   | U.S. Treasury Note, Floating Rate Note, Floating Rate Note, 1/31/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 1,450,435  |
|   | 1,485,000                                       | 0.09             |   | U.S. Treasury Note, Floating Rate Note, Floating Rate Note, 4/30/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 1,484,933  |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 14,075,240 |
|   |                                            |             |   | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |
|   |                                            |             |   | (Cost $14,075,919)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 14,075,240 |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | MUNICIPAL BONDS - 10.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |
|   |                                            |             |   | Municipal Development - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |
|   | 200,000                                         | 0.06             |   | Mississippi Business Finance Corp., Floating Rate Note, 12/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 200,000    |
|   | 225,000                                         | 0.13             |   | Mississippi Business Finance Corp., Floating Rate Note, 12/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 225,000    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 425,000    |
|   |                                            |             |   | Higher Municipal Education - 7.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |
|   | 225,000                                         | 0.08             |   | Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 225,000    |
|   | 600,000                                         | 0.06             |   | Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 600,000 |
|   | 690,000                                         | 0.07             |   | Massachusetts Health & Educational Facilities Authority, Floating Rate Note, 11/1/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 690,000 |
|   | 600,000                                         | 0.07             |   | The University of Texas System, Floating Rate Note, 8/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 600,000    |
|   | 225,000                                         | 0.09             |   | University of Michigan, Floating Rate Note, 12/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 225,000    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 2,340,000  |
|   |                                            |             |   | Municipal Medical - 2.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |
|   | 735,000                                         | 0.10             |   | Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 735,000    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |
|   |                                            |             |   | (Cost $3,500,000)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 3,500,000  |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | SENIOR FLOATING RATE LOAN INTEREST - 0.1%**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |
|   |                                            |             |   | Energy - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |       |
|   |                                            |             |   | Integrated Oil & Gas - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |
|   | 50,000                                          | 7.50             |   | Chief Exploration & Development LLC, Term Loan, 6.50%, 5/16/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 48,050     |
|   |                                            |             |   | TOTAL SENIOR FLOATING RATE LOAN INTEREST                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |
|   |                                            |             |   | (Cost $49,570)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 48,050     |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | TEMPORARY CASH INVESTMENT - 12.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |       |
|   |                                            |             |   | Repurchase Agreement - 12.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |
|   | 3,990,000                                       |             |   | $3,990,000 RBC Capital Markets, Inc., dated 4/29/15 plus accrued interest on 5/1/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                            |             |   | collateralized by the following:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |       |
|   |                                            |             |   | $1,192,309 Freddie Mac Giant, 3.0-4.5%, 9/1/43-9/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |       |
|   |                                            |             |   | $1,999,573 Federal National Mortgage Association (ARM), 2.227-3.225%, 6/1/36-3/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                            |             |   | $199,099 Federal National Mortgage Association, 3.5-5.5%, 6/1/23-9/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |       |
|   |                                            |             |   | $678,819 Government National Mortgage Association II, 3.0%, 5/20/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 3,990,000  |
|   |                                            |             |   | TOTAL TEMPORARY CASH INVESTMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |       |
|   |                                            |             |   | (Cost $3,990,000)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 3,990,000  |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   | Shares                                          |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | PURCHASED PUT OPTIONS - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |
|   | 58                                              |             |   | S&P EMINI Futures, 9/18/15 @ 1670                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 15,080     |
|   | 58                                              |             |   | S&P EMINI Futures, 9/18/15 @ 1985                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 93,090     |
|   |                                            |             |   | TOTAL PURCHASED PUT OPTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 108,170    |
|   |                                            |             |   | (Premiums paid $157,635)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 108,170    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | PURCHASED CALL OPTION - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |
|   | 122                                             |             |   | Euro 2y Mid Cap Value Future, 6/12/15 @ 98.125                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 67,862     |
|   |                                            |             |   | TOTAL PURCHASED CALL OPTION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |       |
|   |                                            |             |   | (Premiums paid $39,975)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 67,862     |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | PURCHASED SWAPTION - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |
|   | 2,680,000                                       |             |   | Put on MARKIT CDX North America High Yield Index, 6/17/15, 105% (3/4/15 Right to pay fixed)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,508      |
|   |                                            |             |   | TOTAL PURCHASED SWAPTION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |
|   |                                            |             |   | (Premiums paid $24,144)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 1,508      |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | TOTAL INVESTMENT IN SECURITIES - 98.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |
|   |                                            |             |   | (Cost $32,381,463) (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 32,495,398 |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | WRITTEN PUT OPTIONS - (0.2)%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |
|   | (58)                                            |             |   | S&P EMINI Futures, 9/18/15 @ 1880                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | (50,750)   |
|   | (58)                                            |             |   | S&P EMINI Futures, 9/18/15 @ 1775                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | (27,260)   |
|   |                                            |             |   | TOTAL WRITTEN PUT OPTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | (78,010)   |
|   |                                            |             |   | (Premiums received $(120,040))                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | (78,010)   |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | WRITTEN CALL OPTION - (0.2)%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |
|   | (244)                                           |             |   | Euro 2y Mid Cap Value Future, 6/12/15 @ 98.25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | (77,775)   |
|   |                                            |             |   | TOTAL WRITTEN CALL OPTION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |
|   |                                            |             |   | (Premiums received $(42,051))                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | (77,775)   |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | WRITTEN SWAPTION - (0.0)%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |       |
|   | (5,360,000)                                     |             |   | Put on MARKIT CDX North America High Yield Index, 6/17/15, 103% (3/4/15 Right to pay fixed)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | (720)      |
|   |                                            |             |   | TOTAL WRITTEN SWAPTION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |
|   |                                            |             |   | (Premiums received $(26,532))                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | (720)      |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | OTHER ASSETS & LIABILITIES - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 630,026    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 32,968,919 |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   | +                                               |             |   | Amount rounds to less than 0.1 or (0.1)%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   | (144A)                                          |             |   | Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At May 29, 2015, the value of these securities amounted to $3,818,074 or 11.6% of total net assets.                                                                                                                                                                                                                                                       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   | (Cat Bond)                                      |             |   | Catastrophe bond is a high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe.                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   | (Perpetual)                                     |             |   | Security with no stated maturity date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   | (Step)                                          |             |   | Bond issued with an initial coupon rate which converts to a higher rate at a later date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   | (ARM)                                           |             |   | Adjustable Rate Mortgage.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   | REMICS                                          |             |   | Real Estate Mortgage Investment Conduits.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   | **                                              |             |   | 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 certificate of deposit or (iv) other base lending rates used by commercial lenders.  The rate shown is the coupon rate at period end. |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   | (a)                                             |             |   | At May 31, 2015, the net unrealized appreciation on investments based on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |       |
|   |                                            |             |   | cost for federal income tax purposes of $32,381,463 was as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 212,525    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | (98,590)   |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | Net unrealized appreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 113,935    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   | (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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            | NOTE:            |   | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            | INR              |   | Indian Rupee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |       |
|   | CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION |             |   |

|   |   | Notional Principal ($)                                                    |       | Counterparty | Obligation Entity/Index                    |                                            | Coupon |   | ExpirationDate |   | Premiums Paid |   |   | Net Unrealized Appreciation (Depreciation) |   |
|--------|--------|---------------------------------------------------------------------------|------------|--------------|--------------------------------------------|-------------------------------------------------|--------|--------|----------------|--------|---------------|--------|--------|--------------------------------------------|--------|
|   |   |                                                                      | (225,000   | )            | Barclays Bank Plc                          | ING Bank NV                                     |   |   | 1.00           | %      | 6/20/20       |   | $      | (3,409                                     | )      |   | $ | (215 | ) |
|   |   |                                                                      | (1,197,950 | )            | Citibank NA                                | Markit CDX North America High Yield Index       |   |   | 5.00           | %      | 12/20/18      |   |   | (237,194                                   | )      |   |   | 46,400 |   |
|   |   |                                                                      | (225,000   | )            | Citibank NA                                | Morgan Stanley                                  |   |   | 1.00           | %      | 6/20/20       |   |   | (2,407                                     | )      |   |   | 50 |   |
|   |   |                                                                      | (225,000   | )            | Goldman Sach International                 | Citigroup Inc.                                  |   |   | 1.00           | %      | 6/20/20       |   |   | (2,518                                     | )      |   |   | (121 | ) |
|   |   |                                                                      | (225,000   | )            | Morgan Stanley & Co. International Plc | Bank of America Corp.                           |   |   | 1.00           | %      | 6/20/20       |   |   | (3,739                                     | )      |   |   | 100 |   |
|   |   |                                                                      | (220,000   | )            | Morgan Stanley & Co. International Plc | Credit Agricole SA                              |   |   | 1.00           | %      | 6/20/20       |   |   | (3,704                                     | )      |   |   | 396 |   |
|   |   |                                                                      |       |         |                                       |                                            |   |   |           |   |          |   | $      | (252,971                                   | )      |   | $ | 46,610 |   |
|   |   | CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION         |       |         |                                       |                                            |   |   |           |   |          |   |   |                                       |   |
|   |   |                                                                      |       |         |                                       |                                            |   |   |           |   |          |   |   |                                       |   |   |   |   |   |
|   |   | Notional Principal ($)                                                    |       | Counterparty | Obligation Entity/Index                    |                                            | Coupon |   | ExpirationDate |   | Premiums Paid |   |   | Net Unrealized Appreciation                |   |
|   |   |                                                                      | (1,522,875 | )            | Chicago Mercantile Exchange                | Markit CDX North America High Yield Index       |   |   | 5.00           | %      | 12/20/16      |   | $      | (90,763                                    | )      |   | $ | 11,682 |   |
|   |   |                                                                      | (500,000   | )            | Chicago Mercantile Exchange                | Markit CDX North America High Yield Index       |   |   | 5.00           | %      | 6/20/20       |   |   | (36,550                                    | )      |   |   | 1,151 |   |
|   |   |                                                                      | (3,185,000 | )            | Chicago Mercantile Exchange                | Markit CDX North America Investment Grade Index |   |   | 1.00           | %      | 12/20/19      |   |   | (55,926                                    | )      |   |   | 4,781 |   |
|   |   |                                                                      | (400,000   | )            | Chicago Mercantile Exchange                | Markit CDX North America Investment Grade Index |   |   | 1.00           | %      | 6/20/20       |   |   | (7,363                                     | )      |   |   | 396 |   |
| EUR    |   |                                                                      | (2,750,000 | )            | Intercontinental Exchange                  | Markit iTraxx Europe Crossover Index            |   |   | 5.00           | %      | 6/20/19       |   |   | (401,922                                   | )      |   |   | 44,672 |   |
|   |   |                                                                      |       |         |                                       |                                            |   |   |           |   |          |   | $      | (592,524                                   | )      |   | $ | 62,682 |   |
|   |   | Principal amounts are denominated in U.S. Dollars unless otherwise noted: |       |         |                                       |                                            |   |   |           |   |          |   |   |                                       |   |
|   |   | EUR                                                                       |       | Euro         |                                       |                                            |   |   |           |   |          |   |   |                                       |   |   |   |   |
|   |   |                                                                      |       |         |                                       |                                            |   |   |           |   |          |   |   |                                       |   |   |   |   |   |
|   |   | CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION                          |       |         |                                       |                                            |   |   |           |   |          |   |   |                                       |   |

|                          |   |                                    | Notional Principal ($) (1) |                                                                                                                                      | Counterparty | Obligation Entity/Index                   |                                            | Coupon |   |   | Credit Rating (2) |   | Expiration Date |   | Premiums Received (Paid) |     |   | Net Unrealized Appreciation (Depreciation) |     |
|-------------------------------|--------|-----------------------------------------|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|--------------|-------------------------------------------|-------------------------------------------------|--------|--------|--------|-------------------|--------|-----------------|--------|--------------------------|----------|--------|--------------------------------------------|----------|
|                          |   |                                    |                       | 400,000                                                                                                                                   |         | Barclays Bank Plc                         | Ally Financial Inc.                             |   |   | 5.00   | %                 |   | BB+             |   | 6/20/20                  |     | $      | 60,890                                     |     |   | $ | (1,278 | ) |
|                          |   |                                    |                       | 550,000                                                                                                                                   |         | Barclays Bank Plc                         | McClathy Co.                                    |   |   | 5.00   | %                 |   | CCC             |   | 6/20/16                  |     |   | -                                          |     |   |   | 2,278 |   |
| EUR                           |   |                                    |                       | 250,000                                                                                                                                   |         | Barclays Bank Plc                         | Norske Skogindustrier ASA                       |   |   | 5.00   | %                 |   | CCC-            |   | 12/20/15                 |     |   | (52,243                                    | )        |   |   | 38,578 |   |
|                          |   |                                    |                       | 500,000                                                                                                                                   |         | Barclays Bank Plc                         | Windstream Services LLC                         |   |   | 5.00   | %                 |   | BB-             |   | 6/20/20                  |     |   | 14,772                                     |     |   |   | (28,666 | ) |
|                          |   |                                    |                       | 655,000                                                                                                                                   |         | Citibank NA                               | Markit CDX North America Investment Grade Index |   |   | 5.00   | %                 |   | BBB+            |   | 12/20/17                 |     |   | (32,095                                    | )        |   |   | 11,000 |   |
| EUR                           |   |                                    |                       | 625,000                                                                                                                                   |         | Citibank NA                               | Markit iTraxx Europe Index                      |   |   | 5.00   | %                 |   | BB              |   | 6/20/15                  |     |   | (8,589                                     | )        |   |   | 9,054 |   |
| EUR                           |   |                                    |                       | 2,500,000                                                                                                                                 |         | Citibank NA                               | Markit iTraxx Europe Index                      |   |   | 1.00   | %                 |   | BBB+            |   | 6/20/19                  |     |   | (216,543                                   | )        |   |   | 97,902 |   |
|                          |   |                                    |                       | 250,000                                                                                                                                   |         | Citibank NA                               | Parker Drilling Co.                             |   |   | 5.00   | %                 |   |            | B      | +                        | 6/20/20  |   |                                       | (25,000  | ) |   |   | 8,726 |   |
|                          |   |                                    |                       | 300,000                                                                                                                                   |         | Goldman Sach International                | Claire's Stores Inc.                            |   |   | 5.00   | %                 |   | CCC             |   | 12/20/15                 |     |   | (12,000                                    | )        |   |   | (23,289 | ) |
|                          |   |                                    |                       | 525,000                                                                                                                                   |         | Goldman Sach International                | iHeart Media, Inc.                              |   |   | 5.00   | %                 |   | CCC-            |   | 12/20/15                 |     |   | (14,437                                    | )        |   |   | 16,406 |   |
|                          |   |                                    |                       | 525,000                                                                                                                                   |         | Goldman Sach International                | Sears Roebuck Acceptance Corp.                  |   |   | 5.00   | %                 |   | CCC+            |   | 12/20/15                 |     |   | (21,000                                    | )        |   |   | 17,390 |   |
|                          |   |                                    |                       | 300,000                                                                                                                                   |         | Goldman Sach International                | Toys R Us Inc.                                  |   |   | 5.00   | %                 |   | CCC             |   | 12/20/15                 |     |   | (10,500                                    | )        |   |   | 7,124 |   |
| EUR                           |   |                                    |                       | 400,000                                                                                                                                   |         | JP Morgan Chase Bank NA                   | Abengoa SA                                      |   |   | 5.00   | %                 |   |            | B      |                     | 12/20/15 |   |                                       | (31,981  | ) |   |   | 26,224 |   |
| EUR                           |   |                                    |                       | 500,000                                                                                                                                   |         | JP Morgan Chase Bank NA                   | Diamond Offshore Drill                          |   |   | 1.00   | %                 |   | BBB+            |   | 6/20/20                  |     |   | (53,350                                    | )        |   |   | 19,177 |   |
|                          |   |                                    |                       | 500,000                                                                                                                                   |         | JP Morgan Chase Bank NA                   | Energy Transfer Partners LP                     |   |   | 1.00   | %                 |   | BBB-            |   | 6/20/20                  |     |   | (13,915                                    | )        |   |   | 1,966 |   |
| EUR                           |   |                                    |                       | 500,000                                                                                                                                   |         | JP Morgan Chase Bank NA                   | Nabors Industries Inc.                          |   |   | 1.00   | %                 |   | BBB             |   | 6/20/20                  |     |   | (56,334                                    | )        |   |   | 16,953 |   |
|                          |   |                                    |                       | 500,000                                                                                                                                   |         | JP Morgan Chase Bank NA                   | Noble Holding International Ltd.                |   |   | 1.00   | %                 |   | BBB             |   | 6/20/20                  |     |   | (65,061                                    | )        |   |   | 11,167 |   |
| EUR                           |   |                                    |                       | 250,000                                                                                                                                   |         | JP Morgan Chase Bank NA                   | Norske Skogindustrier ASA                       |   |   | 5.00   | %                 |   | CCC-            |   | 12/20/15                 |     |   | (50,506                                    | )        |   |   | 36,841 |   |
|                          |   |                                    |                       | 250,000                                                                                                                                   |         | JP Morgan Chase Bank NA                   | Transocean Inc.                                 |   |   | 1.00   | %                 |   | BB+             |   | 6/20/20                  |     |   | (65,774                                    | )        |   |   | 16,236 |   |
|                          |   |                                    |                       | 500,000                                                                                                                                   |         | JP Morgan Chase Bank NA                   | Weatherford International Ltd.                  |   |   | 1.00   | %                 |   | BBB-            |   | 6/20/20                  |     |   | (50,327                                    | )        |   |   | 13,220 |   |
|                          |   |                                    |                       | 525,000                                                                                                                                   |         | Morgan Stanley & Co International Plc | JC Penny Corp., Inc.                            |   |   | 5.00   | %                 |   | CCC-            |   | 12/20/16                 |     |   | (15,750                                    | )        |   |   | 34,806 |   |
|                          |   |                                    |                       | 400,000                                                                                                                                   |         | Morgan Stanley & Co International Plc | Markit CDX North America Investment Grade Index |   |   | 5.00   | %                 |   | BBB+            |   | 12/20/17                 |     |   | (14,500                                    | )        |   |   | 1,618 |   |
|                          |   |                                    |                       | 250,000                                                                                                                                   |         | Morgan Stanley & Co International Plc | MBIA, Inc.                                      |   |   | 5.00   | %                 |   |            | A-     |                     | 12/20/15 |   |                                       | (3,125   | ) |   |   | (9,549 | ) |
|                          |   |                                    |                       | 250,000                                                                                                                                   |         | Morgan Stanley & Co International Plc | MBIA, Inc.                                      |   |   | 5.00   | %                 |   |            | A-     |                     | 12/20/15 |   |                                       | (13,750  | ) |   |   | 1,076 |   |
|                          |   |                                    |                       |                                                                                                                                      |         |                                      |                                            |   |   |   |              |   |            |   |                     |     |   | $                                          | (751,118 | ) |   | $ | 324,960 |   |
|                          |   |       (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 or the issuer of the weighted average rating of all the underlying securities of the index.   |         |                                      |                                            |   |   |   |              |   |            |   |                     |     |   |                                       |
|                          |   |                                    |                       |                                                                                                                                      |         |                                      |                                            |   |   |   |              |   |            |   |                     |     |   |                                       |     |   |   |   |   |   |   |
|                          |   |                                    |                       | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                 |         |                                      |                                            |   |   |   |              |   |            |   |                     |     |   |                                       |     |   |   |
|                          |   |                                    |                       | EUR                                                                                                                                       |         | Euro                                      |                                            |   |   |   |              |   |            |   |                     |     |   |                                       |     |   |   |   |   |   |
|                          |   |                                    |                       |                                                                                                                                      |         |                                      |                                            |   |   |   |              |   |            |   |                     |     |   |                                       |     |   |   |   |   |   |   |
| INTEREST RATE SWAP AGREEMENTS |   |                                    |                       |                                                                                                                                      |         |                                      |                                            |   |   |   |              |   |            |   |                     |     |   |                                       |

| Notional Principal ($) |      | Counterparty | Pay / Receive               | Floating Rate |             | AnnualFixedRate |   | Expiration Date |   | Premiums Received |   |   | Net Unrealized Depreciation |   |
|------------------------|-----------|--------------|-----------------------------|---------------|------------------|-----------------|--------|-----------------|--------|-------------------|--------|--------|-----------------------------|--------|
|                   | 951,858   |         | Chicago Mercantile Exchange | Receive       | LIBOR USD3 Month |            |   | 1.819           | %      | 8/7/19            |   | $      | 4                           |   |   | $ | (14,398 | ) |
|                   | 1,660,004 |         | Chicago Mercantile Exchange | Receive       | LIBOR USD3 Month |            |   | 2.660           | %      | 8/7/24            |   |   | 13                          |   |   |   | (75,179 | ) |
|                   | 1,018,659 |         | Chicago Mercantile Exchange | Receive       | LIBOR USD3 Month |            |   | 2.201           | %      | 5/6/25            |   |   | 8                           |   |   |   | (2,062 | ) |
|                   |      |         |                        |          |             |            |   |            |   |              |   | $      | 25                          |   |   | $ | (91,639 | ) |

| 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) are categorized as Level 3.                                                                     |   |
| See Notes to Financial Statements - Note 1A.                                                                                                                                                            |   |   |   |   |
|                                                                                                                                                                                                    |   |   |   |   |   |   |
| The following is a summary of the inputs used as of  May 31, 2015, in valuing the Fund’s assets:                                                                                        |   |   |

|                                                                                          |   | Level 1 |    |   | Level 2 |   |       | Level 3 |   |   | Total  |   |
|-----------------------------------------------------------------------------------------------|--------|---------|---------|--------|---------|--------|------------|---------|--------|--------|--------|--------|
| Preferred Stocks                                                                              |   | $       | 339,360 |   |    |   | -          |    |   | $      | -      |   |   | $ | 339,360 |   |
| Asset Backed Securities                                                                       |   |    | -       |   |    |   | 278,925    |    |   |   | -      |   |   |   | 278,925 |   |
| Collateralized Mortgage Obligations                                                           |   |    | -       |   |    |   | 7,356,526  |    |   |   | -      |   |   |   | 7,356,526 |   |
| Corporate Bonds                                                                               |   |    | -       |   |    |   | 2,729,757  |    |   |   | -      |   |   |   | 2,729,757 |   |
| U.S. Government and Agency Obligations                                                        |   |    | -       |   |    |   | 14,075,240 |    |   |   | -      |   |   |   | 14,075,240 |   |
| Municipal Bonds                                                                               |   |    | -       |   |    |   | 3,500,000  |    |   |   | -      |   |   |   | 3,500,000 |   |
| Senior Floating Rate Loan Interests                                                           |   |    | -       |   |    |   | 48,050     |    |   |   | -      |   |   |   | 48,050 |   |
| Repurchase Agreement                                                                          |   |    | -       |   |    |   | 3,990,000  |    |   |   | -      |   |   |   | 3,990,000 |   |
| Purchased Call Option                                                                         |   |    | 67,862  |   |    |   | -          |    |   |   | -      |   |   |   | 67,862 |   |
| Purchased Put Options                                                                         |   |    | 108,170 |   |    |   | -          |    |   |   | -      |   |   |   | 108,170 |   |
| Purchased Swaption                                                                            |   |    | -       |   |    |   | 1,508      |    |   |   | -      |   |   |   | 1,508 |   |
| Total                                                                                         |   | $       | 515,392 |   |    |   | 31,980,006 |    |   | $      | -      |   |   | $ | 32,495,398 |   |
|                                                                                          |   |    |    |   |    |   |       |    |   |   |   |   |   |   |   |   |
| Other Financial Instruments                                                                   |   |    |    |   |    |   |       |    |   |   |   |   |   |   |   |   |
| Net unrealized appreciation on credit default swaps                                           |   | $       | -       |   |    |   | 371,570    |    |   | $      | -      |   |   | $ | 371,570 |   |
| Net unrealized appreciation on centrally cleared credit default swaps                         |   |    | -       |   |    |   | 62,682     |    |   |   | -      |   |   |   | 62,682 |   |
| Net unrealized depreciation on written swaption                                               |   |    | -       |   |    |   | 25,812     |    |   |   | -      |   |   |   | 25,812 |   |
| Net unrealized depreciation on written put options                                            |   |    | -       |   |    |   | 42,030     |    |   |   | -      |   |   |   | 42,030 |   |
| Net unrealized depreciation on written call option                                            |   |    | -       |   |    |   | (35,724    | )       |   |   | -      |   |   |   | (35,724 | ) |
| Net unrealized depreciation on interest rate swaps                                            |   |    | -       |   |    |   | (91,639    | )       |   |   | -      |   |   |   | (91,639 | ) |
| Net unrealized depreciation on futures contracts                                              |   |    | (1,289  | )      |    |   | -          |    |   |   | -      |   |   |   | (1,289 | ) |
| Net unrealized appreciation on forward foreign currency contracts                             |   |    | -       |   |    |   | 61,101     |    |   |   | -      |   |   |   | 61,101 |   |
| Net unrealized depreciation on forward foreign currency contracts                             |   |    | -       |   |    |   | (21,699    | )       |   |   | -      |   |   |   | (21,699 | ) |
| Total Other Financial Instruments                                                             |   | $       | (1,289  | )      |    |   | 414,133    |    |   |   | -      |   |   | $ | 412,844 |   |
|                                                                                          |   |    |    |   |    |   |       |    |   |   |   |   |   |   |   |   |
| During the period ended May 31, 2015, there were no transfers between Levels 1, 2 and 3. |   |    |    |   |    |   |       |    |   |   |   |   |   |

|   |                                            |             |   | Pioneer Long/Short Global Bond Fund                                                                                                                                                                                                                                                                                               |    |       |
|--------|-------------------------------------------------|------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|------------|
|   |                                            |             |   | Schedule of Investments 5/29/15 (unaudited)                                                                                                                                                                                                                                                                                       |    |       |
|   | Principal Amount ($)                            | FloatingRate (b) |   |                                                                                                                                                                                                                                                                                                                              |    | Value      |
|   |                                            |             |   | PREFERRED STOCK - 0.9%                                                                                                                                                                                                                                                                                                            |    |       |
|   |                                            |             |   | Diversified Financials - 0.9%                                                                                                                                                                                                                                                                                                     |    |       |
|   |                                            |             |   | Investment Banking & Brokerage - 0.9%                                                                                                                                                                                                                                                                                         |    |       |
|   | 10,000                                          | 7.12             |   | Morgan Stanley, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                    | $       | 282,800    |
|   |                                            |             |   | TOTAL PREFERRED STOCK                                                                                                                                                                                                                                                                                                             |    |       |
|   |                                            |             |   | (Cost $284,103)                                                                                                                                                                                                                                                                                                                   | $       | 282,800    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | ASSET BACKED SECURITIES - 0.9%                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | Banks - 0.6%                                                                                                                                                                                                                                                                                                                      |    |       |
|   |                                            |             |   | Thrifts & Mortgage Finance - 0.6%                                                                                                                                                                                                                                                                                             |    |       |
|   | 22,382                                          |             |   | CAM Mortgage Trust 2014-1, 5.5%, 12/15/53 (Step) (144A)                                                                                                                                                                                                                                                                           | $       | 22,402     |
|   | 40,499                                          | 1.48             |   | First Franklin Mortgage Loan Trust 2003-FFC, Floating Rate Note, 11/25/32                                                                                                                                                                                                                                                         | 38,655  |
|   | 42,038                                          |             |   | Icon Brand Holdings LLC, 4.229%, 1/26/43 (144A)                                                                                                                                                                                                                                                                                   |    | 42,230     |
|   | 29,160                                          | 3.18             |   | Irwin Whole Loan Home Equity Trust 2003-C, Floating Rate Note, 6/25/28                                                                                                                                                                                                                                                            |    | 29,155     |
|   | 50,376                                          | 5.47             |   | New Century Home Equity Loan Trust, Floating Rate Note, 8/25/34                                                                                                                                                                                                                                                                   |    | 52,119     |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              | $       | 184,561    |
|   |                                            |             |   | Total Banks                                                                                                                                                                                                                                                                                                                       | $       | 184,561    |
|   |                                            |             |   | Diversified Financials - 0.3%                                                                                                                                                                                                                                                                                                     |    |       |
|   |                                            |             |   | Other Diversified Financial Services - 0.3%                                                                                                                                                                                                                                                                                       |    |       |
|   | 87,500                                          |             |   | TAL Advantage V LLC, 4.1%, 2/22/39                                                                                                                                                                                                                                                                                                | $       | 88,764     |
|   |                                            |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                      | $       | 88,764     |
|   |                                            |             |   | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                     |    |       |
|   |                                            |             |   | (Cost $271,840)                                                                                                                                                                                                                                                                                                                   | $       | 273,325    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | COLLATERALIZED MORTGAGE OBLIGATIONS - 18.6%                                                                                                                                                                                                                                                                                       |    |       |
|   |                                            |             |   | Banks - 18.6%                                                                                                                                                                                                                                                                                                                     |    |       |
|   |                                            |             |   | Thrifts & Mortgage Finance - 18.6%                                                                                                                                                                                                                                                                                            |    |       |
|   | 300,000                                         | 1.14             |   | Alternative Loan Trust 2005-J4, Floating Rate Note, 7/25/35                                                                                                                                                                                                                                                                       | $       | 270,386    |
|   | 185,000                                         | 2.71             |   | BAMLL Commercial Mortgage Securities Trust 2014-INLD, Floating Rate Note, 12/17/29 (144A)                                                                                                                                                                                                                                         | 171,269 |
|   | 45,548                                          | 1.18             |   | Bayview Commercial Asset Trust 2004-3, Floating Rate Note, 1/25/35 (144A)                                                                                                                                                                                                                                                         | 41,985  |
|   | 100,000                                         |             |   | Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38                                                                                                                                                                                                                                                    | 101,611 |
|   | 115,000                                         | 2.77             |   | Carefree Portfolio Trust 2014-CARE, Floating Rate Note, 11/15/29 (144A)                                                                                                                                                                                                                                                           | 106,645 |
|   | 175,000                                         | 5.57             |   | COBALT Commercial Mortgage Trust 2007-C2, Floating Rate Note, 4/15/47 (144A)                                                                                                                                                                                                                                                      | 179,507 |
|   | 175,000                                         |             |   | COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46                                                                                                                                                                                                                                                                                     |    | 177,711    |
|   | 175,000                                         | 5.23             |   | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/17/40                                                                                                                                                                                                                                                | 175,615 |
|   | 175,000                                         | 3.29             |   | CSMC Trust 2014-SURF, Floating Rate Note, 2/15/29 (144A) (e)                                                                                                                                                                                                                                                                      |    | 174,892    |
|   | 110,000                                         | 3.38             |   | GAHR Commercial Mortgage Trust 2015-NRF, Floating Rate Note, 12/15/34 (144A)                                                                                                                                                                                                                                                      | 104,921 |
|   | 125,000                                         | 4.94             |   | GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39                                                                                                                                                                                                                                                       | 122,943 |
|   | 200,000                                         |             |   | JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45                                                                                                                                                                                                                                                 | 202,601 |
|   | 888,001                                         | 3.50             |   | JP Morgan Mortgage Trust 2014-1 REMICS, Floating Rate Note, 1/25/44 (144A)                                                                                                                                                                                                                                                        | 909,876 |
|   | 756,278                                         | 3.96             |   | JP Morgan Mortgage Trust 2014-1 REMICS, Floating Rate Note, 1/25/44 (144A)                                                                                                                                                                                                                                                        | 792,497 |
|   | 150,000                                         | 5.28             |   | LB-UBS Commercial Mortgage Trust 2006-C1, Floating Rate Note, 2/15/41                                                                                                                                                                                                                                                             | 151,737 |
|   | 55,000                                          | 5.48             |   | ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46                                                                                                                                                                                                                                                              |    | 56,209     |
|   | 1,738                                           | 0.96             |   | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2004-AR2, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                 | 1,736   |
|   | 636,237                                         | 3.50             |   | Sequoia Mortgage Trust 2012-3, Floating Rate Note, 7/25/42                                                                                                                                                                                                                                                                        |    | 647,918    |
|   | 863,143                                         | 3.00             |   | Sequoia Mortgage Trust 2013-7, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                        |    | 847,127    |
|   | 250,000                                         | 5.36             |   | Wachovia Bank Commercial Mortgage Trust Series 2005-C22, Floating Rate Note, 12/15/44                                                                                                                                                                                                                                             | 252,149 |
|   | 100,000                                         | 5.95             |   | Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46                                                                                                                                                                                                                                              | 105,112 |
|   | 200,000                                         | 3.69             |   | Wells Fargo Commercial Mortgage Trust 2014-TISH, Floating Rate Note, 1/15/27 (144A)                                                                                                                                                                                                                                               | 200,422 |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              | $       | 5,794,869  |
|   |                                            |             |   | Total Banks                                                                                                                                                                                                                                                                                                                       | $       | 5,794,869  |
|   |                                            |             |   | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                         |    |       |
|   |                                            |             |   | (Cost $5,655,207)                                                                                                                                                                                                                                                                                                                 | $       | 5,794,869  |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | CORPORATE BONDS - 8.2%                                                                                                                                                                                                                                                                                                            |    |       |
|   |                                            |             |   | Energy - 2.2%                                                                                                                                                                                                                                                                                                                     |    |       |
|   |                                            |             |   | Integrated Oil & Gas - 2.2%                                                                                                                                                                                                                                                                                                   |    |       |
|   | 675,000                                         |             |   | Petrobras Global Finance BV, 3.875%, 1/27/16                                                                                                                                                                                                                                                                                      | $       | 677,700    |
|   |                                            |             |   | Total Energy                                                                                                                                                                                                                                                                                                                      | $       | 677,700    |
|   |                                            |             |   | Banks - 3.4%                                                                                                                                                                                                                                                                                                                      |    |       |
|   |                                            |             |   | Diversified Banks - 3.4%                                                                                                                                                                                                                                                                                                          |    |       |
|   | 250,000                                         | 6.50             |   | Bank of America Corp., Floating Rate Note, 10/23/49                                                                                                                                                                                                                                                                               | $       | 264,375    |
|   | 250,000                                         | 5.90             |   | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                   |    | 249,688    |
|   | 250,000                                         | 6.62             |   | Credit Agricole SA, Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                         |    | 250,625    |
|   | 300,000                                         | 6.50             |   | ING Groep NV, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                      |    | 296,250    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              | $       | 1,060,938  |
|   |                                            |             |   | Total Banks                                                                                                                                                                                                                                                                                                                       | $       | 1,060,938  |
|   |                                            |             |   | Diversified Financials - 0.2%                                                                                                                                                                                                                                                                                                     |    |       |
|   |                                            |             |   | Other Diversified Financial Services - 0.2%                                                                                                                                                                                                                                                                                       |    |       |
| INR    | 3,700,000                                       |             |   | European Bank for Reconstruction & Development, 6.0%, 3/3/16                                                                                                                                                                                                                                                                  | $       | 57,744     |
|   |                                            |             |   | Total Diversified Financials                                                                                                                                                                                                                                                                                                      | $       | 57,744     |
|   |                                            |             |   | Insurance - 2.4%                                                                                                                                                                                                                                                                                                                  |    |       |
|   |                                            |             |   | Reinsurance - 2.4%                                                                                                                                                                                                                                                                                                                |    |       |
|   | 250,000                                         | 6.86             |   | Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A)                                                                                                                                                                                                                                                                     | $       | 253,050    |
|   | 250,000                                         | 4.52             |   | Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A)                                                                                                                                                                                                                                                               |    | 249,500    |
|   | 250,000                                         | 4.51             |   | Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)                                                                                                                                                                                                                                                 | 253,200 |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              | $       | 755,750    |
|   |                                            |             |   | Total Insurance                                                                                                                                                                                                                                                                                                                   | $       | 755,750    |
|   |                                            |             |   | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                             |    |       |
|   |                                            |             |   | (Cost $2,553,490)                                                                                                                                                                                                                                                                                                                 | $       | 2,552,132  |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 9.7%                                                                                                                                                                                                                                                                                     |    |       |
|   | 1,000,000                                       |             |   | U.S. Treasury Bills, 7/2/15 (c)                                                                                                                                                                                                                                                                                                   | $       | 999,991    |
|   | 50,000                                          | 0.06             |   | U.S. Treasury Note, Floating Rate Note, 1/31/16                                                                                                                                                                                                                                                                                   |    | 49,997     |
|   | 130,000                                         | 0.07             |   | U.S. Treasury Note, Floating Rate Note, 10/31/16                                                                                                                                                                                                                                                                                  |    | 129,975    |
|   | 125,000                                         | 0.08             |   | U.S. Treasury Note, Floating Rate Note, 4/30/16                                                                                                                                                                                                                                                                                   |    | 125,015    |
|   | 125,000                                         | 0.09             |   | U.S. Treasury Note, Floating Rate Note, 7/31/16                                                                                                                                                                                                                                                                                   |    | 125,009    |
|   | 1,570,000                                       | 0.09             |   | United States Treasury Floating Rate Note, Floating Rate Note, 4/30/17                                                                                                                                                                                                                                                            |    | 1,569,929  |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              | $       | 2,999,916  |
|   |                                            |             |   | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                                                                                                                                                                                                                                      |    |       |
|   |                                            |             |   | (Cost $3,000,114)                                                                                                                                                                                                                                                                                                                 | $       | 2,999,916  |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | FOREIGN GOVERNMENT BONDS - 33.3%                                                                                                                                                                                                                                                                                                  |    |       |
| CAD    | 1,535,000                                       |             |   | Canadian Treasury Bill, 6/18/15 (c)                                                                                                                                                                                                                                                                                               | $       | 1,233,540  |
| CAD    | 1,255,000                                       |             |   | Canadian Treasury Bill, 6/4/15 (c)                                                                                                                                                                                                                                                                                                |    | 1,008,752  |
| CAD    | 1,773,000                                       |             |   | Canadian Treasury Bill, 7/16/15 (c)                                                                                                                                                                                                                                                                                               |    | 1,424,115  |
| CAD    | 1,684,000                                       |             |   | Canadian Treasury Bill, 7/2/15 (c)                                                                                                                                                                                                                                                                                                |    | 1,352,953  |
| EURO   | 545,000                                         |             |   | Italy Buoni Ordinari del Tesoro BOT, 7/14/15 (c)                                                                                                                                                                                                                                                                                  |    | 598,655    |
| EURO   | 957,000                                         |             |   | Italy Buoni Ordinari del Tesoro BOT, 7/31/15 (c)                                                                                                                                                                                                                                                                                  |    | 1,051,214  |
| EURO   | 665,000                                         |             |   | Spain Letras del Tesoro, 6/19/15 (c)                                                                                                                                                                                                                                                                                              |    | 730,474    |
| GBP    | 1,360,000                                       |             |   | United Kingdom Treasury Bill, 6/1/15 (c)                                                                                                                                                                                                                                                                                          |    | 2,079,848  |
| GBP    | 225,000                                         |             |   | United Kingdom Treasury Bill, 6/8/15 (c)                                                                                                                                                                                                                                                                                          |    | 344,059    |
| GBP    | 350,000                                         |             |   | United Kingdom Treasury Bill, 7/20/15 (c)                                                                                                                                                                                                                                                                                         |    | 534,829    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              | $       | 10,358,439 |
|   |                                            |             |   | TOTAL FOREIGN GOVERNMENT BONDS                                                                                                                                                                                                                                                                                                    |    |       |
|   |                                            |             |   | (Cost $10,439,302)                                                                                                                                                                                                                                                                                                                | $       | 10,358,439 |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | MUNICIPAL BONDS - 6.5%                                                                                                                                                                                                                                                                                                            |    |       |
|   |                                            |             |   | Municipal Development - 1.7%                                                                                                                                                                                                                                                                                                      |    |       |
|   | 300,000                                         | 0.13             |   | Mississippi Business Finance Corp., Floating Rate Note, 11/1/35                                                                                                                                                                                                                                                                   | $       | 300,000    |
|   | 225,000                                         | 0.13             |   | Mississippi Business Finance Corp., Floating Rate Note, 12/1/30                                                                                                                                                                                                                                                                   |    | 225,000    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              | $       | 525,000    |
|   |                                            |             |   | Higher Municipal Education - 4.8%                                                                                                                                                                                                                                                                                                 |    |       |
|   | 210,000                                         | 0.08             |   | Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/33                                                                                                                                                                                                                                         | $       | 210,000    |
|   | 560,000                                         | 0.06             |   | Connecticut State Health & Educational Facility Authority, Floating Rate Note, 7/1/36                                                                                                                                                                                                                                         | 560,000 |
|   | 425,000                                         | 0.07             |   | Massachusetts Health & Educational Facilities Authority, Floating Rate Note, 11/1/49                                                                                                                                                                                                                                          | 425,000 |
|   | 100,000                                         | 0.07             |   | The University of Texas System, Floating Rate Note, 8/1/34                                                                                                                                                                                                                                                                        |    | 100,000    |
|   | 210,000                                         | 0.09             |   | University of Michigan, Floating Rate Note, 12/1/29                                                                                                                                                                                                                                                                               |    | 210,000    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              | $       | 1,505,000  |
|   |                                            |             |   | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                             |    |       |
|   |                                            |             |   | (Cost $2,030,000)                                                                                                                                                                                                                                                                                                                 | $       | 2,030,000  |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | TEMPORARY CASH INVESTMENT - 19.7%                                                                                                                                                                                                                                                                                                 |    |       |
|   |                                            |             |   | Repurchase Agreement - 19.7%                                                                                                                                                                                                                                                                                                      |    |       |
|   | 6,135,000                                       |             |   | $6,135,000 RBC Capital Markets, Inc., dated 4/29/15 plus accrued interest on 5/1/15                                                                                                                                                                                                                                               |    |
|   |                                            |             |   | collateralized by the following:                                                                                                                                                                                                                                                                                                  |    |       |
|   |                                            |             |   | $2,365,943 Freddie Mac Giant, 3.0-6.0%, 6/1/37-9/1/44                                                                                                                                                                                                                                                                             |    |       |
|   |                                            |             |   | $465,961 Federal Home Loan Mortgage Corp., 3.664%, 9/1/40                                                                                                                                                                                                                                                                         |    |       |
|   |                                            |             |   | $413,194 Federal National Mortgage Association (ARM), 2.882-3.225%, 2/1/41-3/1/44                                                                                                                                                                                                                                                 |
|   |                                            |             |   | $1,235,102 Federal National Mortgage Association, 4.0-4.5%, 9/1/44-3/1/45                                                                                                                                                                                                                                                         |    |
|   |                                            |             |   | $1,777,501 Government National Mortgage Association II, 3.0-3.5%, 11/20/42-5/20/45                                                                                                                                                                                                                                                | $       | 6,135,000  |
|   |                                            |             |   | TOTAL TEMPORARY CASH INVESTMENT                                                                                                                                                                                                                                                                                                   |    |       |
|   |                                            |             |   | (Cost $6,135,000)                                                                                                                                                                                                                                                                                                                 | $       | 6,135,000  |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   | Shares                                          |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | PURCHASED PUT OPTIONS - 0.3%                                                                                                                                                                                                                                                                                                      |    |       |
|   | 52                                              |             |   | S&P EMINI Futures, 9/18/15 @ 1670                                                                                                                                                                                                                                                                                             | $       | 13,520     |
|   | 52                                              |             |   | S&P EMINI Futures, 9/18/15 @ 1985                                                                                                                                                                                                                                                                                             |    | 83,460     |
|   |                                            |             |   | TOTAL PURCHASED PUT OPTIONS                                                                                                                                                                                                                                                                                                       | $       | 96,980     |
|   |                                            |             |   | (Premiums paid $141,328)                                                                                                                                                                                                                                                                                                          | $       | 96,980     |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | PURCHASED CALL OPTION - 0.2%                                                                                                                                                                                                                                                                                                      |    |       |
|   | 108                                             |             |   | Euro 2y Mid Cap Value Future, 6/12/15 @ 98.125                                                                                                                                                                                                                                                                                    | $       | 60,075     |
|   |                                            |             |   | TOTAL PURCHASED CALL OPTION                                                                                                                                                                                                                                                                                                       |    |       |
|   |                                            |             |   | (Premiums paid $35,387)                                                                                                                                                                                                                                                                                                           | $       | 60,075     |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | PURCHASED SWAPTION - 0.0%+                                                                                                                                                                                                                                                                                                        |    |       |
|   | 2,635,000                                       |             |   | Put on MARKIT CDX North America High Yield Index, 6/17/15, 105% (3/4/15 Right to pay fixed)                                                                                                                                                                                                                                       | $       | 1,483      |
|   |                                            |             |   | TOTAL PURCHASED SWAPTION                                                                                                                                                                                                                                                                                                          |    |       |
|   |                                            |             |   | (Premiums paid $23,739)                                                                                                                                                                                                                                                                                                           | $       | 1,483      |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | TOTAL INVESTMENT IN SECURITIES - 98.3%                                                                                                                                                                                                                                                                                            |    |       |
|   |                                            |             |   | (Cost $30,569,810) (a)                                                                                                                                                                                                                                                                                                            | $       | 30,585,019 |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | WRITTEN PUT OPTIONS - (0.2)%                                                                                                                                                                                                                                                                                                      |    |       |
|   | (52)                                            |             |   | S&P EMINI Futures, 9/18/15 @ 1880                                                                                                                                                                                                                                                                                             | $       | (45,500)   |
|   | (52)                                            |             |   | S&P EMINI Futures, 9/18/15 @ 1775                                                                                                                                                                                                                                                                                             |    | (24,440)   |
|   |                                            |             |   | TOTAL WRITTEN PUT OPTIONS.                                                                                                                                                                                                                                                                                                        | $       | (69,940)   |
|   |                                            |             |   | (Premiums received $(107,622))                                                                                                                                                                                                                                                                                                    | $       | (69,940)   |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | WRITTEN CALL OPTION - (0.2)%                                                                                                                                                                                                                                                                                                      |    |       |
|   | (216)                                           |             |   | Euro 2y Mid Cap Value Future, 6/12/15 @ 98.25                                                                                                                                                                                                                                                                                     | $       | (68,850)   |
|   |                                            |             |   | TOTAL WRITTEN CALL OPTION                                                                                                                                                                                                                                                                                                         |    |       |
|   |                                            |             |   | (Premiums received $(37,225))                                                                                                                                                                                                                                                                                                     | $       | (68,850)   |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | WRITTEN SWAPTION - (0.0)%+                                                                                                                                                                                                                                                                                                        |    |       |
|   | (5,270,000)                                     |             |   | Put on MARKIT CDX North America High Yield Index, 6/17/15, 103% (3/4/15 Right to pay fixed)                                                                                                                                                                                                                                       | $       | (708)      |
|   |                                            |             |   | TOTAL WRITTEN SWAPTION                                                                                                                                                                                                                                                                                                            |    |       |
|   |                                            |             |   | (Premiums received $(26,087))                                                                                                                                                                                                                                                                                                     | $       | (708)      |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | OTHER ASSETS & LIABILITIES - 2.1%                                                                                                                                                                                                                                                                                             | $       | 652,678    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                         | $       | 31,098,199 |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   | +                                               |             |   | Amount rounds to less than 0.1 or (0.1)%.                                                                                                                                                                                                                                                                                         |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   | (144A)                                          |             |   | Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At May 29, 2015, the value of these securities amounted to $3,573,513 or 11.5% of total net assets. |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   | (Cat Bond)                                      |             |   | Catastrophe bond is a high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe.                                                                                                                                                                                              |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   | (Perpetual)                                     |             |   | Security with no stated maturity date.                                                                                                                                                                                                                                                                                            |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   | (Step)                                          |             |   | Bond issued with an initial coupon rate which converts to a higher rate at a later date.                                                                                                                                                                                                                                          |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   | (ARM)                                           |             |   | Adjustable Rate Mortgage.                                                                                                                                                                                                                                                                                                         |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   | REMICS                                          |             |   | Real Estate Mortgage Investment Conduits.                                                                                                                                                                                                                                                                                         |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   | (a)                                             |             |   | At May 31, 2015, the net unrealized appreciation on investments based on                                                                                                                                                                                                                                                          |    |       |
|   |                                            |             |   | cost for federal income tax purposes of $30,569,810 was as follows:                                                                                                                                                                                                                                                               |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                         | $       | 270,671    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                         |    | (255,162)  |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            |             |   | Net unrealized appreciation                                                                                                                                                                                                                                                                                                       | $       | 15,509     |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   | (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.                                                                                                                                                                                                                                               |    |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            | NOTE:            |   | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                                                                                                                                                                                                         |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   |                                            | CAD              |   | Canadian Dollar                                                                                                                                                                                                                                                                                                                   |    |       |
|   |                                            | EURO             |   | European Euro                                                                                                                                                                                                                                                                                                                     |    |       |
|   |                                            | GBP              |   | British Pound Sterling                                                                                                                                                                                                                                                                                                            |    |       |
|   |                                            | INR              |   | Indian Rupee                                                                                                                                                                                                                                                                                                                      |    |       |
|   |                                            |             |   |                                                                                                                                                                                                                                                                                                                              |    |       |
|   | CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION |             |   |

|                          |   |                                                                  | Notional Principal ($)                                                    |                                                                                                                                      | Counterparty | Obligation Entity/Index                    |                                            | Coupon  |          |            | ExpirationDate   |            |     | Premiums Paid   |            |     | Net Unrealized Appreciation (Depreciation) |              |
|-------------------------------|--------|-----------------------------------------------------------------------|---------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------------------------------------------|-------------------------------------------------|---------|---------------|-----------------|------------------|-----------------|----------|-----------------|-----------------|----------|--------------------------------------------|-------------------|
| EUR                           |   |                                                                  |                                                                      | (225,000                                                                                                                                  | )            | Barclays Bank Plc                          | ING Bank NV                                     |    |          | 1.00            | %                |            | 6/20/20  |            |            | $        | (3,409                                     | )                 |   | $ | (215 | ) |   |   |   |
|                          |   |                                                                  |                                                                      | (742,050                                                                                                                                  | )            | Citibank NA                                | Markit CDX North America High Yield Index       |    |          | 5.00            | %                |            | 12/20/18 |            |            |     | (146,926                                   | )                 |   |   | 28,742 |   |   |   |   |
|                          |   |                                                                  |                                                                      | (187,500                                                                                                                                  | )            | Citibank NA                                | Morgan Stanley                                  |    |          | 1.00            | %                |            | 6/20/20  |            |            |     | (2,006                                     | )                 |   |   | 42 |   |   |   |   |
|                          |   |                                                                  |                                                                      | (187,500                                                                                                                                  | )            | Goldman Sach International                 | Citigroup Inc.                                  |    |          | 1.00            | %                |            | 6/20/20  |            |            |     | (2,098                                     | )                 |   |   | (101 | ) |   |   |   |
|                          |   |                                                                  |                                                                      | (187,500                                                                                                                                  | )            | Morgan Stanley & Co. International Plc | Bank of America Corp.                           |    |          | 1.00            | %                |            | 6/20/20  |            |            |     | (3,116                                     | )                 |   |   | 84 |   |   |   |   |
| EUR                           |   |                                                                  |                                                                      | (210,000                                                                                                                                  | )            | Morgan Stanley & Co. International Plc | Credit Agricole SA                              |    |          | 1.00            | %                |            | 6/20/20  |            |            |     | (3,535                                     | )                 |   |   | 378 |   |   |   |   |
|                          |   |                                                                  |                                                                      |                                                                                                                                      |         |                                       |                                            |    |          |            |             |            |     |            |            | $        | (161,090                                   | )                 |   | $ | 28,930 |   |   |   |   |
|                          |   |                                                                  | CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION         |                                                                                                                                      |         |                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   |   |
|                          |   |                                                                  | Notional Principal ($)                                                    |                                                                                                                                      | Counterparty | Obligation Entity/Index                    |                                            | Coupon  |          |            | ExpirationDate   |            |     | Premiums Paid   |            |     | Net Unrealized Appreciation                |              |
|                          |   |                                                                  |                                                                      | (1,499,625                                                                                                                                | )            | Chicago Mercantile Exchange                | Markit CDX North America High Yield Index       |    |          | 5.00            | %                |            | 12/20/16 |            |            | $        | (89,378                                    | )                 |   | $ | 11,504 |   |   |   |   |
|                          |   |                                                                  |                                                                      | (400,000                                                                                                                                  | )            | Chicago Mercantile Exchange                | Markit CDX North America High Yield Index       |    |          | 5.00            | %                |            | 6/20/20  |            |            |     | (29,240                                    | )                 |   |   | 921 |   |   |   |   |
|                          |   |                                                                  |                                                                      | (3,185,000                                                                                                                                | )            | Chicago Mercantile Exchange                | Markit CDX North America Investment Grade Index |    |          | 1.00            | %                |            | 12/20/19 |            |            |     | (55,926                                    | )                 |   |   | 4,781 |   |   |   |   |
|                          |   |                                                                  |                                                                      | (150,000                                                                                                                                  | )            | Chicago Mercantile Exchange                | Markit CDX North America Investment Grade Index |    |          | 1.00            | %                |            | 6/20/20  |            |            |     | (2,761                                     | )                 |   |   | 148 |   |   |   |   |
| EUR                           |   |                                                                  |                                                                      | (1,375,000                                                                                                                                | )            | Intercontinental Exchange                  | Markit iTraxx Europe Crossover Index            |    |          | 5.00            | %                |            | 6/20/19  |            |            |     | (200,148                                   | )                 |   |   | 21,522 |   |   |   |   |
|                          |   |                                                                  |                                                                      |                                                                                                                                      |         |                                       |                                            |    |          |            |             |            |     |            |            | $        | (377,453                                   | )                 |   | $ | 38,876 |   |   |   |   |
|                          |   |                                                                  | Principal amounts are denominated in U.S. Dollars unless otherwise noted: |                                                                                                                                      |         |                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   |   |
|                          |   |                                                                  | EUR                                                                       |                                                                                                                                      | Euro         |                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   |   |   |   |   |
|                          |   |                                                                  | CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION                          |                                                                                                                                      |         |                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   |   |
|                          |   |                                                                  |                                                                      |                                                                                                                                      |         |                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   |   |   |   |   |   |
|                          |   |                                                                  | Notional Principal ($) (1)                                                |                                                                                                                                      | Counterparty | Obligation Entity/Index                    |                                            | Coupon  |          |            | CreditRating (2) |            |     | Expiration Date |            |     | Premiums Received (Paid)                   |              |   | Net Unrealized Appreciation (Depreciation) |   |
|                          |   |                                                                  |                                                                      | 150,000                                                                                                                                   |         | Barclays Bank Plc                          | Ally Financial Inc.                             |    |          | 5.00            | %                |            | BB+      |            |            | 6/20/20  |                                       |              | $ | 22,834 |   |   | $ | (479 | ) |
|                          |   |                                                                  |                                                                      | 540,000                                                                                                                                   |         | Barclays Bank Plc                          | McClathy Co.                                    |    |          | 5.00            | %                |            | CCC      |            |            | 6/20/16  |                                       |              |   | - |   |   |   | 2,237 |   |
| EUR                           |   |                                                                  |                                                                      | 250,000                                                                                                                                   |         | Barclays Bank Plc                          | Norske Skogindustrier ASA                       |    |          | 5.00            | %                |            | CCC-     |            |            | 12/20/15 |                                       |              |   | (52,243 | ) |   |   | 38,578 |   |
|                          |   |                                                                  |                                                                      | 400,000                                                                                                                                   |         | Barclays Bank Plc                          | Windstream Services LLC                         |    |          | 5.00            | %                |            | BB-      |            |            | 6/20/20  |                                       |              |   | 11,818 |   |   |   | (22,933 | ) |
|                          |   |                                                                  |                                                                      | 645,000                                                                                                                                   |         | Citibank NA                                | Markit CDX North America Investment Grade Index |    |          | 5.00            | %                |            | BBB+     |            |            | 12/20/17 |                                       |              |   | (31,605 | ) |   |   | 10,832 |   |
| EUR                           |   |                                                                  |                                                                      | 375,000                                                                                                                                   |         | Citibank NA                                | Markit iTraxx Europe Index                      |    |          | 5.00            | %                |            | BB       |            |            | 6/20/15  |                                       |              |   | (5,154 | ) |   |   | 5,433 |   |
| EUR                           |   |                                                                  |                                                                      | 1,250,000                                                                                                                                 |         | Citibank NA                                | Markit iTraxx Europe Index                      |    |          | 1.00            | %                |            | BBB+     |            |            | 6/20/19  |                                       |              |   | (108,271 | ) |   |   | 48,951 |   |
|                          |   |                                                                  |                                                                      | 250,000                                                                                                                                   |         | Citibank NA                                | Parker Drilling Co.                             |    |          | 5.00            | %                |            |     | B               | +               |     | 6/20/20                                    |              |   |   | (25,000 | ) |   |   | 8,726 |   |
|                          |   |                                                                  |                                                                      | 300,000                                                                                                                                   |         | Goldman Sach International                 | Claire's Stores Inc.                            |    |          | 5.00            | %                |            | CCC      |            |            | 12/20/15 |                                       |              |   | (12,000 | ) |   |   | (23,289 | ) |
|                          |   |                                                                  |                                                                      | 525,000                                                                                                                                   |         | Goldman Sach International                 | iHeart Media, Inc.                              |    |          | 5.00            | %                |            | CCC-     |            |            | 12/20/15 |                                       |              |   | (14,437 | ) |   |   | 16,406 |   |
|                          |   |                                                                  |                                                                      | 525,000                                                                                                                                   |         | Goldman Sach International                 | Sears Roebuck Acceptance Corp.                  |    |          | 5.00            | %                |            | CCC+     |            |            | 12/20/15 |                                       |              |   | (21,000 | ) |   |   | 17,390 |   |
|                          |   |                                                                  |                                                                      | 300,000                                                                                                                                   |         | Goldman Sach International                 | Toys R Us Inc.                                  |    |          | 5.00            | %                |            | CCC      |            |            | 12/20/15 |                                       |              |   | (10,500 | ) |   |   | 7,124 |   |
| EUR                           |   |                                                                  |                                                                      | 400,000                                                                                                                                   |         | JP Morgan Chase Bank NA                    | Abengoa SA                                      |    |          | 5.00            | %                |            |     | B               |            |     | 12/20/15                                   |              |   |   | (31,981 | ) |   |   | 26,224 |   |
|                          |   |                                                                  |                                                                      | 500,000                                                                                                                                   |         | JP Morgan Chase Bank NA                    | Diamond Offshore Drill                          |    |          | 1.00            | %                |            | BBB+     |            |            | 6/20/20  |                                       |              |   | (53,350 | ) |   |   | 19,177 |   |
|                          |   |                                                                  |                                                                      | 500,000                                                                                                                                   |         | JP Morgan Chase Bank NA                    | Energy Transfer Partners LP                     |    |          | 1.00            | %                |            | BBB-     |            |            | 6/20/20  |                                       |              |   | (13,915 | ) |   |   | 1,966 |   |
|                          |   |                                                                  |                                                                      | 500,000                                                                                                                                   |         | JP Morgan Chase Bank NA                    | Nabors Industries Inc.                          |    |          | 1.00            | %                |            | BBB      |            |            | 6/20/20  |                                       |              |   | (56,335 | ) |   |   | 16,953 |   |
|                          |   |                                                                  |                                                                      | 500,000                                                                                                                                   |         | JP Morgan Chase Bank NA                    | Noble Holding International Ltd.                |    |          | 1.00            | %                |            | BBB      |            |            | 6/20/20  |                                       |              |   | (65,061 | ) |   |   | 11,167 |   |
| EUR                           |   |                                                                  |                                                                      | 250,000                                                                                                                                   |         | JP Morgan Chase Bank NA                    | Norske Skogindustrier ASA                       |    |          | 5.00            | %                |            | CCC-     |            |            | 12/20/15 |                                       |              |   | (50,506 | ) |   |   | 36,841 |   |
|                          |   |                                                                  |                                                                      | 250,000                                                                                                                                   |         | JP Morgan Chase Bank NA                    | Transocean Inc.                                 |    |          | 1.00            | %                |            | BB+      |            |            | 6/20/20  |                                       |              |   | (65,774 | ) |   |   | 16,235 |   |
|                          |   |                                                                  |                                                                      | 500,000                                                                                                                                   |         | JP Morgan Chase Bank NA                    | Weatherford International Ltd.                  |    |          | 1.00            | %                |            | BBB-     |            |            | 6/20/20  |                                       |              |   | (50,327 | ) |   |   | 13,220 |   |
|                          |   |                                                                  |                                                                      | 525,000                                                                                                                                   |         | Morgan Stanley & Co International plc  | JC Penny Corp., Inc.                            |    |          | 5.00            | %                |            | CCC-     |            |            | 12/20/16 |                                       |              |   | (15,750 | ) |   |   | 34,806 |   |
|                          |   |                                                                  |                                                                      | 400,000                                                                                                                                   |         | Morgan Stanley & Co. International plc | Markit CDX North America Investment Grade Index |    |          | 5.00            | %                |            | BBB+     |            |            | 12/20/17 |                                       |              |   | (14,500 | ) |   |   | 1,618 |   |
|                          |   |                                                                  |                                                                      | 250,000                                                                                                                                   |         | Morgan Stanley & Co. International plc | MBIA, Inc.                                      |    |          | 5.00            | %                |            |     | A-              |            |     | 12/20/15                                   |              |   |   | (3,125 | ) |   |   | (9,549 | ) |
|                          |   |                                                                  |                                                                      | 250,000                                                                                                                                   |         | Morgan Stanley & Co International plc  | MBIA, Inc.                                      |    |          | 5.00            | %                |            |     | A-              |            |     | 12/20/15                                   |              |   |   | (13,750 | ) |   |   | 1,076 |   |
|                          |   |                                                                  |                                                                      |                                                                                                                                      |         |                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   | $ | (679,932 | ) |   | $ | 278,710 |   |
|                          |   |            (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 or the issuer of the weighted average rating of all the underlying securities of the index.   |         |                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   |   |
|                          |   |                                                                  |                                                                      |                                                                                                                                      |         |                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   |   |   |   |   |   |   |   |   |
|                          |   |                                                                  |                                                                      | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                 |         |                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   |   |   |   |   |
|                          |   |                                                                  |                                                                      | EUR                                                                                                                                       |         | Euro                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   |   |   |   |   |   |   |   |
|                          |   |                                                                  |                                                                      |                                                                                                                                      |         |                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   |   |   |   |   |   |   |   |   |
| INTEREST RATE SWAP AGREEMENTS |   |                                                                  |                                                                      |                                                                                                                                      |         |                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   |   |
|                          |   |                                                                  |                                                                      |                                                                                                                                      |         |                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   |   |   |   |   |   |   |   |   |
|                          |   |                                                                  |                                                                      | Notional Principal ($)                                                                                                                    |         | Counterparty                               | Pay / Receive                                   |    | Floating Rate |            |             | AnnualFixedRate |     |            | Expiration Date |     |                                       | Premiums Received |   |   | Net Unrealized Depreciation |   |
|                          |   |                                                                  |                                                                      |                                                                                                                                      | 442,126      |                                       | Chicago Mercantile Exchange                     | Receive |          | LIBORUSD3 Month |             |            |     | 1.819           | %               |     | 8/7/19                                     |              |   | $ | 2 |   |   | $ | (6,687 | ) |
|                          |   |                                                                  |                                                                      |                                                                                                                                      | 1,664,879    |                                       | Chicago Mercantile Exchange                     | Receive |          | LIBORUSD3 Month |             |            |     | 2.660           | %               |     | 8/7/24                                     |              |   |   | 13 |   |   |   | (75,400 | ) |
|                          |   |                                                                  |                                                                      |                                                                                                                                      | 850,473      |                                       | Chicago Mercantile Exchange                     | Receive |          | LIBORUSD3 Month |             |            |     | 2.201           | %               |     | 5/6/25                                     |              |   |   | 7 |   |   |   | (1,722 | ) |
|                          |   |                                                                  |                                                                      |                                                                                                                                      |         |                                       |                                            |    |          |            |             |            |     |            |            |     |                                       |              |   |   |   | $ | 22 |   |   | $ | (83,809 | ) |

| 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) are categorized as Level 3.                                                                     |   |
| See Notes to Financial Statements - Note 1A.                                                                                                                                                            |   |   |   |   |
|                                                                                                                                                                                                    |   |   |   |   |   |   |
| The following is a summary of the inputs used as of  May 31, 2015, in valuing the Fund’s assets:                                                                                        |   |   |

|                                                                                          |   | Level 1 |    |   | Level 2 |   |       | Level 3 |   |   | Total  |   |
|-----------------------------------------------------------------------------------------------|--------|---------|---------|--------|---------|--------|------------|---------|--------|--------|--------|--------|
| Preferred Stock                                                                               |   | $       | 282,800 |   |    |   | -          |    |   | $      | -      |   |   | $ | 282,800 |   |
| Asset Backed Securities                                                                       |   |    | -       |   |    |   | 273,325    |    |   |   | -      |   |   |   | 273,325 |   |
| Collateralized Mortgage Obligations                                                           |   |    | -       |   |    |   | 5,794,869  |    |   |   | -      |   |   |   | 5,794,869 |   |
| Corporate Bonds                                                                               |   |    | -       |   |    |   | 2,552,132  |    |   |   | -      |   |   |   | 2,552,132 |   |
| U.S. Government and Agency Obligations                                                        |   |    | -       |   |    |   | 2,999,916  |    |   |   | -      |   |   |   | 2,999,916 |   |
| Foreign Government Bonds                                                                      |   |    | -       |   |    |   | 10,358,439 |    |   |   | -      |   |   |   | 10,358,439 |   |
| Municipal Bonds                                                                               |   |    | -       |   |    |   | 2,030,000  |    |   |   | -      |   |   |   | 2,030,000 |   |
| Repurchase Agreement                                                                          |   |    | -       |   |    |   | 6,135,000  |    |   |   | -      |   |   |   | 6,135,000 |   |
| Purchased Call Option                                                                         |   |    | 60,075  |   |    |   | -          |    |   |   | -      |   |   |   | 60,075 |   |
| Purchased Put Options                                                                         |   |    | 96,980  |   |    |   | -          |    |   |   | -      |   |   |   | 96,980 |   |
| Purchased Swaption                                                                            |   |    | -       |   |    |   | 1,483      |    |   |   | -      |   |   |   | 1,483 |   |
| Total                                                                                         |   | $       | 439,855 |   |    |   | 30,145,164 |    |   | $      | -      |   |   | $ | 30,585,019 |   |
|                                                                                          |   |    |    |   |    |   |       |    |   |   |   |   |   |   |   |   |
| Other Financial Instruments                                                                   |   |    |    |   |    |   |       |    |   |   |   |   |   |   |   |   |
| Net unrealized appreciation on credit default swaps                                           |   | $       | -       |   |    |   | 307,640    |    |   | $      | -      |   |   | $ | 307,640 |   |
| Net unrealized appreciation on centrally cleared credit default swaps                         |   |    | -       |   |    |   | 38,876     |    |   |   | -      |   |   |   | 38,876 |   |
| Net unrealized depreciation on written swaption                                               |   |    | -       |   |    |   | 25,379     |    |   |   | -      |   |   |   | 25,379 |   |
| Net unrealized depreciation on written put options                                            |   |    | -       |   |    |   | 37,682     |    |   |   | -      |   |   |   | 37,682 |   |
| Net unrealized depreciation on written call option                                            |   |    | -       |   |    |   | (31,625    | )       |   |   | -      |   |   |   | (31,625 | ) |
| Net unrealized depreciation on interest rate swaps                                            |   |    | -       |   |    |   | (83,809    | )       |   |   | -      |   |   |   | (83,809 | ) |
| Net unrealized depreciation on futures contracts                                              |   |    | (1,289  | )      |    |   | -          |    |   |   | -      |   |   |   | (1,289 | ) |
| Net unrealized appreciation on forward foreign currency contracts                             |   |    | -       |   |    |   | 73,033     |    |   |   | -      |   |   |   | 73,033 |   |
| Net unrealized depreciation on forward foreign currency contracts                             |   |    | -       |   |    |   | (306,312   | )       |   |   | -      |   |   |   | (306,312 | ) |
| Total Other Financial Instruments                                                             |   | $       | (1,289  | )      |    |   | 60,864     |    |   |   | -      |   |   | $ | 59,575 |   |
|                                                                                          |   |    |    |   |    |   |       |    |   |   |   |   |   |   |   |   |
| During the period ended May 31, 2015, there were no transfers between Levels 1, 2 and 3. |   |    |    |   |    |   |       |    |   |   |   |   |   |