```

                                                             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 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, 2014

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

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

<PAGE>
ITEM 1. Schedule of Investments.

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

```

```

|                                                                                                                                                                                                    |                 |                        |                              | Pioneer High Income Municipal Fund                                                                                                                                                                                                                                                                                               |       |         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|-----------------------------|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|
|                                                                                                                                                                                                    |                 |                        |                              | Schedule of Investments 5/30/14 (unaudited)                                                                                                                                                                                                                                                                                      |       |         |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    | Principal Amount ($) | FloatingRate (b)(unaudited) | S&P/Moody'sRatings(unaudited) |                                                                                                                                                                                                                                                                                                                             | Value      |
|                                                                                                                                                                                                    |                 |                        |                              | MUNICIPAL BONDS - 98.6%                                                                                                                                                                                                                                                                                                          |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | Arizona - 2.8%                                                                                                                                                                                                                                                                                                                   |       |         |
|                                                                                                                                                                                                    | 40,000               |                        | BBB/NR                            | San Luis Facility Development Corp., 7.5%, 5/1/21                                                                                                                                                                                                                                                                                | $          | 39,615       |
|                                                                                                                                                                                                    | 4,285,000            |                        | BBB/NR                            | San Luis Facility Development Corp., 8.375%, 5/1/27                                                                                                                                                                                                                                                                              |       | 4,205,899    |
|                                                                                                                                                                                                    | 4,860,000            |                        | NR/NR                             | The Industrial Development Authority of the County of Pima, 5.5%, 7/1/26                                                                                                                                                                                                                                                         | 4,569,372  |
|                                                                                                                                                                                                    | 1,000,000            |                        | NR/NR                             | The Industrial Development Authority of the County of Pima, 7.0%, 5/1/34                                                                                                                                                                                                                                                         | 1,009,880  |
|                                                                                                                                                                                                    | 3,000,000            |                        | NR/NR                             | The Industrial Development Authority of the County of Pima, 7.25%, 5/1/44                                                                                                                                                                                                                                                        | 3,029,280  |
|                                                                                                                                                                                                    | 750,000              |                        | NR/NR                             | The Industrial Development Authority of the County of Pima, 8.5%, 7/1/39                                                                                                                                                                                                                                                         | 833,858    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 13,687,904   |
|                                                                                                                                                                                                    |                 |                        |                              | California - 10.4%                                                                                                                                                                                                                                                                                                               |       |         |
|                                                                                                                                                                                                    | 3,880,000            |                        | B-/NR                             | California County Tobacco Securitization Agency, 5.25%, 6/1/45                                                                                                                                                                                                                                                                   | $          | 3,102,642    |
|                                                                                                                                                                                                    | 6,655,000            |                        | NR/B2                             | California County Tobacco Securitization Agency, 5.25%, 6/1/45                                                                                                                                                                                                                                                                   |       | 5,357,674    |
|                                                                                                                                                                                                    | 5,300,000            |                        | NR/B2                             | California County Tobacco Securitization Agency, 5.7%, 6/1/46                                                                                                                                                                                                                                                                    |       | 4,372,659    |
|                                                                                                                                                                                                    | 6,300,000            |                        | BB/NR                             | California Municipal Finance Authority, 6.0%, 7/1/42                                                                                                                                                                                                                                                                             |       | 6,437,088    |
|                                                                                                                                                                                                    | 3,230,000            |                        | BB/NR                             | California School Finance Authority, 7.125%, 10/1/48                                                                                                                                                                                                                                                                             |       | 3,401,868    |
|                                                                                                                                                                                                    | 3,000,000            |                        | BB+/NR                            | California School Finance Authority, 7.375%, 10/1/43                                                                                                                                                                                                                                                                             |       | 3,299,130    |
|                                                                                                                                                                                                    | 1,560,000            |                        | NR/NR                             | California Statewide Communities Development Authority, 6.125%, 11/1/33                                                                                                                                                                                                                                                          | 1,697,826  |
|                                                                                                                                                                                                    | 4,030,000            |                        | NR/NR                             | California Statewide Communities Development Authority, 6.375%, 11/1/43                                                                                                                                                                                                                                                          | 4,418,250  |
|                                                                                                                                                                                                    | 2,000,000            |                        | NR/NR                             | California Statewide Communities Development Authority, 7.5%, 6/1/42                                                                                                                                                                                                                                                             | 2,204,980  |
|                                                                                                                                                                                                    | 315,559              |                        | NR/NR                             | California Statewide Communities Development Authority, 9.0%, 12/1/38 (c)                                                                                                                                                                                                                                                        | 3          |
|                                                                                                                                                                                                    | 9,000,000            |                        | B/B3                              | Golden State Tobacco Securitization Corp., 4.5%, 6/1/27                                                                                                                                                                                                                                                                          |       | 8,179,560    |
|                                                                                                                                                                                                    | 4,000,000            |                        | AA/Aa3                            | Pittsburg Unified School District, 0.0%, 9/1/38 (d)                                                                                                                                                                                                                                                                              |       | 795,560      |
|                                                                                                                                                                                                    | 3,925,000            |                        | AA/Aa3                            | Pittsburg Unified School District, 0.0%, 9/1/39 (d)                                                                                                                                                                                                                                                                              |       | 721,690      |
|                                                                                                                                                                                                    | 2,500,000            |                        | AA/Aa3                            | Pittsburg Unified School District, 0.0%, 9/1/41 (d)                                                                                                                                                                                                                                                                              |       | 566,150      |
|                                                                                                                                                                                                    | 1,925,000            |                        | AA/Aa3                            | Pittsburg Unified School District, 0.0%, 9/1/42 (d)                                                                                                                                                                                                                                                                              |       | 412,027      |
|                                                                                                                                                                                                    | 8,000,000            |                        | BB+/B2                            | Tobacco Securitization Authority of Southern California, 5.0%, 6/1/37                                                                                                                                                                                                                                                            | 6,569,520  |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 51,536,627   |
|                                                                                                                                                                                                    |                 |                        |                              | Colorado - 4.4%                                                                                                                                                                                                                                                                                                                  |       |         |
|                                                                                                                                                                                                    | 2,000,000            |                        | B+/NR                             | Colorado Educational & Cultural Facilities Authority, 8.0%, 9/1/43                                                                                                                                                                                                                                                           | $          | 2,038,820    |
|                                                                                                                                                                                                    | 5,000,000            |                        | B+/NR                             | Colorado Educational & Cultural Facilities Authority, 8.125%, 9/1/48                                                                                                                                                                                                                                                         | 5,104,750  |
|                                                                                                                                                                                                    | 29,000,000           |                        | BBB/Baa2                          | E-470 Public Highway Authority, 0.0%, 9/1/40 (d)                                                                                                                                                                                                                                                                                 |       | 7,312,350    |
|                                                                                                                                                                                                    | 1,500,000            |                        | BBB/Baa2                          | E-470 Public Highway Authority, 0.0%, 9/1/41 (d)                                                                                                                                                                                                                                                                                 |       | 356,040      |
|                                                                                                                                                                                                    | 8,000,000            |                        | NR/NR                             | Kremmling Memorial Hospital District, 7.125%, 12/1/45                                                                                                                                                                                                                                                                            |       | 6,784,640    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 21,596,600   |
|                                                                                                                                                                                                    |                 |                        |                              | District of Columbia - 1.5%                                                                                                                                                                                                                                                                                                      |       |         |
|                                                                                                                                                                                                    | 3,500,000            |                        | BBB-/NR                           | District of Columbia, 5.0%, 10/1/45                                                                                                                                                                                                                                                                                              | $          | 3,488,765    |
|                                                                                                                                                                                                    | 4,000,000            |                        | BBB+/Baa1                         | Metropolitan Washington Airports Authority, 5.0%, 10/1/53                                                                                                                                                                                                                                                                        |       | 4,173,400    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 7,662,165    |
|                                                                                                                                                                                                    |                 |                        |                              | Florida - 4.1%                                                                                                                                                                                                                                                                                                                   |       |         |
|                                                                                                                                                                                                    | 5,000,000            |                        | NR/NR                             | Alachua County Health Facilities Authority, 8.125%, 11/15/46                                                                                                                                                                                                                                                                     | $          | 5,755,300    |
|                                                                                                                                                                                                    | 2,510,000            |                        | NR/NR                             | Capital Trust Agency, Inc., 7.375%, 1/1/48                                                                                                                                                                                                                                                                                       |       | 2,486,657    |
|                                                                                                                                                                                                    | 11,000,000           |                        | NR/B1                             | Capital Trust Agency, Inc., 7.75%, 1/1/41                                                                                                                                                                                                                                                                                        |       | 11,343,200   |
|                                                                                                                                                                                                    | 1,820,000            |                        | NR/NR                             | County of Liberty Florida, 8.25%, 7/1/28 (c)                                                                                                                                                                                                                                                                                     |       | 911,602      |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 20,496,759   |
|                                                                                                                                                                                                    |                 |                        |                              | Hawaii - 0.2%                                                                                                                                                                                                                                                                                                                    |       |         |
|                                                                                                                                                                                                    | 1,000,000            |                        | NR/NR                             | State of Hawaii Department of Budget & Finance, 9.0%, 11/15/44                                                                                                                                                                                                                                                               | $          | 1,171,290    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | Illinois - 5.0%                                                                                                                                                                                                                                                                                                                  |       |         |
|                                                                                                                                                                                                    | 2,634,795            |                        | NR/NR                             | Illinois Finance Authority, 0.0%, 11/15/52 (d)                                                                                                                                                                                                                                                                                   | $          | 51,352       |
|                                                                                                                                                                                                    | 526,959              |                        | NR/NR                             | Illinois Finance Authority, 0.0%, 11/15/52 (d)                                                                                                                                                                                                                                                                                   |       | 142,268      |
|                                                                                                                                                                                                    | 526,959              |                        | NR/NR                             | Illinois Finance Authority, 0.0%, 11/15/52 (d)                                                                                                                                                                                                                                                                                   |       | 89,572       |
|                                                                                                                                                                                                    | 485,000              |                        | NR/NR                             | Illinois Finance Authority, 7.0%, 11/15/17                                                                                                                                                                                                                                                                                       |       | 470,004      |
|                                                                                                                                                                                                    | 710,000              |                        | NR/NR                             | Illinois Finance Authority, 7.0%, 11/15/27                                                                                                                                                                                                                                                                                       |       | 641,826      |
|                                                                                                                                                                                                    | 3,085,000            |                        | NR/NR                             | Illinois Finance Authority, 7.625%, 5/15/25                                                                                                                                                                                                                                                                                      |       | 3,123,347    |
|                                                                                                                                                                                                    | 1,750,000            |                        | NR/NR                             | Illinois Finance Authority, 8.0%, 5/15/30                                                                                                                                                                                                                                                                                        |       | 1,198,750    |
|                                                                                                                                                                                                    | 3,295,000            |                        | NR/NR                             | Illinois Finance Authority, 8.0%, 5/15/40                                                                                                                                                                                                                                                                                        |       | 3,287,652    |
|                                                                                                                                                                                                    | 4,085,000            |                        | BB/NR                             | Illinois Finance Authority, 8.25%, 5/15/45                                                                                                                                                                                                                                                                                       |       | 2,798,225    |
|                                                                                                                                                                                                    | 4,213,653            | 4.00                        | NR/NR                             | Illinois Finance Authority, Floating Rate Note, 11/15/52                                                                                                                                                                                                                                                                         |       | 2,731,121    |
|                                                                                                                                                                                                    | 2,735,000            |                        | NR/NR                             | Southwestern Illinois Development Authority, 5.625%, 11/1/26                                                                                                                                                                                                                                                                     |       | 2,200,171    |
|                                                                                                                                                                                                    | 680,000              |                        | NR/NR                             | Southwestern Illinois Development Authority, 6.2%, 6/1/17                                                                                                                                                                                                                                                                        |       | 706,017      |
|                                                                                                                                                                                                    | 7,020,000            |                        | NR/NR                             | Southwestern Illinois Development Authority, 6.625%, 6/1/37                                                                                                                                                                                                                                                                      |       | 7,009,681    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 24,449,986   |
|                                                                                                                                                                                                    |                 |                        |                              | Indiana - 4.0%                                                                                                                                                                                                                                                                                                                   |       |         |
|                                                                                                                                                                                                    | 1,750,000            |                        | NR/NR                             | City of Carmel Indiana, 7.0%, 11/15/32                                                                                                                                                                                                                                                                                           | $          | 1,864,100    |
|                                                                                                                                                                                                    | 2,000,000            |                        | NR/NR                             | City of Carmel Indiana, 7.125%, 11/15/42                                                                                                                                                                                                                                                                                         |       | 2,121,220    |
|                                                                                                                                                                                                    | 2,000,000            |                        | NR/NR                             | City of Carmel Indiana, 7.125%, 11/15/47                                                                                                                                                                                                                                                                                         |       | 2,115,420    |
|                                                                                                                                                                                                    | 3,500,000            |                        | NR/NR                             | City of Crown Point Indiana, 8.0%, 11/15/39                                                                                                                                                                                                                                                                                      |       | 3,904,180    |
|                                                                                                                                                                                                    | 3,000,000            |                        | NR/NR                             | City of Gary Indiana, 2.5%, 5/1/15                                                                                                                                                                                                                                                                                               |       | 3,002,010    |
|                                                                                                                                                                                                    | 2,340,000            |                        | NR/NR                             | Vigo County Hospital Authority, 5.8%, 9/1/47 (144A)                                                                                                                                                                                                                                                                              |       | 2,323,994    |
|                                                                                                                                                                                                    | 4,000,000            |                        | BB/NR                             | Vigo County Hospital Authority, 8.0%, 9/1/41                                                                                                                                                                                                                                                                                     |       | 4,555,040    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 19,885,964   |
|                                                                                                                                                                                                    |                 |                        |                              | Iowa - 1.2%                                                                                                                                                                                                                                                                                                                      |       |         |
|                                                                                                                                                                                                    | 775,200              |                        | NR/NR                             | Iowa Finance Authority, 2.0%, 5/15/56                                                                                                                                                                                                                                                                                            | $          | 8            |
|                                                                                                                                                                                                    | 4,132,500            | 2.70                        | NR/NR                             | Iowa Finance Authority, Floating Rate Note, 11/15/46                                                                                                                                                                                                                                                                             |       | 2,763,237    |
|                                                                                                                                                                                                    | 3,580,000            |                        | B+/B2                             | Iowa Tobacco Settlement Authority, 5.625%, 6/1/46                                                                                                                                                                                                                                                                                |       | 3,067,416    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 5,830,661    |
|                                                                                                                                                                                                    |                 |                        |                              | Louisiana - 1.0%                                                                                                                                                                                                                                                                                                                 |       |         |
|                                                                                                                                                                                                    | 5,800,000            |                        | NR/NR                             | Tensas Parish Law Enforcement District, 0.0%, 10/1/26 (c)(d)                                                                                                                                                                                                                                                                     | $          | 4,732,974    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | Maryland - 0.2%                                                                                                                                                                                                                                                                                                                  |       |         |
|                                                                                                                                                                                                    | 1,000,000            |                        | NR/NR                             | Maryland Health & Higher Educational Facilities Authority, 6.75%, 7/1/44                                                                                                                                                                                                                                                     | $          | 1,050,090    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | Massachusetts - 1.2%                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    | 1,116,746            |                        | NR/NR                             | Massachusetts Development Finance Agency, 0.0%, 11/15/56 (d)                                                                                                                                                                                                                                                                     | $          | 5,025        |
|                                                                                                                                                                                                    | 1,235,770            |                        | NR/NR                             | Massachusetts Development Finance Agency, 6.25%, 11/15/26                                                                                                                                                                                                                                                                        |       | 1,118,545    |
|                                                                                                                                                                                                    | 2,224,798            |                        | NR/NR                             | Massachusetts Development Finance Agency, 6.25%, 11/15/39                                                                                                                                                                                                                                                                        |       | 1,860,510    |
|                                                                                                                                                                                                    | 2,000,000            |                        | NR/NR                             | Massachusetts Development Finance Agency, 6.75%, 10/15/37                                                                                                                                                                                                                                                                        |       | 2,074,960    |
|                                                                                                                                                                                                    | 870,000              |                        | NR/NR                             | Massachusetts Development Finance Agency, 7.625%, 10/15/37                                                                                                                                                                                                                                                                       |       | 965,987      |
|                                                                                                                                                                                                    | 3,500,000            |                        | NR/NR                             | Massachusetts Health & Educational Facilities Authority, 0.0%, 1/15/38 (c)(d)                                                                                                                                                                                                                                                | 9,450      |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 6,034,477    |
|                                                                                                                                                                                                    |                 |                        |                              | Michigan - 7.1%                                                                                                                                                                                                                                                                                                                  |       |         |
|                                                                                                                                                                                                    | 5,485,000            |                        | BBB-/NR                           | Flint International Academy, 5.75%, 10/1/37                                                                                                                                                                                                                                                                                      | $          | 5,520,817    |
|                                                                                                                                                                                                    | 4,460,000            |                        | NR/NR                             | Michigan Public Educational Facilities Authority, 5.875%, 6/1/37                                                                                                                                                                                                                                                                 |       | 4,454,425    |
|                                                                                                                                                                                                    | 260,000              |                        | BB/NR                             | Michigan Public Educational Facilities Authority, 7.25%, 4/1/20                                                                                                                                                                                                                                                                  |       | 278,743      |
|                                                                                                                                                                                                    | 2,020,000            |                        | BB/NR                             | Michigan Public Educational Facilities Authority, 8.0%, 4/1/40                                                                                                                                                                                                                                                                   |       | 2,177,116    |
|                                                                                                                                                                                                    | 3,175,000            |                        | NR/NR                             | Michigan Strategic Fund, 7.25%, 1/1/39                                                                                                                                                                                                                                                                                           |       | 3,303,619    |
|                                                                                                                                                                                                    | 4,000,000            | 6.62                        | NR/NR                             | Michigan Strategic Fund, Floating Rate Note, 11/1/41                                                                                                                                                                                                                                                                             |       | 4,103,680    |
|                                                                                                                                                                                                    | 7,135,000            | 6.75                        | A/A2                              | Michigan Strategic Fund, Floating Rate Note, 3/1/40                                                                                                                                                                                                                                                                              |       | 7,731,843    |
|                                                                                                                                                                                                    | 3,000,000            |                        | B-/NR                             | Michigan Tobacco Settlement Finance Authority, 6.0%, 6/1/34                                                                                                                                                                                                                                                                      |       | 2,521,260    |
|                                                                                                                                                                                                    | 5,050,000            |                        | NR/B2                             | Michigan Tobacco Settlement Finance Authority, 6.875%, 6/1/42                                                                                                                                                                                                                                                                    |       | 4,841,788    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 34,933,291   |
|                                                                                                                                                                                                    |                 |                        |                              | Minnesota - 1.4%                                                                                                                                                                                                                                                                                                                 |       |         |
|                                                                                                                                                                                                    | 5,000,000            |                        | NR/NR                             | Bloomington Port Authority, 9.0%, 12/1/35                                                                                                                                                                                                                                                                                        | $          | 5,366,400    |
|                                                                                                                                                                                                    | 1,500,000            |                        | NR/NR                             | City of Brooklyn Park Minnesota, 9.25%, 3/1/39                                                                                                                                                                                                                                                                                   |       | 1,665,465    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 7,031,865    |
|                                                                                                                                                                                                    |                 |                        |                              | Missouri - 1.9%                                                                                                                                                                                                                                                                                                                  |       |         |
|                                                                                                                                                                                                    | 5,920,000            |                        | BB/NR                             | Community Memorial Hospital District, 6.68%, 12/1/34                                                                                                                                                                                                                                                                             | $          | 6,034,256    |
|                                                                                                                                                                                                    | 2,500,000            |                        | NR/NR                             | Kirkwood Industrial Development Authority, 8.25%, 5/15/45                                                                                                                                                                                                                                                                        |       | 2,861,550    |
|                                                                                                                                                                                                    | 500,000              |                        | NR/Ca                             | St. Louis Industrial Development Authority, 7.2%, 12/15/28                                                                                                                                                                                                                                                                       |       | 172,500      |
|                                                                                                                                                                                                    | 1,365,000            |                        | NR/Ca                             | St. Louis Industrial Development Authority, 7.25%, 12/15/35                                                                                                                                                                                                                                                                      |       | 470,925      |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 9,539,231    |
|                                                                                                                                                                                                    |                 |                        |                              | New Jersey - 3.6%                                                                                                                                                                                                                                                                                                                |       |         |
|                                                                                                                                                                                                    | 6,000,000            |                        | NR/NR                             | New Jersey Economic Development Authority, 6.625%, 1/1/37                                                                                                                                                                                                                                                                        | $          | 6,107,220    |
|                                                                                                                                                                                                    | 4,500,000            |                        | BB+/Ba1                           | New Jersey Health Care Facilities Financing Authority, 6.25%, 7/1/35                                                                                                                                                                                                                                                             | 4,793,265  |
|                                                                                                                                                                                                    | 8,885,000            |                        | B-/B2                             | Tobacco Settlement Financing Corp. New Jersey, 5.0%, 6/1/41                                                                                                                                                                                                                                                                      |       | 6,974,192    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 17,874,677   |
|                                                                                                                                                                                                    |                 |                        |                              | New Mexico - 0.9%                                                                                                                                                                                                                                                                                                                |       |         |
|                                                                                                                                                                                                    | 5,115,000            |                        | NR/NR                             | County of Otero New Mexico, 6.0%, 4/1/28                                                                                                                                                                                                                                                                                         | $          | 4,240,284    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | New York - 4.4%                                                                                                                                                                                                                                                                                                                  |       |         |
|                                                                                                                                                                                                    | 2,000,000            |                        | BB/Ba2                            | Onondaga Civic Development Corp., 5.0%, 7/1/42                                                                                                                                                                                                                                                                                   | $          | 1,944,060    |
|                                                                                                                                                                                                    | 1,000,000            |                        | BB/Ba2                            | Onondaga Civic Development Corp., 5.125%, 7/1/31                                                                                                                                                                                                                                                                                 |       | 1,023,530    |
|                                                                                                                                                                                                    | 5,000,000            |                        | NR/NR                             | Suffolk Tobacco Asset Securitization Corp., 6/1/44                                                                                                                                                                                                                                                                               |       | 4,790,200    |
|                                                                                                                                                                                                    | 10,000,000           |                        | NR/NR                             | The Erie County Industrial Development Agency, 0.0%, 10/1/30 (c)(d)                                                                                                                                                                                                                                                              | 4,200,700  |
|                                                                                                                                                                                                    | 8,000,000            |                        | NR/NR                             | The Erie County Industrial Development Agency, 0.0%, 10/1/30 (c)(d)                                                                                                                                                                                                                                                              | 3,360,560  |
|                                                                                                                                                                                                    | 1,795,000            |                        | NR/NR                             | The Erie County Industrial Development Agency, 0.0%, 10/1/30 (c)(d)                                                                                                                                                                                                                                                              | 754,026    |
|                                                                                                                                                                                                    | 7,050,000            |                        | B-/NR                             | TSASC, Inc. New York, 5.125%, 6/1/42                                                                                                                                                                                                                                                                                             |       | 5,846,565    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 21,919,641   |
|                                                                                                                                                                                                    |                 |                        |                              | Ohio - 2.7%                                                                                                                                                                                                                                                                                                                      |       |         |
|                                                                                                                                                                                                    | 8,555,000            |                        | B-/B3                             | Buckeye Tobacco Settlement Financing Authority, 6.0%, 6/1/42                                                                                                                                                                                                                                                                     | $          | 7,113,311    |
|                                                                                                                                                                                                    | 1,150,000            |                        | BB+/Ba2                           | County of Muskingum Ohio, 5.0%, 2/15/33                                                                                                                                                                                                                                                                                          |       | 1,153,140    |
|                                                                                                                                                                                                    | 5,000,000            |                        | BB+/Ba2                           | County of Muskingum Ohio, 5.0%, 2/15/48                                                                                                                                                                                                                                                                                          |       | 4,868,300    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 13,134,751   |
|                                                                                                                                                                                                    |                 |                        |                              | Pennsylvania - 4.8%                                                                                                                                                                                                                                                                                                              |       |         |
|                                                                                                                                                                                                    | 2,005,000            |                        | B-/NR                             | Pennsylvania Economic Development Financing Authority, 7.5%, 5/1/20                                                                                                                                                                                                                                                              | $          | 2,337,068    |
|                                                                                                                                                                                                    | 8,445,000            |                        | B-/NR                             | Pennsylvania Economic Development Financing Authority, 8.0%, 5/1/29                                                                                                                                                                                                                                                              | 9,989,675  |
|                                                                                                                                                                                                    | 4,900,000            |                        | BB/NR                             | Philadelphia Authority for Industrial Development, 5.75%, 6/15/42                                                                                                                                                                                                                                                                |       | 4,639,418    |
|                                                                                                                                                                                                    | 1,000,000            |                        | BB-/NR                            | Philadelphia Authority for Industrial Development, 6.5%, 6/15/33 (144A)                                                                                                                                                                                                                                                          | 1,017,910  |
|                                                                                                                                                                                                    | 1,500,000            |                        | NR/NR                             | Philadelphia Authority for Industrial Development, 8.2%, 12/1/43                                                                                                                                                                                                                                                                 |       | 1,578,990    |
|                                                                                                                                                                                                    | 4,000,000            |                        | NR/NR                             | Pottsville Hospital Authority Pennsylvania, 6.5%, 7/1/28                                                                                                                                                                                                                                                                         |       | 4,029,080    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 23,592,141   |
|                                                                                                                                                                                                    |                 |                        |                              | Puerto Rico - 2.0%                                                                                                                                                                                                                                                                                                               |       |         |
|                                                                                                                                                                                                    | 11,000,000           |                        | BB+/Ba2                           | Commonwealth of Puerto Rico, 8.0%, 7/1/35                                                                                                                                                                                                                                                                                        | $          | 9,817,280    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | Rhode Island - 0.3%                                                                                                                                                                                                                                                                                                              |       |         |
|                                                                                                                                                                                                    | 2,065,000            |                        | NR/NR                             | Central Falls Detention Facility Corp., 7.25%, 7/15/35                                                                                                                                                                                                                                                                           | $          | 1,530,764    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | Texas - 17.2%                                                                                                                                                                                                                                                                                                                    |       |         |
|                                                                                                                                                                                                    | 5,500,000            |                        | BB/NR                             | Arlington Higher Education Finance Corp., 7.125%, 3/1/44                                                                                                                                                                                                                                                                         | $          | 5,648,775    |
|                                                                                                                                                                                                    | 2,000,000            |                        | B/B2                              | City of Houston Texas Airport System Revenue, 5.0%, 7/1/29                                                                                                                                                                                                                                                                       |       | 2,022,980    |
|                                                                                                                                                                                                    | 234,442              |                        | NR/NR                             | Gulf Coast Industrial Development Authority, 0.0%, 12/1/36 (c)(d)                                                                                                                                                                                                                                                                | 2          |
|                                                                                                                                                                                                    | 345,000              |                        | NR/NR                             | HFDC of Central Texas, Inc., 6.375%, 11/15/19 (c)                                                                                                                                                                                                                                                                                |       | 215,618      |
|                                                                                                                                                                                                    | 1,600,000            |                        | NR/NR                             | HFDC of Central Texas, Inc., 7.75%, 11/15/29 (c)                                                                                                                                                                                                                                                                                 |       | 999,968      |
|                                                                                                                                                                                                    | 6,825,000            |                        | NR/NR                             | HFDC of Central Texas, Inc., 7.75%, 11/15/44 (c)                                                                                                                                                                                                                                                                                 |       | 4,265,488    |
|                                                                                                                                                                                                    | 4,000,000            |                        | BBB/NR                            | Houston Higher Education Finance Corp., 5.0%, 2/15/42                                                                                                                                                                                                                                                                            |       | 4,187,160    |
|                                                                                                                                                                                                    | 24,000,000           |                        | NR/NR                             | Jefferson County Industrial Development Corp. Texas, 8.25%, 7/1/32                                                                                                                                                                                                                                                               | 23,640,000 |
|                                                                                                                                                                                                    | 1,455,000            |                        | BB/NR                             | Kinney County Public Facilities Corp., 7.0%, 11/1/25                                                                                                                                                                                                                                                                             |       | 1,399,070    |
|                                                                                                                                                                                                    | 17,000,000           |                        | NR/NR                             | Sanger Industrial Development Corp., 8.0%, 7/1/38                                                                                                                                                                                                                                                                                |       | 18,110,100   |
|                                                                                                                                                                                                    | 1,775,000            |                        | BB/NR                             | Tarrant County Cultural Education Facilities Finance Corp., 8.0%, 11/15/28                                                                                                                                                                                                                                                       | 1,571,656  |
|                                                                                                                                                                                                    | 2,250,000            |                        | NR/NR                             | Tarrant County Cultural Education Facilities Finance Corp., 8.0%, 11/15/29                                                                                                                                                                                                                                                       | 2,222,438  |
|                                                                                                                                                                                                    | 120,000              |                        | NR/NR                             | Tarrant County Cultural Education Facilities Finance Corp., 8.0%, 11/15/34                                                                                                                                                                                                                                                       | 139,585    |
|                                                                                                                                                                                                    | 5,000,000            |                        | NR/NR                             | Tarrant County Cultural Education Facilities Finance Corp., 8.125%, 11/15/39                                                                                                                                                                                                                                                     | 4,938,850  |
|                                                                                                                                                                                                    | 6,350,000            |                        | NR/NR                             | Tarrant County Cultural Education Facilities Finance Corp., 8.125%, 11/15/44                                                                                                                                                                                                                                                     | 7,368,984  |
|                                                                                                                                                                                                    | 5,000,000            |                        | NR/NR                             | Tarrant County Cultural Education Facilities Finance Corp., 8.25%, 11/15/44                                                                                                                                                                                                                                                      | 4,371,850  |
|                                                                                                                                                                                                    | 1,000,000            |                        | NR/NR                             | Texas Midwest Public Facility Corp., 0.0%, 10/1/30 (c)(d)                                                                                                                                                                                                                                                                        |       | 421,730      |
|                                                                                                                                                                                                    | 3,000,000            |                        | AAA/Aaa                           | Texas Transportation Commission State Highway Fund, 5.0%, 4/1/33                                                                                                                                                                                                                                                                 | 3,493,770  |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 85,018,024   |
|                                                                                                                                                                                                    |                 |                        |                              | Utah - 1.9%                                                                                                                                                                                                                                                                                                                      |       |         |
|                                                                                                                                                                                                    | 1,450,000            |                        | NR/NR                             | Utah State Charter School Finance Authority, 7.25%, 5/15/21                                                                                                                                                                                                                                                                      | $          | 1,566,348    |
|                                                                                                                                                                                                    | 1,985,000            |                        | NR/NR                             | Utah State Charter School Finance Authority, 8.125%, 5/15/31                                                                                                                                                                                                                                                                     |       | 2,161,447    |
|                                                                                                                                                                                                    | 5,145,000            |                        | NR/NR                             | Utah State Charter School Finance Authority, 8.5%, 5/15/41                                                                                                                                                                                                                                                                       |       | 5,707,348    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 9,435,143    |
|                                                                                                                                                                                                    |                 |                        |                              | Virginia - 0.3%                                                                                                                                                                                                                                                                                                                  |       |         |
|                                                                                                                                                                                                    | 2,405,000            |                        | B-/B3                             | Tobacco Settlement Financing Corp. Virginia, 5.0%, 6/1/47                                                                                                                                                                                                                                                                        | $          | 1,709,306    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | Washington - 2.9%                                                                                                                                                                                                                                                                                                                |       |         |
|                                                                                                                                                                                                    | 5,500,000            |                        | NR/NR                             | Washington State Housing Finance Commission, 5.625%, 1/1/27                                                                                                                                                                                                                                                                      | $          | 5,419,370    |
|                                                                                                                                                                                                    | 9,160,000            |                        | NR/NR                             | Washington State Housing Finance Commission, 5.625%, 1/1/38                                                                                                                                                                                                                                                                      |       | 8,807,065    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 14,226,435   |
|                                                                                                                                                                                                    |                 |                        |                              | West Virginia - 7.1%                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    | 25,000,000           |                        | NR/NR                             | City of Philippi West Virginia, 7.75%, 10/1/44                                                                                                                                                                                                                                                                                   | $          | 24,880,250   |
|                                                                                                                                                                                                    | 9,885,000            |                        | NR/NR                             | West Virginia Hospital Finance Authority, 9.125%, 10/1/41                                                                                                                                                                                                                                                                        |       | 10,084,578   |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 34,964,828   |
|                                                                                                                                                                                                    |                 |                        |                              | Wisconsin - 4.0%                                                                                                                                                                                                                                                                                                                 |       |         |
|                                                                                                                                                                                                    | 1,590,000            |                        | BBB-/NR                           | Public Finance Authority, 5.625%, 7/1/44                                                                                                                                                                                                                                                                                         | $          | 1,597,807    |
|                                                                                                                                                                                                    | 2,815,000            |                        | NR/NR                             | Public Finance Authority, 6.2%, 10/1/42                                                                                                                                                                                                                                                                                          |       | 2,882,729    |
|                                                                                                                                                                                                    | 5,057,500            |                        | NR/NR                             | Public Finance Authority, 7.0%, 10/1/42                                                                                                                                                                                                                                                                                          |       | 4,876,189    |
|                                                                                                                                                                                                    | 5,325,000            |                        | NR/NR                             | Public Finance Authority, 8.25%, 6/1/46                                                                                                                                                                                                                                                                                          |       | 6,201,868    |
|                                                                                                                                                                                                    | 3,970,000            |                        | NR/NR                             | Public Finance Authority, 8.375%, 6/1/20                                                                                                                                                                                                                                                                                         |       | 3,982,267    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             | $          | 19,540,860   |
|                                                                                                                                                                                                    |                 |                        |                              | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                            |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | (Cost $483,095,684)                                                                                                                                                                                                                                                                                                              | $          | 486,644,018  |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.1%                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                    | 1,175,000            | 0.00                        | NR/NR                             | Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A)                                                                                                                                                                                                                                                         | $          | 275,984      |
|                                                                                                                                                                                                    |                 |                        |                              | TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION                                                                                                                                                                                                                                                                                   | $          | 275,984      |
|                                                                                                                                                                                                    |                 |                        |                              | (Cost $1,172,441)                                                                                                                                                                                                                                                                                                                |       |         |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | TOTAL INVESTMENT IN SECURITIES - 98.6%                                                                                                                                                                                                                                                                                           |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | (Cost $484,268,125) (a)                                                                                                                                                                                                                                                                                                          | $          | 486,920,002  |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | OTHER ASSETS & LIABILITIES - 1.4%                                                                                                                                                                                                                                                                                            | $          | 6,669,634    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                        | $          | 493,589,636  |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    | (e)                  |                        |                              | Security is in default and is non-income producing.                                                                                                                                                                                                                                                                              |       |         |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    | NR                   |                        |                              | Not rated by either S&P or Moody's.                                                                                                                                                                                                                                                                                          |       |         |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    | (144A)               |                        |                              | Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At May 30, 2014, the value of these securities amounted to $3,617,888 or 0.7% of total net assets. |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    | (a)                  |                        |                              | At May 31, 2014, the net unrealized appreciation on investments based on                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                    |                 |                        |                              | cost for federal income tax purposes of $484,268,125 was as follows:                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                    |                 |                        |                              | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                        | $          | 30,306,030   |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                    |                 |                        |                              | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                        |       | (27,654,153) |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | Net unrealized appreciation                                                                                                                                                                                                                                                                                                      | $          | 2,651,877    |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
|                                                                                                                                                                                                    | (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)                  |                        |                              | The concentration of investments by type of obligation/market sector is as follows:                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                    |                 |                        |                              | Revenue Bonds:                                                                                                                                                                                                                                                                                                                   |       |         |
|                                                                                                                                                                                                    |                 |                        |                              | Health                                                                                                                                                                                                                                                                                                                           |       | 29.5%        |
|                                                                                                                                                                                                    |                 |                        |                              | Pollution Control Revenue                                                                                                                                                                                                                                                                                                        |       | 16.6%        |
|                                                                                                                                                                                                    |                 |                        |                              | Education                                                                                                                                                                                                                                                                                                                        |       | 19.5%        |
|                                                                                                                                                                                                    |                 |                        |                              | Various Revenues                                                                                                                                                                                                                                                                                                                 |       | 10.9%        |
|                                                                                                                                                                                                    |                 |                        |                              | Special Revenues                                                                                                                                                                                                                                                                                                                 |       | 13.8%        |
|                                                                                                                                                                                                    |                 |                        |                              | Transportation                                                                                                                                                                                                                                                                                                                   |       | 6.6%         |
|                                                                                                                                                                                                    |                 |                        |                              | Housing                                                                                                                                                                                                                                                                                                                          |       | 0.5%         |
|                                                                                                                                                                                                    |                 |                        |                              | Insured                                                                                                                                                                                                                                                                                                                          |       | 0.5%         |
|                                                                                                                                                                                                    |                 |                        |                              | General Obligation                                                                                                                                                                                                                                                                                                               |       | 2.1%         |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       | 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.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                            |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                                                                      |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.  See Notes to Financial Statements - Note 1A.                                               |
|                                                                                                                                                                                                    |                 |                        |                              |                                                                                                                                                                                                                                                                                                                             |       |         |
| The following is a summary of the inputs used as of May 31, 2014, in valuing the Fund's investments:                                                                                                    |

|                                                                                     |   | Level 1 |   |   | Level 2 |   |        | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|--------|--------|---------|--------|-------------|---------|--------|--------|--------|--------|
| Municipal Bonds                                                                          |   | $       | -      |   |    | $      | 486,644,018 |    |   | $      | -      |   |   | $ | 486,644,018 |   |
| Municipal Collateralized Debt Obligation                                                 |   |    | -      |   |    |   | 275,984     |    |   |   | -      |   |   |   | 275,984 |   |
| Total                                                                                    |   | $       | -      |   |    | $      | 486,920,002 |    |   | $      | -      |   |   | $ | 486,920,002 |   |
|                                                                                     |   |    |   |   |    |   |        |    |   |   |   |   |   |   |   |   |
| During the period ended May 31, 2014, there were no transfers between Levels 1, 2 and 3. |   |    |   |   |    |

|                                                                                                                                                                                                    |      |   |   | Pioneer Global Equity Fund                                               |   |        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------|--------|--------------------------------------------------------------------------|--------|-------------|
|                                                                                                                                                                                                    |      |   |   | Schedule of Investments 5/30/14 (unaudited)                              |   |        |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
|                                                                                                                                                                                                    | Shares    |   |   |                                                                     |   | Value       |
|                                                                                                                                                                                                    |      |   |   | COMMON STOCKS - 98.8%                                                    |   |        |
|                                                                                                                                                                                                    |      |   |   | Energy - 10.6%                                                           |   |        |
|                                                                                                                                                                                                    |      |   |   | Oil & Gas Equipment & Services - 2.0%                            |   |        |
|                                                                                                                                                                                                    | 46,826    |   |   | Halliburton Co.                                                          | $      | 3,026,833   |
|                                                                                                                                                                                                    |      |   |   | Integrated Oil & Gas - 3.5%                                          |   |        |
|                                                                                                                                                                                                    | 12,256    |   |   | Exxon Mobil Corp.                                                        | $      | 1,232,096   |
|                                                                                                                                                                                                    | 73,230    |   |   | Royal Dutch Shell Plc                                                    |   | 2,881,575   |
|                                                                                                                                                                                                    | 16,380    |   |   | Total SA                                                                 |   | 1,150,503   |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 5,264,174   |
|                                                                                                                                                                                                    |      |   |   | Oil & Gas Exploration & Production - 4.4%                        |   |        |
|                                                                                                                                                                                                    | 39,479    |   |   | Cabot Oil & Gas Corp.                                                | $      | 1,430,719   |
|                                                                                                                                                                                                    | 28,629    |   |   | EOG Resources, Inc.                                                      |   | 3,028,948   |
|                                                                                                                                                                                                    | 6,100     |   |   | Pioneer Natural Resources Co.                                            |   | 1,281,976   |
|                                                                                                                                                                                                    | 22,388    |   |   | Southwestern Energy Co. *                                                |   | 1,017,982   |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 6,759,625   |
|                                                                                                                                                                                                    |      |   |   | Oil & Gas Storage & Transportation - 0.7%                        |   |        |
|                                                                                                                                                                                                    | 47,912    |   |   | Avance Gas Holding, Ltd.                                                 | $      | 1,034,418   |
|                                                                                                                                                                                                    |      |   |   | Total Energy                                                             | $      | 16,085,050  |
|                                                                                                                                                                                                    |      |   |   | Materials - 4.8%                                                         |   |        |
|                                                                                                                                                                                                    |      |   |   | Commodity Chemicals - 1.9%                                               |   |        |
|                                                                                                                                                                                                    | 29,900    |   |   | LyondellBasell Industries NV                                             | $      | 2,977,143   |
|                                                                                                                                                                                                    |      |   |   | Fertilizers & Agricultural Chemicals - 1.4%                          |   |        |
|                                                                                                                                                                                                    | 7,145     |   |   | Monsanto Co.                                                             | $      | 870,618     |
|                                                                                                                                                                                                    | 3,170     |   |   | Syngenta AG                                                              |   | 1,221,281   |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 2,091,899   |
|                                                                                                                                                                                                    |      |   |   | Specialty Chemicals - 1.2%                                               |   |        |
|                                                                                                                                                                                                    | 22,067    |   |   | Croda International Plc                                                  | $      | 974,812     |
|                                                                                                                                                                                                    | 9,600     |   |   | WR Grace & Co. *                                                     |   | 883,968     |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 1,858,780   |
|                                                                                                                                                                                                    |      |   |   | Steel - 0.3%                                                             |   |        |
|                                                                                                                                                                                                    | 109,140   |   |   | Fortescue Metals Group, Ltd.                                             | $      | 447,153     |
|                                                                                                                                                                                                    |      |   |   | Total Materials                                                          | $      | 7,374,975   |
|                                                                                                                                                                                                    |      |   |   | Capital Goods - 7.9%                                                     |   |        |
|                                                                                                                                                                                                    |      |   |   | Aerospace & Defense - 1.1%                                           |   |        |
|                                                                                                                                                                                                    | 14,299    |   |   | United Technologies Corp.                                                | $      | 1,661,830   |
|                                                                                                                                                                                                    |      |   |   | Electrical Components & Equipment - 2.3%                             |   |        |
|                                                                                                                                                                                                    | 29,755    |   |   | Eaton Corp. Plc                                                          | $      | 2,192,646   |
|                                                                                                                                                                                                    | 207,000   |   |   | Hitachi, Ltd.                                                            |   | 1,401,423   |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 3,594,069   |
|                                                                                                                                                                                                    |      |   |   | Heavy Electrical Equipment - 0.6%                                        |   |        |
|                                                                                                                                                                                                    | 21,646    |   |   | Alstom SA                                                                | $      | 858,372     |
|                                                                                                                                                                                                    |      |   |   | Construction & Farm Machinery & Heavy Trucks - 1.4%              |   |        |
|                                                                                                                                                                                                    | 6,732,000 |   |   | Nam Cheong, Ltd.                                                         | $      | 2,094,933   |
|                                                                                                                                                                                                    |      |   |   | Industrial Machinery - 2.5%                                              |   |        |
|                                                                                                                                                                                                    | 30,505    |   |   | Ingersoll-Rand Plc                                                       | $      | 1,824,809   |
|                                                                                                                                                                                                    | 9,061     |   |   | Parker Hannifin Corp.                                                    |   | 1,134,709   |
|                                                                                                                                                                                                    | 369,000   |   |   | Sarine Technologies, Ltd.                                                |   | 797,454     |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 3,756,972   |
|                                                                                                                                                                                                    |      |   |   | Total Capital Goods                                                      | $      | 11,966,176  |
|                                                                                                                                                                                                    |      |   |   | Commercial Services & Supplies - 1.1%                                |   |        |
|                                                                                                                                                                                                    |      |   |   | Human Resource & Employment Services - 1.1%                          |   |        |
|                                                                                                                                                                                                    | 15,245    |   |   | Towers Watson & Co.                                                  | $      | 1,715,215   |
|                                                                                                                                                                                                    |      |   |   | Total Commercial Services & Supplies                                 | $      | 1,715,215   |
|                                                                                                                                                                                                    |      |   |   | Transportation - 3.0%                                                    |   |        |
|                                                                                                                                                                                                    |      |   |   | Airlines - 3.0%                                                          |   |        |
|                                                                                                                                                                                                    | 113,198   |   |   | American Airlines Group, Inc.                                            | $      | 4,546,032   |
|                                                                                                                                                                                                    |      |   |   | Total Transportation                                                     | $      | 4,546,032   |
|                                                                                                                                                                                                    |      |   |   | Automobiles & Components - 5.2%                                      |   |        |
|                                                                                                                                                                                                    |      |   |   | Tires & Rubber - 1.0%                                                |   |        |
|                                                                                                                                                                                                    | 41,200    |   |   | Bridgestone Corp.                                                        | $      | 1,495,714   |
|                                                                                                                                                                                                    |      |   |   | Automobile Manufacturers - 4.2%                                          |   |        |
|                                                                                                                                                                                                    | 17,829    |   |   | Daimler AG                                                               | $      | 1,694,860   |
|                                                                                                                                                                                                    | 174,000   |   |   | Mazda Motor Corp.                                                        |   | 758,564     |
|                                                                                                                                                                                                    | 905,101   |   |   | Tata Motors, Ltd.                                                        |   | 3,951,690   |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 6,405,114   |
|                                                                                                                                                                                                    |      |   |   | Total Automobiles & Components                                       | $      | 7,900,828   |
|                                                                                                                                                                                                    |      |   |   | Consumer Durables & Apparel - 2.4%                                   |   |        |
|                                                                                                                                                                                                    |      |   |   | Homebuilding - 0.5%                                                      |   |        |
|                                                                                                                                                                                                    | 53,400    |   |   | West Holdings Corp.                                                      | $      | 821,817     |
|                                                                                                                                                                                                    |      |   |   | Leisure Products - 0.5%                                                  |   |        |
|                                                                                                                                                                                                    | 41,400    |   |   | Sega Sammy Holdings, Inc.                                                | $      | 799,805     |
|                                                                                                                                                                                                    |      |   |   | Apparel, Accessories & Luxury Goods - 1.2%                           |   |        |
|                                                                                                                                                                                                    | 4,313     |   |   | Christian Dior SA                                                        | $      | 904,331     |
|                                                                                                                                                                                                    | 267,600   |   |   | Samsonite International SA                                               |   | 841,409     |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 1,745,740   |
|                                                                                                                                                                                                    |      |   |   | Textiles - 0.2%                                                          |   |        |
|                                                                                                                                                                                                    | 260,000   |   |   | Pacific Textiles Holdings, Ltd.                                          | $      | 318,633     |
|                                                                                                                                                                                                    |      |   |   | Total Consumer Durables & Apparel                                    | $      | 3,685,995   |
|                                                                                                                                                                                                    |      |   |   | Consumer Services - 2.6%                                                 |   |        |
|                                                                                                                                                                                                    |      |   |   | Casinos & Gaming - 0.7%                                              |   |        |
|                                                                                                                                                                                                    | 27,450    |   |   | Grand Korea Leisure Co., Ltd.                                            | $      | 1,108,276   |
|                                                                                                                                                                                                    |      |   |   | Hotels, Resorts & Cruise Lines - 0.8%                                |   |        |
|                                                                                                                                                                                                    | 20,158    |   |   | Marriott International, Inc.                                             | $      | 1,242,136   |
|                                                                                                                                                                                                    |      |   |   | Restaurants - 1.1%                                                       |   |        |
|                                                                                                                                                                                                    | 168,309   |   |   | Domino's Pizza Group Plc                                                 | $      | 1,588,911   |
|                                                                                                                                                                                                    |      |   |   | Total Consumer Services                                                  | $      | 3,939,323   |
|                                                                                                                                                                                                    |      |   |   | Media - 1.2%                                                             |   |        |
|                                                                                                                                                                                                    |      |   |   | Broadcasting - 0.5%                                                      |   |        |
|                                                                                                                                                                                                    | 12,968    |   |   | CBS Corp. (Class B)                                                      | $      | 773,022     |
|                                                                                                                                                                                                    |      |   |   | Movies & Entertainment - 0.7%                                        |   |        |
|                                                                                                                                                                                                    | 12,541    |   |   | Viacom, Inc. (Class B)                                                   | $      | 1,070,124   |
|                                                                                                                                                                                                    |      |   |   | Total Media                                                              | $      | 1,843,146   |
|                                                                                                                                                                                                    |      |   |   | Retailing - 1.5%                                                         |   |        |
|                                                                                                                                                                                                    |      |   |   | Department Stores - 0.8%                                                 |   |        |
|                                                                                                                                                                                                    | 20,570    |   |   | Macy's, Inc.                                                             | $      | 1,231,937   |
|                                                                                                                                                                                                    |      |   |   | Apparel Retail - 0.7%                                                    |   |        |
|                                                                                                                                                                                                    | 15,061    |   |   | Ross Stores, Inc.                                                        | $      | 1,030,925   |
|                                                                                                                                                                                                    |      |   |   | Total Retailing                                                          | $      | 2,262,862   |
|                                                                                                                                                                                                    |      |   |   | Food & Staples Retailing - 3.5%                                      |   |        |
|                                                                                                                                                                                                    |      |   |   | Drug Retail - 3.5%                                                       |   |        |
|                                                                                                                                                                                                    | 38,744    |   |   | CVS Caremark Corp.                                                       | $      | 3,034,430   |
|                                                                                                                                                                                                    | 32,188    |   |   | Walgreen Co.                                                             |   | 2,314,639   |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 5,349,069   |
|                                                                                                                                                                                                    |      |   |   | Total Food & Staples Retailing                                       | $      | 5,349,069   |
|                                                                                                                                                                                                    |      |   |   | Food, Beverage & Tobacco - 1.8%                                      |   |        |
|                                                                                                                                                                                                    |      |   |   | Brewers - 0.9%                                                           |   |        |
|                                                                                                                                                                                                    | 21,977    |   |   | Molson Coors Brewing Co. (Class B)                                       | $      | 1,444,548   |
|                                                                                                                                                                                                    |      |   |   | Soft Drinks - 0.8%                                                       |   |        |
|                                                                                                                                                                                                    | 26,915    |   |   | Coca-Cola Enterprises, Inc.                                              | $      | 1,228,401   |
|                                                                                                                                                                                                    |      |   |   | Packaged Foods & Meats - 0.1%                                        |   |        |
|                                                                                                                                                                                                    | 1,000     |   |   | Keurig Green Mountain, Inc.                                              | $      | 112,780     |
|                                                                                                                                                                                                    |      |   |   | Total Food, Beverage & Tobacco                                       | $      | 2,785,729   |
|                                                                                                                                                                                                    |      |   |   | Household & Personal Products - 1.0%                                 |   |        |
|                                                                                                                                                                                                    |      |   |   | Personal Products - 1.0%                                                 |   |        |
|                                                                                                                                                                                                    | 20,650    |   |   | Nu Skin Enterprises, Inc.                                                | $      | 1,524,796   |
|                                                                                                                                                                                                    |      |   |   | Total Household & Personal Products                                  | $      | 1,524,796   |
|                                                                                                                                                                                                    |      |   |   | Health Care Equipment & Services - 3.5%                              |   |        |
|                                                                                                                                                                                                    |      |   |   | Health Care Equipment - 0.5%                                             |   |        |
|                                                                                                                                                                                                    | 9,079     |   |   | Edwards Lifesciences Corp. *                                             | $      | 737,215     |
|                                                                                                                                                                                                    |      |   |   | Health Care Distributors - 1.8%                                          |   |        |
|                                                                                                                                                                                                    | 38,909    |   |   | Cardinal Health, Inc.                                                    | $      | 2,748,143   |
|                                                                                                                                                                                                    |      |   |   | Health Care Services - 1.2%                                              |   |        |
|                                                                                                                                                                                                    | 26,366    |   |   | Express Scripts Holding Co. *                                            | $      | 1,884,378   |
|                                                                                                                                                                                                    |      |   |   | Total Health Care Equipment & Services                               | $      | 5,369,736   |
|                                                                                                                                                                                                    |      |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 11.6%               |   |        |
|                                                                                                                                                                                                    |      |   |   | Biotechnology - 0.9%                                                     |   |        |
|                                                                                                                                                                                                    | 100,951   |   |   | Abcam Plc                                                                | $      | 652,077     |
|                                                                                                                                                                                                    | 22,093    |   |   | NPS Pharmaceuticals, Inc. *                                              |   | 687,755     |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 1,339,832   |
|                                                                                                                                                                                                    |      |   |   | Pharmaceuticals - 10.2%                                                  |   |        |
|                                                                                                                                                                                                    | 5,504     |   |   | Allergan, Inc.                                                           | $      | 921,700     |
|                                                                                                                                                                                                    | 6,367     |   |   | Jazz Pharmaceuticals Plc *                                               |   | 903,223     |
|                                                                                                                                                                                                    | 18,759    |   |   | Johnson & Johnson                                                    |   | 1,903,288   |
|                                                                                                                                                                                                    | 26,752    |   |   | Merck & Co., Inc.                                                    |   | 1,547,871   |
|                                                                                                                                                                                                    | 38,130    |   |   | Novartis AG                                                              |   | 3,428,374   |
|                                                                                                                                                                                                    | 88,395    |   |   | Pfizer, Inc.                                                             |   | 2,619,144   |
|                                                                                                                                                                                                    | 7,249     |   |   | Roche Holding AG                                                         |   | 2,140,157   |
|                                                                                                                                                                                                    | 11,980    |   |   | Salix Pharmaceuticals, Ltd. *                                            |   | 1,366,678   |
|                                                                                                                                                                                                    | 5,958     |   |   | Valeant Pharmaceuticals International, Inc. *                            |   | 781,749     |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 15,612,184  |
|                                                                                                                                                                                                    |      |   |   | Life Sciences Tools & Services - 0.5%                                |   |        |
|                                                                                                                                                                                                    | 6,044     |   |   | Thermo Fisher Scientific, Inc.                                           | $      | 706,604     |
|                                                                                                                                                                                                    |      |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                 | $      | 17,658,620  |
|                                                                                                                                                                                                    |      |   |   | Banks - 6.8%                                                             |   |        |
|                                                                                                                                                                                                    |      |   |   | Diversified Banks - 5.8%                                                 |   |        |
|                                                                                                                                                                                                    | 596,535   |   |   | Abu Dhabi Commercial Bank PJSC                                           | $      | 1,524,903   |
|                                                                                                                                                                                                    | 448,512   |   |   | Commercial Bank of Ceylon Plc                                            |   | 447,549     |
|                                                                                                                                                                                                    | 27,921    |   |   | Doha Bank QSC                                                            |   | 483,881     |
|                                                                                                                                                                                                    | 278,300   |   |   | Mitsubishi UFJ Financial Group, Inc.                                     |   | 1,576,848   |
|                                                                                                                                                                                                    | 52,962    |   |   | Nordea Bank AB                                                           |   | 782,414     |
|                                                                                                                                                                                                    | 68,300    |   |   | Sumitomo Mitsui Financial Group, Inc.                                    |   | 2,774,363   |
|                                                                                                                                                                                                    | 50,554    |   |   | Swedbank AB                                                              |   | 1,346,694   |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 8,936,652   |
|                                                                                                                                                                                                    |      |   |   | Regional Banks - 1.0%                                                    |   |        |
|                                                                                                                                                                                                    | 17,592    |   |   | The PNC Financial Services Group, Inc.                                   | $      | 1,500,070   |
|                                                                                                                                                                                                    |      |   |   | Total Banks                                                              | $      | 10,436,722  |
|                                                                                                                                                                                                    |      |   |   | Diversified Financials - 7.7%                                            |   |        |
|                                                                                                                                                                                                    |      |   |   | Other Diversified Financial Services - 2.4%                              |   |        |
|                                                                                                                                                                                                    | 28,366    |   |   | Citigroup, Inc.                                                          | $      | 1,349,371   |
|                                                                                                                                                                                                    | 26,187    |   |   | JPMorgan Chase & Co.                                                 |   | 1,455,212   |
|                                                                                                                                                                                                    | 22,173    |   |   | Voya Financial, Inc.                                                     |   | 793,793     |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 3,598,376   |
|                                                                                                                                                                                                    |      |   |   | Specialized Finance - 0.6%                                               |   |        |
|                                                                                                                                                                                                    | 25,463    |   |   | The NASDAQ OMX Group, Inc.                                               | $      | 965,048     |
|                                                                                                                                                                                                    |      |   |   | Consumer Finance - 2.1%                                                  |   |        |
|                                                                                                                                                                                                    | 7,727     |   |   | American Express Co.                                                     | $      | 707,020     |
|                                                                                                                                                                                                    | 42,672    |   |   | Discover Financial Services, Inc.                                        |   | 2,523,195   |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 3,230,215   |
|                                                                                                                                                                                                    |      |   |   | Asset Management & Custody Banks - 1.0%                              |   |        |
|                                                                                                                                                                                                    | 100,000   |   |   | TriplePoint Venture Growth BDC Corp.                                     | $      | 1,562,000   |
|                                                                                                                                                                                                    |      |   |   | Investment Banking & Brokerage - 1.6%                                |   |        |
|                                                                                                                                                                                                    | 78,000    |   |   | Morgan Stanley Co.                                                       | $      | 2,407,080   |
|                                                                                                                                                                                                    |      |   |   | Total Diversified Financials                                             | $      | 11,762,719  |
|                                                                                                                                                                                                    |      |   |   | Insurance - 1.7%                                                         |   |        |
|                                                                                                                                                                                                    |      |   |   | Multi-line Insurance - 1.2%                                              |   |        |
|                                                                                                                                                                                                    | 11,153    |   |   | Allianz SE *                                                             | $      | 1,892,022   |
|                                                                                                                                                                                                    |      |   |   | Property & Casualty Insurance - 0.5%                                 |   |        |
|                                                                                                                                                                                                    | 7,216     |   |   | ACE, Ltd.                                                                | $      | 748,371     |
|                                                                                                                                                                                                    |      |   |   | Total Insurance                                                          | $      | 2,640,393   |
|                                                                                                                                                                                                    |      |   |   | Real Estate - 0.2%                                                       |   |        |
|                                                                                                                                                                                                    |      |   |   | Diversified REIT's - 0.2%                                                |   |        |
|                                                                                                                                                                                                    | 20,000    |   |   | American Realty Capital Properties, Inc.                                 | $      | 248,200     |
|                                                                                                                                                                                                    |      |   |   | Total Real Estate                                                        | $      | 248,200     |
|                                                                                                                                                                                                    |      |   |   | Software & Services - 9.6%                                           |   |        |
|                                                                                                                                                                                                    |      |   |   | Internet Software & Services - 3.3%                                  |   |        |
|                                                                                                                                                                                                    | 64,864    |   |   | eBay, Inc. *                                                             | $      | 3,290,551   |
|                                                                                                                                                                                                    | 51,394    |   |   | Yahoo!, Inc. *                                                           |   | 1,780,802   |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 5,071,353   |
|                                                                                                                                                                                                    |      |   |   | IT Consulting & Other Services - 1.6%                                |   |        |
|                                                                                                                                                                                                    | 351,000   |   |   | Fujitsu, Ltd.                                                            | $      | 2,393,973   |
|                                                                                                                                                                                                    |      |   |   | Data Processing & Outsourced Services - 0.9%                         |   |        |
|                                                                                                                                                                                                    | 6,272     |   |   | Visa, Inc.                                                               | $      | 1,347,414   |
|                                                                                                                                                                                                    |      |   |   | Systems Software - 3.8%                                                  |   |        |
|                                                                                                                                                                                                    | 143,275   |   |   | Microsoft Corp.                                                          | $      | 5,865,680   |
|                                                                                                                                                                                                    |      |   |   | Total Software & Services                                            | $      | 14,678,420  |
|                                                                                                                                                                                                    |      |   |   | Technology Hardware & Equipment - 4.9%                               |   |        |
|                                                                                                                                                                                                    |      |   |   | Computer Hardware - 3.2%                                                 |   |        |
|                                                                                                                                                                                                    | 7,576     |   |   | Apple, Inc.                                                              | $      | 4,795,608   |
|                                                                                                                                                                                                    |      |   |   | Electronic Equipment Manufacturers - 0.4%                                |   |        |
|                                                                                                                                                                                                    | 1,049,000 |   |   | PAX Global Technology, Ltd. *                                            | $      | 633,046     |
|                                                                                                                                                                                                    |      |   |   | Electronic Manufacturing Services - 0.6%                                 |   |        |
|                                                                                                                                                                                                    | 125,000   |   |   | Global Display Co, Ltd.                                                  | $      | 936,245     |
|                                                                                                                                                                                                    |      |   |   | Office Electronics - 0.7%                                                |   |        |
|                                                                                                                                                                                                    | 83,889    |   |   | Xerox Corp.                                                              | $      | 1,036,029   |
|                                                                                                                                                                                                    |      |   |   | Total Technology Hardware & Equipment                                | $      | 7,400,928   |
|                                                                                                                                                                                                    |      |   |   | Semiconductors & Semiconductor Equipment - 1.4%                      |   |        |
|                                                                                                                                                                                                    |      |   |   | Semiconductors - 1.4%                                                    |   |        |
|                                                                                                                                                                                                    | 80,000    |   |   | MediaTek, Inc.                                                           | $      | 1,293,118   |
|                                                                                                                                                                                                    | 224,000   |   |   | Transcend Information, Inc.                                              |   | 814,032     |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 2,107,150   |
|                                                                                                                                                                                                    |      |   |   | Total Semiconductors & Semiconductor Equipment                       | $      | 2,107,150   |
|                                                                                                                                                                                                    |      |   |   | Telecommunication Services - 4.5%                                        |   |        |
|                                                                                                                                                                                                    |      |   |   | Integrated Telecommunication Services - 4.5%                             |   |        |
|                                                                                                                                                                                                    | 65,200    |   |   | Nippon Telegraph & Telephone Corp.                                   | $      | 3,890,454   |
|                                                                                                                                                                                                    | 86,176    |   |   | Orange SA                                                                |   | 1,442,420   |
|                                                                                                                                                                                                    | 24,029    |   |   | Verizon Communications, Inc.                                             |   | 1,199,313   |
|                                                                                                                                                                                                    | 5,986     |   |   | Verizon Communications, Inc.                                             |   | 299,061     |
|                                                                                                                                                                                                    |      |   |   |                                                                     | $      | 6,831,248   |
|                                                                                                                                                                                                    |      |   |   | Total Telecommunication Services                                         | $      | 6,831,248   |
|                                                                                                                                                                                                    |      |   |   | Utilities - 0.3%                                                         |   |        |
|                                                                                                                                                                                                    |      |   |   | Multi-Utilities - 0.3%                                                   |   |        |
|                                                                                                                                                                                                    | 17,579    |   |   | GDF Suez                                                                 | $      | 491,920     |
|                                                                                                                                                                                                    |      |   |   | Total Utilities                                                          | $      | 491,920     |
|                                                                                                                                                                                                    |      |   |   | TOTAL COMMON STOCKS                                                      |   |        |
|                                                                                                                                                                                                    |      |   |   | (Cost $129,348,924)                                                      | $      | 150,605,252 |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
|                                                                                                                                                                                                    |      |   |   | TOTAL INVESTMENT IN SECURITIES - 98.8%                                   | $      | 150,605,252 |
|                                                                                                                                                                                                    |      |   |   | (Cost $129,348,924) (a)                                                  |   |        |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
|                                                                                                                                                                                                    |      |   |   | WRITTEN OPTION - (0.0)%                                                  |   |        |
|                                                                                                                                                                                                    | (10)      |   |   | Green Mountain Coffee Roasters, Inc., 6/14 at $110                       | $      | (5,000)     |
|                                                                                                                                                                                                    |      |   |   | TOTAL WRITTEN OPTION                                                     |   |        |
|                                                                                                                                                                                                    |      |   |   | (Premiums received $(12,970))                                            | $      | (5,000)     |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
|                                                                                                                                                                                                    |      |   |   | OTHER ASSETS & LIABILITIES - 1.2%                                    | $      | 1,893,646   |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
|                                                                                                                                                                                                    |      |   |   | TOTAL NET ASSETS - 100.0%                                                | $      | 152,493,898 |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
|                                                                                                                                                                                                    | *         |   |   | Non-income producing security.                                           |   |        |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
|                                                                                                                                                                                                    | +         |   |   | Amount rounds to less than 0.1%.                                         |   |        |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
|                                                                                                                                                                                                    | (A.D.R.)  |   |   | American Depositary Receipts.                                            |   |        |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
|                                                                                                                                                                                                    | REIT      |   |   | Real Estate Investment Trust                                             |   |        |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
|                                                                                                                                                                                                    | (a)       |   |   | At May 31, 2014, the net unrealized appreciation on investments based on |   |        |
|                                                                                                                                                                                                    |      |   |   | cost for federal income tax purposes of $129,348,924 was as follows:     |   |        |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
|                                                                                                                                                                                                    |      |   |   | Aggregate gross unrealized appreciation for all investments in which     |   |        |
|                                                                                                                                                                                                    |      |   |   | there is an excess of value over tax cost                                | $      | 23,735,027  |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
|                                                                                                                                                                                                    |      |   |   | Aggregate gross unrealized depreciation for all investments in which     |   |        |
|                                                                                                                                                                                                    |      |   |   | there is an excess of tax cost over value                                |   | (2,478,699) |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
|                                                                                                                                                                                                    |      |   |   | Net unrealized appreciation                                              | $      | 21,256,328  |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.                                              |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
| Level 1 – quoted prices in active markets for identical securities                                                                                                                                |      |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                            |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                                                                      |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.  See Notes to Financial Statements - Note 1A.                                               |
|                                                                                                                                                                                                    |      |   |   |                                                                     |   |        |
| The following is a summary of the inputs used as of May 31, 2014, in valuing the Fund's investments:                                                                                                    |      |   |

|   |   |                                                              |                                                                                     | Level 1 |       |   | Level 2 |   |       | Level 3 |   |   | Total  |   |
|--------|--------|-------------------------------------------------------------------|------------------------------------------------------------------------------------------|---------|------------|--------|---------|--------|------------|---------|--------|--------|--------|--------|
|   |   | Common Stocks (U.S.)                                              |                                                                                     | $       | 93,315,513 |   |    | $      | -          |    |   | $      | -      |   |   | $ | 93,315,513 |   |
|   |   | Common Stocks (Foreign)*                                          |                                                                                     |    | -          |   |    |   | 57,289,739 |    |   |   | -      |   |   |   | 57,289,739 |   |
|   |   | Total                                                             |                                                                                     | $       | 93,315,513 |   |    | $      | 57,289,739 |    |   | $      | -      |   |   | $ | 150,605,252 |   |
|   |   | Other Financial Instruments:                                      |                                                                                     |    |       |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   |   | Written Put Option                                                |                                                                                     | $       | (5,000     | )      |    | $      | -          |    |   | $      | -      |   |   | $ | (5,000 | ) |
|   |   | Net Unrealized Appreciation On Forward Foreign Currency Contracts |                                                                                     |    | -          |   |    |   | (1,743     | )       |   |   | -      |   |   |   | (1,743 | ) |
|   |   | Futures Contracts                                                 |                                                                                     |    | -          |   |    |   | -          |    |   |   | -      |   |   |   | - |   |
|   |   | Total                                                             |                                                                                     | $       | (5,000     | )      |    | $      | (1,743     | )       |   | $      | -      |   |   | $ | (6,743 | ) |
|   |   |                                                              |                                                                                     |    |       |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   | *      |                                                              | Level 2 securities are valued by independent pricing services using fair value factors   |    |       |   |    |   |       |    |   |   |   |   |   |   |   |   |   |
|   |   |                                                              |                                                                                     |    |       |   |    |   |       |    |   |   |   |   |   |   |   |   |   |
|   |   |                                                              | During the period ended May 31, 2014, there were no transfers between Levels 1, 2 and 3. |    |       |   |    |   |       |    |   |   |   |   |   |   |   |   |   |

|   |                                                      |             |                             | Pioneer Long/Short Opportunistic Credit Fund                                                                                                                                                                                                                                                                                      |    |                                                |
|--------|-----------------------------------------------------------|------------------|----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|-----------------------------------------------------|
|   |                                                      |             |                             | Schedule of Investments 5/30/14 (unaudited)                                                                                                                                                                                                                                                                                       |    |                                                |
|   | Principal Amount ($)                                      | FloatingRate (b) | S&P/Moody'sRatings           |                                                                                                                                                                                                                                                                                                                              | Value   |
|   |                                                      |             |                             | CONVERTIBLE CORPORATE BONDS - 11.3%                                                                                                                                                                                                                                                                                               |    |                                                |
|   |                                                      |             |                             | Energy - 0.6%                                                                                                                                                                                                                                                                                                                     |    |                                                |
|   |                                                      |             |                             | Integrated Oil & Gas - 0.6%                                                                                                                                                                                                                                                                                                   |    |                                                |
| EURO   | 100,000                                                   |             | A/NR                             | Eni S.p.A., 0.625%, 1/18/16                                                                                                                                                                                                                                                                                                       | $       | 148,204                                             |
|   |                                                      |             |                             | Total Energy                                                                                                                                                                                                                                                                                                                      | $       | 148,204                                             |
|   |                                                      |             |                             | Materials - 0.8%                                                                                                                                                                                                                                                                                                                  |    |                                                |
|   |                                                      |             |                             | Diversified Metals & Mining - 0.8%                                                                                                                                                                                                                                                                                            |    |                                                |
|   | 200,000                                                   |             | BB/NR                            | Vedanta Resources Jersey, Ltd., 5.5%, 7/13/16                                                                                                                                                                                                                                                                                     | $       | 204,500                                             |
|   |                                                      |             |                             | Total Materials                                                                                                                                                                                                                                                                                                                   | $       | 204,500                                             |
|   |                                                      |             |                             | Capital Goods - 0.8%                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | Trading Companies & Distributors - 0.8%                                                                                                                                                                                                                                                                                       |    |                                                |
| EURO   | 150,000                                                   |             | B+/NR                            | Kloeckner & Co., Financial Services SA, 2.5%, 12/22/17                                                                                                                                                                                                                                                                        | $       | 204,532                                             |
|   |                                                      |             |                             | Total Capital Goods                                                                                                                                                                                                                                                                                                               | $       | 204,532                                             |
|   |                                                      |             |                             | Consumer Services - 0.8%                                                                                                                                                                                                                                                                                                          |    |                                                |
|   |                                                      |             |                             | Hotels, Resorts & Cruise Lines - 0.8%                                                                                                                                                                                                                                                                                         |    |                                                |
| GBP    | 100,000                                                   |             | NR/NR                            | TUI Travel Plc, 4.9%, 4/27/17                                                                                                                                                                                                                                                                                                     | $       | 204,958                                             |
|   |                                                      |             |                             | Total Consumer Services                                                                                                                                                                                                                                                                                                           | $       | 204,958                                             |
|   |                                                      |             |                             | Pharmaceuticals, Biotechnology & Life Sciences - 1.0%                                                                                                                                                                                                                                                                         |    |                                                |
|   |                                                      |             |                             | Biotechnology - 1.0%                                                                                                                                                                                                                                                                                                              |    |                                                |
|   | 225,000                                                   |             | NR/NR                            | Cubist Pharmaceuticals, Inc., 1.875%, 9/1/20 (144A)                                                                                                                                                                                                                                                                               | $       | 252,141                                             |
|   |                                                      |             |                             | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                          | $       | 252,141                                             |
|   |                                                      |             |                             | Diversified Financials - 3.5%                                                                                                                                                                                                                                                                                                     |    |                                                |
|   |                                                      |             |                             | Multi-Sector Holdings - 3.1%                                                                                                                                                                                                                                                                                                      |    |                                                |
| EURO   | 100,000                                                   |             | NR/NR                            | GBL Verwaltung SA, 1.25%, 2/7/17                                                                                                                                                                                                                                                                                                  | $       | 164,840                                             |
| EURO   | 200,000                                                   |             | NR/NR                            | Groupe Bruxelles Lambert SA, 0.125%, 9/21/15                                                                                                                                                                                                                                                                                      |    | 350,378                                             |
| EURO   | 150,000                                                   |             | A-/NR                            | Industrivarden AB, 2.5%, 2/27/15                                                                                                                                                                                                                                                                                                  |    | 278,778                                             |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 793,996                                             |
|   |                                                      |             |                             | Specialized Finance - 0.4%                                                                                                                                                                                                                                                                                                        |    |                                                |
|   | 100,000                                                   |             | BBB/NR                           | Glencore Finance Europe SA, 5.0%, 12/31/14                                                                                                                                                                                                                                                                                        | $       | 109,350                                             |
|   |                                                      |             |                             | Total Diversified Financials                                                                                                                                                                                                                                                                                                      | $       | 903,346                                             |
|   |                                                      |             |                             | Software & Services - 2.1%                                                                                                                                                                                                                                                                                                    |    |                                                |
|   |                                                      |             |                             | Application Software - 1.1%                                                                                                                                                                                                                                                                                                       |    |                                                |
|   | 225,000                                                   |             | NR/NR                            | Mentor Graphics Corp., 4.0%, 4/1/31                                                                                                                                                                                                                                                                                               | $       | 275,062                                             |
|   |                                                      |             |                             | Systems Software - 1.0%                                                                                                                                                                                                                                                                                                           |    |                                                |
|   | 260,000                                                   |             | NR/NR                            | ServiceNow, Inc., 0.0%, 11/1/18 (144A) (c)                                                                                                                                                                                                                                                                                        | $       | 266,012                                             |
|   |                                                      |             |                             | Total Software & Services                                                                                                                                                                                                                                                                                                     | $       | 541,074                                             |
|   |                                                      |             |                             | Technology Hardware & Equipment - 1.1%                                                                                                                                                                                                                                                                                        |    |                                                |
|   |                                                      |             |                             | Computer Storage & Peripherals - 1.1%                                                                                                                                                                                                                                                                                         |    |                                                |
|   | 225,000                                                   |             | BB/NR                            | SanDisk Corp., 0.5%, 10/15/20 (144A)                                                                                                                                                                                                                                                                                              | $       | 274,219                                             |
|   |                                                      |             |                             | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                         | $       | 274,219                                             |
|   |                                                      |             |                             | Government - 0.6%                                                                                                                                                                                                                                                                                                                 |    |                                                |
| EURO   | 100,000                                                   |             | B/Ba2                            | Parpublica - Participacoes Publicas SGPS SA, 5.25%, 9/28/17                                                                                                                                                                                                                                                                       | $       | 157,763                                             |
|   |                                                      |             |                             | Total Government                                                                                                                                                                                                                                                                                                                  | $       | 157,763                                             |
|   |                                                      |             |                             | TOTAL CONVERTIBLE CORPORATE BONDS                                                                                                                                                                                                                                                                                                 |    |                                                |
|   |                                                      |             |                             | (Cost $2,779,769)                                                                                                                                                                                                                                                                                                                 | $       | 2,890,737                                           |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | PREFERRED STOCK - 1.0%                                                                                                                                                                                                                                                                                                            |    |                                                |
|   |                                                      |             |                             | Banks - 1.0%                                                                                                                                                                                                                                                                                                                      |    |                                                |
|   |                                                      |             |                             | Diversified Banks - 1.0%                                                                                                                                                                                                                                                                                                          |    |                                                |
|   | 320,000                                                   | 1.17             | BBB/Baa2                         | JPMorgan Chase Capital XXI, Floating Rate Note, 1/15/87                                                                                                                                                                                                                                                                           | $       | 263,200                                             |
|   |                                                      |             |                             | TOTAL PREFERRED STOCK                                                                                                                                                                                                                                                                                                             |    |                                                |
|   |                                                      |             |                             | (Cost $258,738)                                                                                                                                                                                                                                                                                                                   | $       | 263,200                                             |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | CONVERTIBLE PREFERRED STOCK - 0.9%                                                                                                                                                                                                                                                                                                |    |                                                |
|   |                                                      |             |                             | Diversified Financials - 0.9%                                                                                                                                                                                                                                                                                                     |    |                                                |
|   |                                                      |             |                             | Other Diversified Financial Services - 0.9%                                                                                                                                                                                                                                                                                       |    |                                                |
|   | 200                                                       |             | BB+/Ba3                          | Bank of America Corp., 7.25%, 12/31/49 (Perpetual)                                                                                                                                                                                                                                                                                | $       | 238,012                                             |
|   |                                                      |             |                             | TOTAL CONVERTIBLE PREFERRED STOCK                                                                                                                                                                                                                                                                                                 |    |                                                |
|   |                                                      |             |                             | (Cost $229,386)                                                                                                                                                                                                                                                                                                                   | $       | 238,012                                             |
|   | Shares                                                    |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | COMMON STOCKS - 8.1%                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | Banks - 7.1%                                                                                                                                                                                                                                                                                                                      |    |                                                |
|   |                                                      |             |                             | Diversified Banks - 0.6%                                                                                                                                                                                                                                                                                                          |    |                                                |
|   | 1,147                                                     |             |                             | Comerica, Inc.                                                                                                                                                                                                                                                                                                                    | $       | 55,022                                              |
|   | 2,296                                                     |             |                             | US Bancorp/MN                                                                                                                                                                                                                                                                                                                     |    | 96,868                                              |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 151,890                                             |
|   |                                                      |             |                             | Regional Banks - 6.0%                                                                                                                                                                                                                                                                                                             |    |                                                |
|   | 1,092                                                     |             |                             | Associated Bancorp                                                                                                                                                                                                                                                                                                                | $       | 18,815                                              |
|   | 322                                                       |             |                             | Bank of Hawaii Corp.                                                                                                                                                                                                                                                                                                              |    | 17,955                                              |
|   | 2,843                                                     |             |                             | BankUnited, Inc. *                                                                                                                                                                                                                                                                                                                |    | 92,511                                              |
|   | 2,434                                                     |             |                             | BB&T Corp.                                                                                                                                                                                                                                                                                                                    |    | 92,297                                              |
|   | 499                                                       |             |                             | City National Corp./CA                                                                                                                                                                                                                                                                                                            |    | 35,474                                              |
|   | 840                                                       |             |                             | Commerce Bancshares, Inc./MO                                                                                                                                                                                                                                                                                                      |    | 36,464                                              |
|   | 491                                                       |             |                             | Cullen/Frost Bankers, Inc.                                                                                                                                                                                                                                                                                                        |    | 36,756                                              |
|   | 1,083                                                     |             |                             | East West Bancorp, Inc.                                                                                                                                                                                                                                                                                                           |    | 36,259                                              |
|   | 4,264                                                     |             |                             | Fifth Third Bancorp                                                                                                                                                                                                                                                                                                               |    | 88,222                                              |
|   | 1,609                                                     |             |                             | First Horizon National Corp.                                                                                                                                                                                                                                                                                                      |    | 18,439                                              |
|   | 4,108                                                     |             |                             | First Niagara Financial Group, Inc.                                                                                                                                                                                                                                                                                               |    | 35,370                                              |
|   | 1,776                                                     |             |                             | First Republic Bank                                                                                                                                                                                                                                                                                                               |    | 90,327                                              |
|   | 1,865                                                     |             |                             | FirstMerit Corp.                                                                                                                                                                                                                                                                                                                  |    | 34,820                                              |
|   | 1,463                                                     |             |                             | FNB Corp./PA                                                                                                                                                                                                                                                                                                                      |    | 17,907                                              |
|   | 1,540                                                     |             |                             | Fulton Financial Corp.                                                                                                                                                                                                                                                                                                            |    | 18,403                                              |
|   | 684                                                       |             |                             | Glacier Bancorp, Inc.                                                                                                                                                                                                                                                                                                             |    | 17,969                                              |
|   | 538                                                       |             |                             | Hancock Holding Co.                                                                                                                                                                                                                                                                                                               |    | 18,174                                              |
|   | 5,838                                                     |             |                             | Huntington Bancshares, Inc./OH                                                                                                                                                                                                                                                                                                    |    | 54,118                                              |
|   | 4,146                                                     |             |                             | KeyCorp                                                                                                                                                                                                                                                                                                                           |    | 56,759                                              |
|   | 638                                                       |             |                             | M&T Bank Corp.                                                                                                                                                                                                                                                                                                                |    | 77,434                                              |
|   | 632                                                       |             |                             | Popular, Inc. *                                                                                                                                                                                                                                                                                                                   |    | 19,074                                              |
|   | 647                                                       |             |                             | PrivateBancorp, Inc.                                                                                                                                                                                                                                                                                                              |    | 17,281                                              |
|   | 593                                                       |             |                             | Prosperity Bancshares, Inc.                                                                                                                                                                                                                                                                                                       |    | 34,471                                              |
|   | 7,229                                                     |             |                             | Regions Financial Corp.                                                                                                                                                                                                                                                                                                           |    | 73,664                                              |
|   | 309                                                       |             |                             | Signature Bank *                                                                                                                                                                                                                                                                                                                  |    | 35,788                                              |
|   | 2,459                                                     |             |                             | SunTrust Banks, Inc.                                                                                                                                                                                                                                                                                                              |    | 94,229                                              |
|   | 1,692                                                     |             |                             | Susquehanna Bancshares, Inc.                                                                                                                                                                                                                                                                                                      |    | 16,717                                              |
|   | 319                                                       |             |                             | SVB Financial Group *                                                                                                                                                                                                                                                                                                             |    | 33,639                                              |
|   | 1,652                                                     |             |                             | Synovus Financial Corp.                                                                                                                                                                                                                                                                                                           |    | 38,095                                              |
|   | 1,173                                                     |             |                             | TCF Financial Corp.                                                                                                                                                                                                                                                                                                               |    | 18,639                                              |
|   | 310                                                       |             |                             | Texas Capital Bancshares, Inc. *                                                                                                                                                                                                                                                                                                  |    | 15,872                                              |
|   | 1,140                                                     |             |                             | The PNC Financial Services Group, Inc.                                                                                                                                                                                                                                                                                            |    | 97,208                                              |
|   | 300                                                       |             |                             | UMB Financial Corp.                                                                                                                                                                                                                                                                                                               |    | 16,560                                              |
|   | 1,830                                                     |             |                             | Valley National Bancorp                                                                                                                                                                                                                                                                                                           |    | 17,733                                              |
|   | 632                                                       |             |                             | Webster Financial Corp.                                                                                                                                                                                                                                                                                                           |    | 18,909                                              |
|   | 406                                                       |             |                             | Wintrust Financial Corp.                                                                                                                                                                                                                                                                                                          |    | 17,693                                              |
|   | 3,148                                                     |             |                             | Zions Bancorporation                                                                                                                                                                                                                                                                                                              |    | 90,001                                              |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 1,550,046                                           |
|   |                                                      |             |                             | Thrifts & Mortgage Finance - 0.5%                                                                                                                                                                                                                                                                                             |    |                                                |
|   | 3,905                                                     |             |                             | Hudson City Bancorp, Inc.                                                                                                                                                                                                                                                                                                         | $       | 38,152                                              |
|   | 2,420                                                     |             |                             | New York Community Bancorp, Inc.                                                                                                                                                                                                                                                                                                  |    | 36,978                                              |
|   | 2,593                                                     |             |                             | People's United Financial, Inc.                                                                                                                                                                                                                                                                                                   |    | 37,261                                              |
|   | 857                                                       |             |                             | Washington Federal, Inc.                                                                                                                                                                                                                                                                                                          |    | 17,851                                              |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 130,242                                             |
|   |                                                      |             |                             | Total Banks                                                                                                                                                                                                                                                                                                                       | $       | 1,832,178                                           |
|   |                                                      |             |                             | Diversified Financials - 1.0%                                                                                                                                                                                                                                                                                                     |    |                                                |
|   |                                                      |             |                             | Asset Management & Custody Banks - 1.0%                                                                                                                                                                                                                                                                                       |    |                                                |
|   | 16,600                                                    |             |                             | TriplePoint Venture Growth BDC Corp.                                                                                                                                                                                                                                                                                              | $       | 259,292                                             |
|   |                                                      |             |                             | Total Diversified Financials                                                                                                                                                                                                                                                                                                      | $       | 259,292                                             |
|   |                                                      |             |                             | TOTAL COMMON STOCKS                                                                                                                                                                                                                                                                                                               |    |                                                |
|   |                                                      |             |                             | (Cost $2,146,137)                                                                                                                                                                                                                                                                                                                 | $       | 2,091,470                                           |
|   | Principal Amount ($)                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |
|   |                                                      |             |                             | ASSET BACKED SECURITIES - 2.2%                                                                                                                                                                                                                                                                                                    |    |                                                |
|   |                                                      |             |                             | Banks - 1.5%                                                                                                                                                                                                                                                                                                                      |    |                                                |
|   |                                                      |             |                             | Thrifts & Mortgage Finance - 1.5%                                                                                                                                                                                                                                                                                             |    |                                                |
|   | 121,734                                                   |             | B+/B3                            | Accredited Mortgage Loan Trust 2003-3, 5.21%, 1/25/34 (Step)                                                                                                                                                                                                                                                                      | $       | 118,276                                             |
|   | 125,000                                                   |             | NR/NR                            | CAM Mortgage Trust 2014-1, 5.5%, 12/15/53 (Step) (144A)                                                                                                                                                                                                                                                                           |    | 124,772                                             |
|   | 46,954                                                    | 0.95             | B+/B2                            | First Franklin Mortgage Loan Trust 2003-FFC, Floating Rate Note, 11/25/32                                                                                                                                                                                                                                                         |    | 45,736                                              |
|   | 45,625                                                    |             | BBB/NR                           | Icon Brands Holdings LLC, 4.229%, 1/25/43 (144A)                                                                                                                                                                                                                                                                                  |    | 46,040                                              |
|   | 41,049                                                    | 3.15             | A/Baa2                           | Irwin Whole Loan Home Equity Trust 2003-C, Floating Rate Note, 6/25/28                                                                                                                                                                                                                                                            |    | 41,178                                              |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 376,002                                             |
|   |                                                      |             |                             | Total Banks                                                                                                                                                                                                                                                                                                                       | $       | 376,002                                             |
|   |                                                      |             |                             | Diversified Financials - 0.7%                                                                                                                                                                                                                                                                                                     |    |                                                |
|   |                                                      |             |                             | Other Diversified Financial Services - 0.7%                                                                                                                                                                                                                                                                                       |    |                                                |
|   | 85,513                                                    | 4.78             | B/B1                             | New Century Home Equity Loan Trust, Floating Rate Note, 8/25/34                                                                                                                                                                                                                                                                   | $       | 87,533                                              |
|   | 97,500                                                    |             | BBB/NR                           | TAL Advantage V LLC, 4.1%, 2/22/39                                                                                                                                                                                                                                                                                                |    | 99,013                                              |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 186,546                                             |
|   |                                                      |             |                             | Total Diversified Financials                                                                                                                                                                                                                                                                                                      | $       | 186,546                                             |
|   |                                                      |             |                             | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                     |    |                                                |
|   |                                                      |             |                             | (Cost $561,331)                                                                                                                                                                                                                                                                                                                   | $       | 562,548                                             |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | COLLATERALIZED MORTGAGE OBLIGATIONS - 27.8%                                                                                                                                                                                                                                                                                       |    |                                                |
|   |                                                      |             |                             | Banks - 23.7%                                                                                                                                                                                                                                                                                                                     |    |                                                |
|   |                                                      |             |                             | Thrifts & Mortgage Finance - 23.7%                                                                                                                                                                                                                                                                                            |    |                                                |
|   | 54,360                                                    | 1.15             | A/Baa1                           | Bayview Commercial Asset Trust, Floating Rate Note, 1/25/35 (144A)                                                                                                                                                                                                                                                                | $       | 48,859                                              |
|   | 150,000                                                   |             | BB/NR                            | Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38                                                                                                                                                                                                                                                    | 151,213 |
|   | 175,000                                                   | 5.57             | NR/Ba3                           | COBALT Commercial Mortgage Trust 2007-C2, Floating Rate Note, 4/15/47 (144A)                                                                                                                                                                                                                                                      |    | 179,356                                             |
|   | 175,000                                                   |             | NR/B3                            | COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46                                                                                                                                                                                                                                                                                     |    | 178,128                                             |
|   | 300,000                                                   | 5.10             | B/NR                             | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38 (144A)                                                                                                                                                                                                                                          | 273,374 |
|   | 175,000                                                   | 3.26             | BB-/NR                           | CSMC Trust 2014-SURF, Floating Rate Note, 2/15/29                                                                                                                                                                                                                                                                                 |    | 175,367                                             |
|   | 250,000                                                   | 5.60             | B+/NR                            | GS Mortgage Securities Trust 2006-GG6, Floating Rate Note, 4/10/38                                                                                                                                                                                                                                                                |    | 249,769                                             |
|   | 200,000                                                   |             | B/B3                             | JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45                                                                                                                                                                                                                                                 | 203,996 |
|   | 125,000                                                   | 3.11             | BB/NR                            | JP Morgan Chase Commercial Mortgage Securities Trust 2013-FL3, Floating Rate Note, 4/15/28 (144A)                                                                                                                                                                                                                                 | 125,122 |
|   | 991,031                                                   | 3.50             | AAA/NR                           | JP Morgan Mortgage Trust 2014-1, Floating Rate Note, 1/25/44 (144A)                                                                                                                                                                                                                                                               |    | 988,060                                             |
|   | 980,142                                                   | 4.00             | AAA/NR                           | JP Morgan Mortgage Trust 2014-1, Floating Rate Note, 1/25/44 (144A)                                                                                                                                                                                                                                                               |    | 1,000,896                                           |
|   | 125,000                                                   | 5.20             | NR/B1                            | LB-UBS Commercial Mortgage Trust 2005-C2, Floating Rate Note, 4/15/40                                                                                                                                                                                                                                                             |    | 128,055                                             |
|   | 187,500                                                   | 5.28             | BB/NR                            | LB-UBS Commercial Mortgage Trust 2006-C1, Floating Rate Note, 2/15/41                                                                                                                                                                                                                                                             |    | 192,286                                             |
|   | 70,000                                                    | 5.48             | NR/Ba2                           | ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46                                                                                                                                                                                                                                                              |    | 71,806                                              |
|   | 13,100                                                    | 0.93             | AAA/Aaa                          | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2004-AR2, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                 | 13,078  |
|   | 763,520                                                   | 3.00             | NR/Aaa                           | Sequoia Mortgage Trust 2013-6, Floating Rate Note, 5/25/43                                                                                                                                                                                                                                                                        |    | 714,482                                             |
|   | 959,808                                                   | 3.00             | AAA/NR                           | Sequoia Mortgage Trust 2013-7, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                        |    | 929,193                                             |
|   | 124,991                                                   | 4.75             | NR/NR                            | Volt LLC , Series 14-NPL1, Floating Rate Note, 10/27/53                                                                                                                                                                                                                                                                           |    | 124,495                                             |
|   | 125,000                                                   | 5.97             | B-/B1                            | Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46                                                                                                                                                                                                                                              | 129,933 |
|   | 200,000                                                   | 3.65             | BB/NR                            | Wells Fargo Commercial Mortgage Trust 2014-TISH, Floating Rate Note, 1/15/27                                                                                                                                                                                                                                                      |    | 199,649                                             |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 6,077,117                                           |
|   |                                                      |             |                             | Total Banks                                                                                                                                                                                                                                                                                                                       | $       | 6,077,117                                           |
|   |                                                      |             |                             | Diversified Financials - 4.1%                                                                                                                                                                                                                                                                                                     |    |                                                |
|   |                                                      |             |                             | Other Diversified Financial Services - 4.1%                                                                                                                                                                                                                                                                                       |    |                                                |
|   | 29,589                                                    |             | NR/Baa2                          | Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-3, 5.5%, 4/25/35                                                                                                                                                                                                                                   | $       | 29,813                                              |
|   | 783,052                                                   | 3.50             | NR/Aaa                           | Sequoia Mortgage Trust 2012-3, Floating Rate Note, 7/25/42                                                                                                                                                                                                                                                                        |    | 779,158                                             |
|   | 250,000                                                   | 5.37             | BB+/B2                           | Wachovia Bank Commercial Mortgage Trust Series 2005-C22, Floating Rate Note, 12/15/44                                                                                                                                                                                                                                             | 254,955 |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 1,063,926                                           |
|   |                                                      |             |                             | Total Diversified Financials                                                                                                                                                                                                                                                                                                      | $       | 1,063,926                                           |
|   |                                                      |             |                             | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                         |    |                                                |
|   |                                                      |             |                             | (Cost $7,063,568)                                                                                                                                                                                                                                                                                                                 | $       | 7,141,043                                           |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | CORPORATE BONDS - 6.9%                                                                                                                                                                                                                                                                                                            |    |                                                |
|   |                                                      |             |                             | Health Care Equipment & Services - 0.9%                                                                                                                                                                                                                                                                                       |    |                                                |
|   |                                                      |             |                             | Health Care Facilities - 0.9%                                                                                                                                                                                                                                                                                                     |    |                                                |
|   | 225,000                                                   |             | B-/B3                            | HCA Holdings, Inc., 7.75%, 5/15/21                                                                                                                                                                                                                                                                                                | $       | 247,781                                             |
|   |                                                      |             |                             | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                        | $       | 247,781                                             |
|   |                                                      |             |                             | Insurance - 4.0%                                                                                                                                                                                                                                                                                                                  |    |                                                |
|   |                                                      |             |                             | Reinsurance - 4.0%                                                                                                                                                                                                                                                                                                                |    |                                                |
|   | 250,000                                                   | 6.89             | NR/NR                            | Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A)                                                                                                                                                                                                                                                                     | $       | 259,425                                             |
|   | 250,000                                                   | N/A              | BB-/NR                           | Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A)                                                                                                                                                                                                                                                               |    | 250,425                                             |
|   | 250,000                                                   | 8.72             | NR/Ba3                           | Mythen Re, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A)                                                                                                                                                                                                                                                                     |    | 258,925                                             |
|   | 250,000                                                   | 4.55             | BB+/NR                           | Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)                                                                                                                                                                                                                                                 |    | 255,850                                             |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 1,024,625                                           |
|   |                                                      |             |                             | Total Insurance                                                                                                                                                                                                                                                                                                                   | $       | 1,024,625                                           |
|   |                                                      |             |                             | Telecommunication Services - 2.0%                                                                                                                                                                                                                                                                                                 |    |                                                |
|   |                                                      |             |                             | Integrated Telecommunication Services - 2.0%                                                                                                                                                                                                                                                                                      |    |                                                |
|   | 500,000                                                   |             | NR/Ba2                           | GTP Towers Issuer LLC, 8.112%, 2/15/15 (144A)                                                                                                                                                                                                                                                                                     | $       | 511,672                                             |
|   |                                                      |             |                             | Total Telecommunication Services                                                                                                                                                                                                                                                                                                  | $       | 511,672                                             |
|   |                                                      |             |                             | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                             |    |                                                |
|   |                                                      |             |                             | (Cost $1,789,481)                                                                                                                                                                                                                                                                                                                 | $       | 1,784,078                                           |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 21.8%                                                                                                                                                                                                                                                                                    |    |                                                |
|   | 4,100,000                                                 |             | NR/NR                            | U.S. Treasury Bills, 0.0%, 6/26/14 (c)                                                                                                                                                                                                                                                                                            | $       | 4,099,890                                           |
|   | 1,500,000                                                 |             | NR/NR                            | U.S. Treasury Bills, 0.0%, 7/24/14 (c)                                                                                                                                                                                                                                                                                            |    | 1,499,936                                           |
|   |                                                      |             |                             | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                                                                                                                                                                                                                                      |    |                                                |
|   |                                                      |             |                             | (Cost $5,599,930)                                                                                                                                                                                                                                                                                                                 | $       | 5,599,826                                           |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | SENIOR FLOATING RATE LOAN INTERESTS - 4.8%                                                                                                                                                                                                                                                                                        |    |                                                |
|   |                                                      |             |                             | Energy - 1.4%                                                                                                                                                                                                                                                                                                                     |    |                                                |
|   |                                                      |             |                             | Oil & Gas Drilling - 0.2%                                                                                                                                                                                                                                                                                                     |    |                                                |
|   | 50,020                                                    | 7.50             | B/B3                             | Jonah  Energy LLC, 2nd Lien Term Loan 5/8/21                                                                                                                                                                                                                                                                            | $       | 50,583                                              |
|   |                                                      |             |                             | Oil & Gas Equipment & Services - 0.2%                                                                                                                                                                                                                                                                                     |    |                                                |
|   | 49,875                                                    | 6.29             | B+/B3                            | FR Dixie Acquisition Corp., Term Loan, 1/23/21                                                                                                                                                                                                                                                                                    | $       | 50,135                                              |
|   |                                                      |             |                             | Integrated Oil & Gas - 0.6%                                                                                                                                                                                                                                                                                                   |    |                                                |
|   | 50,000                                                    | 0.00             | NR/NR                            | Cheif Exploration & Development LLC 2nd Lien Term Loan 5/12/21                                                                                                                                                                                                                                                                | $       | 50,155                                              |
|   | 99,750                                                    | 4.00             | BB-/Ba3                          | Seadrill Operating LP, Initial Term Loan, 2/14/21                                                                                                                                                                                                                                                                                 |    | 99,430                                              |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 149,585                                             |
|   |                                                      |             |                             | Oil & Gas Exploration & Production - 0.4%                                                                                                                                                                                                                                                                                 |    |                                                |
|   | 99,750                                                    | 3.88             | BB-/Ba2                          | Fieldwood Energy LLC, Closing Date Loan, 9/25/18                                                                                                                                                                                                                                                                                  | $       | 99,954                                              |
|   |                                                      |             |                             | Total Energy                                                                                                                                                                                                                                                                                                                      | $       | 350,257                                             |
|   |                                                      |             |                             | Materials - 0.6%                                                                                                                                                                                                                                                                                                                  |    |                                                |
|   |                                                      |             |                             | Commodity Chemicals - 0.1%                                                                                                                                                                                                                                                                                                        |    |                                                |
|   | 29,925                                                    | 5.00             | B+/B2                            | Nexeo Solutions LLC, Term Loan B3, 9/9/17                                                                                                                                                                                                                                                                                         | $       | 30,037                                              |
|   |                                                      |             |                             | Diversified Chemicals - 0.2%                                                                                                                                                                                                                                                                                                      |    |                                                |
|   | 49,871                                                    | 5.00             | B+/B3                            | Univar, Inc., Term B Loan, 2/14/17                                                                                                                                                                                                                                                                                                | $       | 49,978                                              |
|   |                                                      |             |                             | Steel - 0.1%                                                                                                                                                                                                                                                                                                                      |    |                                                |
|   | 35,000                                                    | 0.00             | B/B3                             | Atkore International, Inc., Term Loan (First Lien), 3/27/21                                                                                                                                                                                                                                                                       | $       | 35,058                                              |
|   |                                                      |             |                             | Paper Products - 0.2%                                                                                                                                                                                                                                                                                                             |    |                                                |
|   | 49,875                                                    | 5.25             | B/B1                             | Exopack Holdings SA, USD Term Loan, 4/14/19                                                                                                                                                                                                                                                                                       | $       | 50,654                                              |
|   |                                                      |             |                             | Total Materials                                                                                                                                                                                                                                                                                                                   | $       | 165,727                                             |
|   |                                                      |             |                             | Capital Goods - 0.5%                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | Aerospace & Defense - 0.5%                                                                                                                                                                                                                                                                                                    |    |                                                |
|   | 47,295                                                    | 6.25             | BB-/Ba2                          | DynCorp International, Inc., Term Loan, 7/7/16                                                                                                                                                                                                                                                                                    | $       | 47,492                                              |
|   | 49,874                                                    | 5.25             | B/B2                             | Sequa Corp., Initial Term Loan, 6/19/17                                                                                                                                                                                                                                                                                           |    | 49,448                                              |
|   | 25,000                                                    | 3.25             | BB-/Ba3                          | Wesco Aircraft Hardare Corp., Tranche B Term Loan (First Lien), 2/24/21                                                                                                                                                                                                                                                           |    | 24,922                                              |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 121,862                                             |
|   |                                                      |             |                             | Total Capital Goods                                                                                                                                                                                                                                                                                                               | $       | 121,862                                             |
|   |                                                      |             |                             | Transportation - 0.4%                                                                                                                                                                                                                                                                                                             |    |                                                |
|   |                                                      |             |                             | Trucking - 0.4%                                                                                                                                                                                                                                                                                                                   |    |                                                |
|   | 50,000                                                    | 5.50             | B/B1                             | Aegis Toxicology Corp., Tranche B Term Loan (First Lien), 2/20/21                                                                                                                                                                                                                                                                 | $       | 50,562                                              |
|   | 49,875                                                    | 8.00             | CCC+/Ba3                         | YRC Worldwide, Inc., Initial Term Loan, 2/12/19                                                                                                                                                                                                                                                                                   |    | 50,124                                              |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 100,686                                             |
|   |                                                      |             |                             | Total Transportation                                                                                                                                                                                                                                                                                                              | $       | 100,686                                             |
|   |                                                      |             |                             | Media - 0.2%                                                                                                                                                                                                                                                                                                                      |    |                                                |
|   |                                                      |             |                             | Broadcasting - 0.1%                                                                                                                                                                                                                                                                                                               |    |                                                |
|   | 23,485                                                    | 3.00             | BB+/Ba1                          | CBS Outdoor Americas Capital LLC, Tranche B Term Loan (First Lien), 1/15/21                                                                                                                                                                                                                                                       | $       | 23,392                                              |
|   |                                                      |             |                             | Movies & Entertainment - 0.1%                                                                                                                                                                                                                                                                                                 |    |                                                |
|   | 25,000                                                    | 6.50             | B/B2                             | Deluxe Entertainment Services Group., Inc., Tranche B Term Loan (First Lien), 2/26/20                                                                                                                                                                                                                                             | $       | 24,938                                              |
|   |                                                      |             |                             | Total Media                                                                                                                                                                                                                                                                                                                       | $       | 48,330                                              |
|   |                                                      |             |                             | Retailing - 0.1%                                                                                                                                                                                                                                                                                                                  |    |                                                |
|   |                                                      |             |                             | Automotive Retail - 0.1%                                                                                                                                                                                                                                                                                                          |    |                                                |
|   | 30,000                                                    | 4.00             | BB-/B1                           | CS Intermediate Holdco 2 LLC, Term Loan, 3/28/21                                                                                                                                                                                                                                                                                  | $       | 30,056                                              |
|   |                                                      |             |                             | Total Retailing                                                                                                                                                                                                                                                                                                                   | $       | 30,056                                              |
|   |                                                      |             |                             | Food, Beverage & Tobacco - 0.3%                                                                                                                                                                                                                                                                                               |    |                                                |
|   |                                                      |             |                             | Agricultural Products - 0.3%                                                                                                                                                                                                                                                                                                      |    |                                                |
|   | 74,812                                                    | 4.50             | B/B1                             | Arysta Lifescience SPC LLC, Initial Term Loan (First Lien), 5/29/20                                                                                                                                                                                                                                                               | $       | 74,999                                              |
|   |                                                      |             |                             | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                | $       | 74,999                                              |
|   |                                                      |             |                             | Household & Personal Products - 0.4%                                                                                                                                                                                                                                                                                          |    |                                                |
|   |                                                      |             |                             | Personal Products - 0.4%                                                                                                                                                                                                                                                                                                          |    |                                                |
|   | 75,000                                                    | 7.75             | CCC+/Caa2                        | Atrium Innovations, Inc., Tranche B Term Loan (Second Lien), 7/29/21                                                                                                                                                                                                                                                              | $       | 75,328                                              |
|   | 35,910                                                    | 4.00             | B/B2                             | Party City Holdings, Inc., 2014 Replacement Term Loan, 7/27/19                                                                                                                                                                                                                                                                    |    | 35,835                                              |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 111,163                                             |
|   |                                                      |             |                             | Total Household & Personal Products                                                                                                                                                                                                                                                                                           | $       | 111,163                                             |
|   |                                                      |             |                             | Diversified Financials - 0.4%                                                                                                                                                                                                                                                                                                     |    |                                                |
|   |                                                      |             |                             | Other Diversified Financial Services - 0.2%                                                                                                                                                                                                                                                                                       |    |                                                |
|   | 35,000                                                    | 4.50             | B+/B1                            | Nord Anglia Education Finance LLC, Initial Term Loan,  5/21/21                                                                                                                                                                                                                                                          | $       | 35,044                                              |
|   | 25,000                                                    | 5.00             | B/B1                             | SBP Holdings, Ltd., Term Loan (First Lien), 3/24/21                                                                                                                                                                                                                                                                               |    | 24,990                                              |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              | $       | 60,034                                              |
|   |                                                      |             |                             | Consumer Finance - 0.2%                                                                                                                                                                                                                                                                                                           |    |                                                |
|   | 35,000                                                    | 4.00             | B+/Ba3                           | Transunion LLC, 1st Lien, Term Loan B 2014, 5/21/21                                                                                                                                                                                                                                                                               | $       | 34,973                                              |
|   |                                                      |             |                             | Total Diversified Financials                                                                                                                                                                                                                                                                                                      | $       | 95,007                                              |
|   |                                                      |             |                             | Software & Services - 0.1%                                                                                                                                                                                                                                                                                                    |    |                                                |
|   |                                                      |             |                             | Systems Software - 0.1%                                                                                                                                                                                                                                                                                                           |    |                                                |
|   | 36,000                                                    | 5.50             | B+/B1                            | SafeNet, Inc., Tranche B Term Loan, 2/28/20                                                                                                                                                                                                                                                                                       | $       | 36,180                                              |
|   |                                                      |             |                             | Total Software & Services                                                                                                                                                                                                                                                                                                     | $       | 36,180                                              |
|   |                                                      |             |                             | Semiconductors & Semiconductor Equipment - 0.2%                                                                                                                                                                                                                                                                               |    |                                                |
|   |                                                      |             |                             | Semiconductor Equipment - 0.2%                                                                                                                                                                                                                                                                                                    |    |                                                |
|   | 40,000                                                    | 3.50             | BB+/Ba3                          | Entergis Inc., Term Loan B, 3/25/21                                                                                                                                                                                                                                                                                               | $       | 39,613                                              |
|   |                                                      |             |                             | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                | $       | 39,613                                              |
|   |                                                      |             |                             | Utilities - 0.2%                                                                                                                                                                                                                                                                                                                  |    |                                                |
|   |                                                      |             |                             | Electric Utilities - 0.2%                                                                                                                                                                                                                                                                                                         |    |                                                |
|   | 50,000                                                    | 4.75             | B+/Ba3                           | Atlantic Power LP, Term Loan, 2/20/21                                                                                                                                                                                                                                                                                             | $       | 50,438                                              |
|   |                                                      |             |                             | Total Utilities                                                                                                                                                                                                                                                                                                                   | $       | 50,438                                              |
|   |                                                      |             |                             | TOTAL SENIOR FLOATING RATE LOAN INTERESTS                                                                                                                                                                                                                                                                                         |    |                                                |
|   |                                                      |             |                             | (Cost $1,216,397)                                                                                                                                                                                                                                                                                                                 | $       | 1,224,318                                           |
|   | Shares                                                    |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | EXCHANGE TRADES FUND - 4.9%                                                                                                                                                                                                                                                                                                       |    |                                                |
|   |                                                      |             |                             | Diversified Financials - 4.9%                                                                                                                                                                                                                                                                                                     |    |                                                |
|   |                                                      |             |                             | Other Diversified Financial Services - 4.9%                                                                                                                                                                                                                                                                                       |    |                                                |
|   | 45,472                                                    |             |                             | iShares MSCI Indonesia ETF                                                                                                                                                                                                                                                                                                        | $       | 1,246,388                                           |
|   |                                                      |             |                             | TOTAL EXCHANGE TRADED FUND                                                                                                                                                                                                                                                                                                        |    |                                                |
|   |                                                      |             |                             | (Cost $1,249,083)                                                                                                                                                                                                                                                                                                                 | $       | 1,246,388                                           |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | PURCHASED CALL SWAPTIONS - 0.3%                                                                                                                                                                                                                                                                                                   |    |                                                |
|   | 2,550,000                                                 |             |                             | CDX.NA.HY.22.V1 Fixed, 12/17/14, 103% (SWP 12 May 2014 Right to pay fixed)                                                                                                                                                                                                                                                        |    | 36,092                                              |
|   | 2,550,000                                                 |             |                             | CDX.NA.HY.22.V1 Fixed, 9/17/14, 106% (SWP 11 Apr 2014 Right to pay fixed)                                                                                                                                                                                                                                                         |    | 33,169                                              |
|   |                                                      |             |                             | TOTAL PURCHASED CALL SWAPTIONS                                                                                                                                                                                                                                                                                                    | $       | 69,261                                              |
|   |                                                      |             |                             | (Premiums paid $113,985)                                                                                                                                                                                                                                                                                                          | $       | 69,261                                              |
|   | Principal Amount ($)                                      |             | TEMPORARY CASH INVESTMENT - 3.9% |                                                                                                                                                                                                                                                                                                                              |    |
|   |                                                      |             |                             | Repurchase Agreement - 3.9%                                                                                                                                                                                                                                                                                                       |    |                                                |
|   |         1,000,000 |             |                             | Royal Bank of Canada, 0.06%, dated 5/31/14, repurchase price of                                                                                                                                                                                                                                                                   |    |                                                |
|   |                                                      |             |                             | $1,000,000 plus accrued interest on 6/1/14 collateralized by                                                                                                                                                                                                                                                                      |    |                                                |
|   |                                                      |             |                             | $1,020,000 Federal National Mortgage Association, 4.00%, 10/1/42-4/1/44                                                                                                                                                                                                                                                           | $       |        1,000,000 |
|   |                                                      |             |                             | TOTAL TEMPORARY CASH INVESTMENT                                                                                                                                                                                                                                                                                                   |    |                                                |
|   |                                                      |             |                             | Cost $1,000,000)                                                                                                                                                                                                                                                                                                                  | $       |        1,000,000 |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | TOTAL INVESTMENT IN SECURITIES - 93.6%                                                                                                                                                                                                                                                                                            |    |                                                |
|   |                                                      |             |                             | (Cost $24,007,805) (a)                                                                                                                                                                                                                                                                                                            | $       | 24,110,881                                          |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | WRITTEN PUT SWAPTIONS - (0.3)%                                                                                                                                                                                                                                                                                                    |    |                                                |
|   | (5,100,000)                                               |             |                             | CDX.NA.HY.22.V1 Fixed, 12/17/14, 100% (SWP 12 May 2014 Right to pay fixed)                                                                                                                                                                                                                                                        |    | (42,613)                                            |
|   | (5,100,000)                                               |             |                             | CDX.NA.HY.22.V1Fixed, 9/17/14, 103% (SWP 11 Apr 2014 Right to pay fixed)                                                                                                                                                                                                                                                          |    | (29,392)                                            |
|   |                                                      |             |                             | TOTAL WRITTEN PUT SWAPTIONS                                                                                                                                                                                                                                                                                                       | $       | (72,005)                                            |
|   |                                                      |             |                             | (Premiums received $(134,640))                                                                                                                                                                                                                                                                                                    | $       | (72,005)                                            |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | OTHER ASSETS & LIABILITIES - 6.4%                                                                                                                                                                                                                                                                                             | $       | 1,639,037                                           |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                         | $       | 25,677,913                                          |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   | NR                                                        |             |                             | Not rated by either S&P or Moody's.                                                                                                                                                                                                                                                                                           |    |                                                |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   | WR                                                        |             |                             | Withdrawn rating.                                                                                                                                                                                                                                                                                                                 |    |                                                |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   | (144A)                                                    |             |                             | Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At May 30, 2014, the value of these securities amounted to $5,115,149 or 19.9% of total net assets. |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   | (a)                                                       |             |                             | At May 31, 2014, the net unrealized appreciation on investments based on                                                                                                                                                                                                                                                          |    |                                                |
|   |                                                      |             |                             | cost for federal income tax purposes of $24,007,805 was as follows:                                                                                                                                                                                                                                                               |    |                                                |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                         | $       | 227,443                                             |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                         |    | (124,367)                                           |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             |                             | Net unrealized appreciation                                                                                                                                                                                                                                                                                                       | $       | 103,076                                             |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   | (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:                                                                                                                                                                                                                                                         |    |                                                |
|   |                                                      |             |                             |                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             | ERUO                             | Euro                                                                                                                                                                                                                                                                                                                              |    |                                                |
|   |                                                      |             | GBP                              | British Pound Sterling                                                                                                                                                                                                                                                                                                            |    |                                                |

|                                                                                                                                                       | CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION                            |         |                     |                                                          |          |                                                                                                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|--------------|--------------------------|---------------------------------------------------------------|---------------|---------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |   |   |   |
|                                                                                                                                                       | Notional Principal ($)                                                     | Counterparty | Obligation Entity/Index  |                                                          | Coupon        | Expiration Date                                                                                               | Premiums Received (Paid) | Net Unrealized Appreciation (Depreciation) |
|                                                                                                                                                       |            (80,000) |         | Citibank NA              | RUSSIAN (FEDERATION OF)                                       |          | 1.00%                                                                                                         | 6/20/19 |  $    (6,206) |  $           (2,926) |
|                                                                                                                                                       |          (250,000)            |         | Citibank NA              | ALCOA INC                                                     |          | 1.00%                                                                                                         | 6/20/19 |        (9,982) |               (3,072) |
|                                                                                                                                                       |          (250,000)            |         | Citibank NA              | UNITED RENTALS (NORTH AMERICA) INC                            |          | 5.00%                                                                                                         | 6/20/19 |        38,829 |                1,461 |
| EURO                                                                                                                                                       |          (375,000)            |         | JP Morgan Chase          | GLENCORE FINANCE EUROPE SA                                    |          | 1.00%                                                                                                         | 6/20/19 |      (17,891) |             (15,202) |
|                                                                                                                                                       |          (250,000)            |         | Morgan Stanley & Co. | RADIOSHACK CORP                                               |          | 5.00%                                                                                                         | 6/20/17 |    (123,438) |              17,495 |
|                                                                                                                                                       |          (125,000)            |         | JP Morgan Chase          | BANK OF AMERICA CORP                                          |          | 1.00%                                                                                                         | 6/20/19 |         2,155 |                   145 |
|                                                                                                                                                       |          (250,000)            |         | Citibank NA              | JPMORGAN CHASE & CO                                       |          | 1.00%                                                                                                         | 6/20/19 |         5,449 |                   155 |
|                                                                                                                                                       |        (1,235,000)                      |         | Citibank NA              | CDS: (CDX.NA.HY.21 35-100%)                                   |          | 5.00%                                                                                                         | 12/20/18 |      256,708 |              10,082 |
|                                                                                                                                                       |          (625,000)            |         | J.P. Morgan Securities   | CME: (CDX.NA.IG.22.V1)                                        |          | 1.00%                                                                                                         | 6/20/19 |         9,550 |              12,977 |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |   |  $  155,175 |  $           21,114 |
|                                                                                                                                                       | CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION                           |         |                     |                                                          |          |                                                                                                          |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |   |   |   |
|                                                                                                                                                       | Notional Principal ($)                                                     | Counterparty | Obligation Entity/Index  |                                                          | Coupon        | Expiration Date                                                                                               | Premiums Received (Paid) | Net Unrealized Appreciation (Depreciation) |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | CLEAR CHANNEL COMMUNICATIONS INC                              |          | 5.00%                                                                                                         | 12/20/14 |  $    (1,536) |  $            1,623 |
|                                                                                                                                                       |            125,000  |         | Citibank NA              | RADIOSHACK CORP                                               |          | 5.00%                                                                                                         | 12/20/14 |         9,410 |             (19,192) |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | CDS REF OB                                                    |          | 5.00%                                                                                                         | 3/20/15 |          (556) |                   625 |
|                                                                                                                                                       |            125,000  |         | Citibank NA              | RADIOSHACK CORP                                               |          | 5.00%                                                                                                         | 9/20/14 |         5,243 |             (11,940) |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | TRAVELPORT LLC                                                |          | 5.00%                                                                                                         | 3/20/15 |        (1,389) |                1,721 |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | SEARS ROEBUCK ACCEPTANCE CORP                                 |          | 5.00%                                                                                                         | 3/20/15 |        14,549 |                   642 |
| EURO                                                                                                                                                       |            250,000  |         | JP Morgan Chase          | NORSKE SKOGINDUSTRIER ASA                                     |          | 5.00%                                                                                                         | 3/20/15 |        13,264 |              11,257 |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | TOYS R US INC                                                 |          | 5.00%                                                                                                         | 12/20/14 |         3,160 |                 (451) |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | JC PENNEY CORPORATION INC                                     |          | 5.00%                                                                                                         | 12/20/14 |         2,569 |                6,302 |
|                                                                                                                                                       |            250,000  |         | Morgan Stanley & Co. | FOREST OIL CORPORATION                                        |          | 5.00%                                                                                                         | 3/20/15 |         1,181 |                8,900 |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | CAESARS ENTERTAINMENT OPERATING CO                            |          | 5.00%                                                                                                         | 6/20/15 |        24,896 |             (19,061) |
|                                                                                                                                                       |            310,000  |         | Citibank NA              | UKRAINE (GOVERNMENT)                                          |          | 5.00%                                                                                                         | 12/20/14 |        34,359 |              20,484 |
|                                                                                                                                                       |            250,000  |         | JP Morgan Chase          | TARGET CORPORATION                                            |          | 1.00%                                                                                                         | 6/20/19 |        (7,077) |                 (465) |
|                                                                                                                                                       |            250,000  |         | JP Morgan Chase          | CONAGRA FOODS INC                                             |          | 1.00%                                                                                                         | 6/20/19 |        (4,132) |                   497 |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | FREEPORT-MCMORAN COPPER & GOLD INC                        |          | 1.00%                                                                                                         | 6/20/19 |         8,251 |                5,731 |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | HERTZ CORP                                                    |          | 5.00%                                                                                                         | 6/20/19 |      (35,469) |                 (236) |
| EURO                                                                                                                                                       |            375,000  |         | JP Morgan Chase          | ARCELORMITTAL                                                 |          | 1.00%                                                                                                         | 6/20/19 |        32,741 |              13,338 |
| EURO                                                                                                                                                       |            625,000  |         | Citibank NA              | CDS: (ITRAXX.EUR.9 0-3%)                                      |          | 5.00%                                                                                                         | 6/20/15 |            434 |              22,884 |
|                                                                                                                                                       |            500,000  |         | Citibank NA              | CDS: (CDX.NA.IG.9 0-3%)                                       |          | 5.00%                                                                                                         | 12/20/14 |        10,738 |              13,321 |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |   |  $  110,634 |  $           55,981 |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |   |   |   |
|                                                                                                                                                       | INTEREST RATE SWAP AGREEMENTS                                              |         |                     |                                                          |          |                                                                                                          |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |   |   |   |
|                                                                                                                                                       | Notional Principal ($)                                                     | Counterparty | Pay/Receive              |                                                          | Floating Rate | Annual Fixed Rate                                                                                             | Expiration Date | Net Unrealized Appreciation (Depreciation) |
|                                                                                                                                                       |        (5,336,443)                      |         | J.P. Morgan Securities   | SWP: USD 1.851500 08-APR-2019                                 |          | LIBOR                                                                                                         | 1.85% | 4/8/19 |  $           (1,176) |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |   |   |  $           (1,176) |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |   |   |   |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below. |                                                                       |         |                     |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |   |   |   |
| Level 1 – quoted prices in active markets for identical securities                                                                                   |                                                                       |         |                     |                                                          |          |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |                                                                       |         |                     |
| See Notes to Financial Statements - Note 1A.                                                                                                               |                                                                       |         |                     |                                                          |          |                                                                                                          |
| Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)                      |                                                                       |         |                     |                                                          |          |
| See Notes to Financial Statements - Note 1A.                                                                                                               |                                                                       |         |                     |                                                          |          |                                                                                                          |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |   |   |   |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                         |                                                                       |         |                     |                                                          |          |
| using fair value methods (other than prices supplied by independent pricing services) are categorized as Level 3.                                          |                                                                       |         |                     |                                                          |          |
| See Notes to Financial Statements - Note 1A.                                                                                                               |                                                                       |         |                     |                                                          |          |                                                                                                          |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |   |   |   |
| The following is a summary of the inputs used as of May 31, 2014, in valuing the Fund’s assets:                                                      |                                                                       |         |                     |                                                          |          |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |   |   |   |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          | Level 1                                                                                                       | Level 2 | Level 3 | Total |
|                                                                                                                                                       |                                                                       |         |                     | Convertible Corporate Bonds                                   |          |  $               -            |  $     2,890,737 |  $          - |  $      2,890,737 |
|                                                                                                                                                       |                                                                       |         |                     | Preferred Stock                                               |          |           263,200                                           |                   - |              - |             263,200 |
|                                                                                                                                                       |                                                                       |         |                     | Convertible Preferred Stock                                   |          |           238,012                                           |                   - |              - |             238,012 |
|                                                                                                                                                       |                                                                       |         |                     | Common Stocks                                                 |          |        2,091,470                                                           |                   - |              - |          2,091,470 |
|                                                                                                                                                       |                                                                       |         |                     | Asset Backed Securities                                       |          |                   - |           562,548 |              - |             562,548 |
|                                                                                                                                                       |                                                                       |         |                     | Collateralized Mortgage Obligations                           |          |                   - |         7,141,043 |              - |          7,141,043 |
|                                                                                                                                                       |                                                                       |         |                     | Corporate Bonds                                               |          |                   - |         1,784,078 |              - |          1,784,078 |
|                                                                                                                                                       |                                                                       |         |                     | U.S. Government and Agency Obligations                        |          |                   - |         5,599,826 |              - |          5,599,826 |
|                                                                                                                                                       |                                                                       |         |                     | Senior Floating Rate Loan Interests                           |          |                   - |         1,224,318 |              - |          1,224,318 |
|                                                                                                                                                       |                                                                       |         |                     | Exchange Traded Fund                                          |          |        1,246,388                                                           |                   - |              - |          1,246,388 |
|                                                                                                                                                       |                                                                       |         |                     | Purchased Call Swaptions                                      |          |                   - |             69,261 |              - |              69,261 |
|                                                                                                                                                       |                                                                       |         |                     | Repurchase Agreement                                          |          |                   - |         1,000,000 |              - |          1,000,000 |
|                                                                                                                                                       |                                                                       |         |                     | Total                                                         |          |  $     3,839,070                                                                |  $   20,271,811 |  $            - |  $     24,110,881 |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |   |   |   |
|                                                                                                                                                       |                                                                       |         |                     | Other Financial Instruments                                   |          |                                                                                                          |   |   |   |
|                                                                                                                                                       |                                                                       |         |                     | Unrealized depreciation on credit default swap agreements     |          |  $               -            |  $         77,095 |  $          - |  $           77,095 |
|                                                                                                                                                       |                                                                       |         |                     | Unrealized depreciation on interest rate swap contract        |          |                   - |             (1,176) |              - |               (1,176) |
|                                                                                                                                                       |                                                                       |         |                     | Unrealized depreciation on futures contracts                  |          |         (203,019)                                                     |                   - |              - |           (203,019) |
|                                                                                                                                                       |                                                                       |         |                     | Written put swaptions                                         |          |                   - |           (72,005) |              - |             (72,005) |
|                                                                                                                                                       |                                                                       |         |                     | Unrealized appreciation on forward foreign currency contracts |          |                   - |           109,727 |              - |             109,727 |
|                                                                                                                                                       |                                                                       |         |                     | Total Other Financial Instruments                             |          |  $      (203,019)                                                          |  $       113,641 |  $          - |  $         (89,378) |

|   |                 |             |                   | Pioneer Long/Short Global Bond Fund                                                                                                                                                                                                                                                                                               |     |       |
|--------|----------------------|------------------|------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|------------|
|   |                 |             |                   | Schedule of Investments 5/30/14 (unaudited)                                                                                                                                                                                                                                                                                       |     |       |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   | Principal Amount ($) | FloatingRate (b) | S&P/Moody'sRatings |                                                                                                                                                                                                                                                                                                                              | Value    |
|   |                 |             |                   | CONVERTIBLE CORPORATE BONDS - 8.7%                                                                                                                                                                                                                                                                                                |     |       |
|   |                 |             |                   | Energy - 0.6%                                                                                                                                                                                                                                                                                                                     |     |       |
|   |                 |             |                   | Integrated Oil & Gas - 0.6%                                                                                                                                                                                                                                                                                                   |     |       |
| EURO   | 100,000              |             | A/NR                   | Eni S.p.A., 0.625%, 1/18/16                                                                                                                                                                                                                                                                                                       | $        | 148,204    |
|   |                 |             |                   | Total Energy                                                                                                                                                                                                                                                                                                                      | $        | 148,204    |
|   |                 |             |                   | Materials - 0.4%                                                                                                                                                                                                                                                                                                                  |     |       |
|   |                 |             |                   | Diversified Metals & Mining - 0.4%                                                                                                                                                                                                                                                                                            |     |       |
|   | 100,000              |             | BB/NR                  | Vedanta Resources Jersey, Ltd., 5.5%, 7/13/16                                                                                                                                                                                                                                                                                     | $        | 102,250    |
|   |                 |             |                   | Total Materials                                                                                                                                                                                                                                                                                                                   | $        | 102,250    |
|   |                 |             |                   | Capital Goods - 0.5%                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | Trading Companies & Distributors - 0.5%                                                                                                                                                                                                                                                                                       |     |       |
| EURO   | 100,000              |             | B+/NR                  | Kloeckner & Co., Financial Services SA, 2.5%, 12/22/17                                                                                                                                                                                                                                                                        | $        | 136,355    |
|   |                 |             |                   | Total Capital Goods                                                                                                                                                                                                                                                                                                               | $        | 136,355    |
|   |                 |             |                   | Consumer Services - 0.8%                                                                                                                                                                                                                                                                                                          |     |       |
|   |                 |             |                   | Hotels, Resorts & Cruise Lines - 0.8%                                                                                                                                                                                                                                                                                         |     |       |
| GBP    | 100,000              |             | NR/NR                  | TUI Travel Plc, 4.9%, 4/27/17                                                                                                                                                                                                                                                                                                     | $        | 204,958    |
|   |                 |             |                   | Total Consumer Services                                                                                                                                                                                                                                                                                                           | $        | 204,958    |
|   |                 |             |                   | Pharmaceuticals, Biotechnology & Life Sciences - 1.0%                                                                                                                                                                                                                                                                         |     |       |
|   |                 |             |                   | Biotechnology - 1.0%                                                                                                                                                                                                                                                                                                              |     |       |
|   | 225,000              |             | NR/NR                  | Cubist Pharmaceuticals, Inc., 1.875%, 9/1/20 (144A)                                                                                                                                                                                                                                                                               | $        | 252,141    |
|   |                 |             |                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                          | $        | 252,141    |
|   |                 |             |                   | Diversified Financials - 2.5%                                                                                                                                                                                                                                                                                                     |     |       |
|   |                 |             |                   | Multi-Sector Holdings - 2.1%                                                                                                                                                                                                                                                                                                      |     |       |
| EURO   | 100,000              |             | NR/NR                  | GBL Verwaltung SA, 1.25%, 2/7/17                                                                                                                                                                                                                                                                                                  | $        | 164,840    |
| EURO   | 100,000              |             | NR/NR                  | Groupe Bruxelles Lambert SA, 0.125%, 9/21/15                                                                                                                                                                                                                                                                                      |     | 175,189    |
| EURO   | 100,000              |             | A-/NR                  | Industrivarden AB, 2.5%, 2/27/15                                                                                                                                                                                                                                                                                                  |     | 185,852    |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $        | 525,881    |
|   |                 |             |                   | Specialized Finance - 0.4%                                                                                                                                                                                                                                                                                                        |     |       |
|   | 100,000              |             | BBB/NR                 | Glencore Finance Europe SA, 5.0%, 12/31/14                                                                                                                                                                                                                                                                                        | $        | 109,350    |
|   |                 |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                      | $        | 635,231    |
|   |                 |             |                   | Software & Services - 1.7%                                                                                                                                                                                                                                                                                                    |     |       |
|   |                 |             |                   | Application Software - 0.6%                                                                                                                                                                                                                                                                                                       |     |       |
|   | 125,000              |             | NR/NR                  | Mentor Graphics Corp., 4.0%, 4/1/31                                                                                                                                                                                                                                                                                               | $        | 152,812    |
|   |                 |             |                   | Systems Software - 1.1%                                                                                                                                                                                                                                                                                                           |     |       |
|   | 260,000              |             | NR/NR                  | ServiceNow, Inc., 0.0%, 11/1/18 (144A) (c)                                                                                                                                                                                                                                                                                        | $        | 266,012    |
|   |                 |             |                   | Total Software & Services                                                                                                                                                                                                                                                                                                     | $        | 418,824    |
|   |                 |             |                   | Technology Hardware & Equipment - 0.6%                                                                                                                                                                                                                                                                                        |     |       |
|   |                 |             |                   | Computer Storage & Peripherals - 0.6%                                                                                                                                                                                                                                                                                         |     |       |
|   | 125,000              |             | BB/NR                  | SanDisk Corp., 0.5%, 10/15/20 (144A)                                                                                                                                                                                                                                                                                              | $        | 152,344    |
|   |                 |             |                   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                         | $        | 152,344    |
|   |                 |             |                   | Government - 0.6%                                                                                                                                                                                                                                                                                                                 |     |       |
| EURO   | 100,000              |             | B/Ba2                  | Parpublica - Participacoes Publicas SGPS SA, 5.25%, 9/28/17                                                                                                                                                                                                                                                                       | $        | 157,763    |
|   |                 |             |                   | Total Government                                                                                                                                                                                                                                                                                                                  | $        | 157,763    |
|   |                 |             |                   | TOTAL CONVERTIBLE CORPORATE BONDS                                                                                                                                                                                                                                                                                                 |     |       |
|   |                 |             |                   | (Cost $2,121,078)                                                                                                                                                                                                                                                                                                                 | $        | 2,208,070  |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | PREFERRED STOCK - 1.0%                                                                                                                                                                                                                                                                                                            |     |       |
|   |                 |             |                   | Banks - 1.0%                                                                                                                                                                                                                                                                                                                      |     |       |
|   |                 |             |                   | Diversified Banks - 1.0%                                                                                                                                                                                                                                                                                                          |     |       |
|   | 320,000              | 1.17             | BBB/Baa2               | JPMorgan Chase Capital XXI, Floating Rate Note, 1/15/87                                                                                                                                                                                                                                                                           | $        | 263,200    |
|   |                 |             |                   | TOTAL PREFERRED STOCK                                                                                                                                                                                                                                                                                                             |     |       |
|   |                 |             |                   | (Cost $258,738)                                                                                                                                                                                                                                                                                                                   | $        | 263,200    |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | CONVERTIBLE PREFERRED STOCK - 1.0%                                                                                                                                                                                                                                                                                                |     |       |
|   |                 |             |                   | Diversified Financials - 1.0%                                                                                                                                                                                                                                                                                                     |     |       |
|   |                 |             |                   | Other Diversified Financial Services - 1.0%                                                                                                                                                                                                                                                                                       |     |       |
|   | 200                  |             | BB+/Ba3                | Bank of America Corp., 7.25% (Perpetual)                                                                                                                                                                                                                                                                                          | $        | 238,012    |
|   |                 |             |                   | TOTAL CONVERTIBLE PREFERRED STOCK                                                                                                                                                                                                                                                                                                 |     |       |
|   |                 |             |                   | (Cost $229,386)                                                                                                                                                                                                                                                                                                                   | $        | 238,012    |
|   | Shares               |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | COMMON STOCKS - 1.1%                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | Banks - 0.6%                                                                                                                                                                                                                                                                                                                      |     |       |
|   |                 |             |                   | Regional Banks - 0.6%                                                                                                                                                                                                                                                                                                             |     |       |
|   | 1,599                |             |                   | BankUnited, Inc. *                                                                                                                                                                                                                                                                                                                | $        | 52,031     |
|   | 1,000                |             |                   | First Republic Bank, Inc.                                                                                                                                                                                                                                                                                                         |     | 50,860     |
|   | 1,793                |             |                   | Zions Bancorporation                                                                                                                                                                                                                                                                                                              |     | 51,262     |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $        | 154,153    |
|   |                 |             |                   | Total Banks                                                                                                                                                                                                                                                                                                                       | $        | 154,153    |
|   |                 |             |                   | Diversified Financials - 0.5%                                                                                                                                                                                                                                                                                                     |     |       |
|   |                 |             |                   | Asset Management & Custody Banks - 0.5%                                                                                                                                                                                                                                                                                       |     |       |
|   | 8,300                |             |                   | TriplePoint Venture Growth BDC Corp.                                                                                                                                                                                                                                                                                              | $        | 129,646    |
|   |                 |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                      | $        | 129,646    |
|   |                 |             |                   | TOTAL COMMON STOCKS                                                                                                                                                                                                                                                                                                               |     |       |
|   |                 |             |                   | (Cost $289,815)                                                                                                                                                                                                                                                                                                                   | $        | 283,799    |
|   | Principal Amount ($) |             |                   |                                                                                                                                                                                                                                                                                                                              |     |
|   |                 |             |                   | ASSET BACKED SECURITIES - 2.1%                                                                                                                                                                                                                                                                                                    |     |       |
|   |                 |             |                   | Banks - 1.4%                                                                                                                                                                                                                                                                                                                      |     |       |
|   |                 |             |                   | Thrifts & Mortgage Finance - 1.4%                                                                                                                                                                                                                                                                                             |     |       |
|   | 121,734              |             | B+/B3                  | Accredited Mortgage Loan Trust 2003-3, 5.21%, 1/25/34 (Step)                                                                                                                                                                                                                                                                      | $        | 118,276    |
|   | 100,000              |             | NR/NR                  | CAM Mortgage Trust 2014-1, 5.5%, 12/15/53 (Step) (144A)                                                                                                                                                                                                                                                                           |     | 99,818     |
|   | 46,954               | 0.95             | B+/B2                  | First Franklin Mortgage Loan Trust 2003-FFC, Floating Rate Note, 11/25/32                                                                                                                                                                                                                                                         |     | 45,736     |
|   | 45,625               |             | BBB/NR                 | Icon Brands Holdings LLC, 4.229%, 1/25/43 (144A)                                                                                                                                                                                                                                                                                  |     | 46,040     |
|   | 41,049               | 3.15             | A/Baa2                 | Irwin Whole Loan Home Equity Trust 2003-C, Floating Rate Note, 6/25/28                                                                                                                                                                                                                                                            |     | 41,178     |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $        | 351,048    |
|   |                 |             |                   | Total Banks                                                                                                                                                                                                                                                                                                                       | $        | 351,048    |
|   |                 |             |                   | Diversified Financials - 0.7%                                                                                                                                                                                                                                                                                                     |     |       |
|   |                 |             |                   | Other Diversified Financial Services - 0.7%                                                                                                                                                                                                                                                                                       |     |       |
|   | 85,513               | 4.78             | B/B1                   | New Century Home Equity Loan Trust, Floating Rate Note, 8/25/34                                                                                                                                                                                                                                                                   | $        | 87,533     |
|   | 97,500               |             | BBB/NR                 | TAL Advantage V LLC, 4.1%, 2/22/39                                                                                                                                                                                                                                                                                                |     | 99,013     |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $        | 186,546    |
|   |                 |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                      | $        | 186,546    |
|   |                 |             |                   | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                     |     |       |
|   |                 |             |                   | (Cost $536,447)                                                                                                                                                                                                                                                                                                                   | $        | 537,594    |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | COLLATERALIZED MORTGAGE OBLIGATIONS - 25.6%                                                                                                                                                                                                                                                                                       |     |       |
|   |                 |             |                   | Banks - 21.4%                                                                                                                                                                                                                                                                                                                     |     |       |
|   |                 |             |                   | Thrifts & Mortgage Finance - 21.4%                                                                                                                                                                                                                                                                                            |     |       |
|   | 54,360               | 1.15             | A/Baa1                 | Bayview Commercial Asset Trust, Floating Rate Note, 1/25/35 (144A)                                                                                                                                                                                                                                                                | $        | 48,859     |
|   | 100,000              |             | BB/NR                  | Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38                                                                                                                                                                                                                                                    | 100,808  |
|   | 175,000              | 5.57             | NR/Ba3                 | COBALT Commercial Mortgage Trust 2007-C2, Floating Rate Note, 4/15/47 (144A)                                                                                                                                                                                                                                                      |     | 179,356    |
|   | 175,000              |             | NR/B3                  | COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46                                                                                                                                                                                                                                                                                     |     | 178,128    |
|   | 175,000              | 3.26             | BB-/NR                 | CSMC Trust 2014-SURF, Floating Rate Note, 2/15/29                                                                                                                                                                                                                                                                                 |     | 175,367    |
|   | 200,000              |             | B/B3                   | JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45                                                                                                                                                                                                                                                 | 203,996  |
|   | 100,000              | 3.11             | BB/NR                  | JP Morgan Chase Commercial Mortgage Securities Trust 2013-FL3, Floating Rate Note, 4/15/28 (144A)                                                                                                                                                                                                                                 | 100,098  |
|   | 991,031              | 3.50             | AAA/NR                 | JP Morgan Mortgage Trust 2014-1, Floating Rate Note, 1/25/44 (144A)                                                                                                                                                                                                                                                               |     | 988,060    |
|   | 980,142              | 4.00             | AAA/NR                 | JP Morgan Mortgage Trust 2014-1, Floating Rate Note, 1/25/44 (144A)                                                                                                                                                                                                                                                               |     | 1,000,896  |
|   | 125,000              | 5.20             | NR/B1                  | LB-UBS Commercial Mortgage Trust 2005-C2, Floating Rate Note, 4/15/40                                                                                                                                                                                                                                                             |     | 128,055    |
|   | 150,000              | 5.28             | BB/NR                  | LB-UBS Commercial Mortgage Trust 2006-C1, Floating Rate Note, 2/15/41                                                                                                                                                                                                                                                             |     | 153,829    |
|   | 55,000               | 5.48             | NR/Ba2                 | ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46                                                                                                                                                                                                                                                              |     | 56,419     |
|   | 13,100               | 0.93             | AAA/Aaa                | Nomura Asset Acceptance Corp Alternative Loan Trust Series 2004-AR2, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                 | 13,078   |
|   | 763,520              | 3.00             | NR/Aaa                 | Sequoia Mortgage Trust 2013-6, Floating Rate Note, 5/25/43                                                                                                                                                                                                                                                                        |     | 714,482    |
|   | 959,808              | 3.00             | AAA/NR                 | Sequoia Mortgage Trust 2013-7, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                        |     | 929,193    |
|   | 124,991              | 4.75             | NR/NR                  | Volt LLC , Series 14-NPL1, Floating Rate Note, 10/27/53                                                                                                                                                                                                                                                                           |     | 124,495    |
|   | 100,000              | 5.97             | B-/B1                  | Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46                                                                                                                                                                                                                                              | 103,946  |
|   | 200,000              | 3.65             | BB/NR                  | Wells Fargo Commercial Mortgage Trust 2014-TISH, Floating Rate Note, 1/15/27                                                                                                                                                                                                                                                      |     | 199,649    |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $        | 5,398,714  |
|   |                 |             |                   | Total Banks                                                                                                                                                                                                                                                                                                                       | $        | 5,398,714  |
|   |                 |             |                   | Diversified Financials - 4.2%                                                                                                                                                                                                                                                                                                     |     |       |
|   |                 |             |                   | Other Diversified Financial Services - 4.2%                                                                                                                                                                                                                                                                                       |     |       |
|   | 29,589               |             | NR/Baa2                | Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust Series 2005-3, 5.5%, 4/25/35                                                                                                                                                                                                                                   | $        | 29,813     |
|   | 783,052              | 3.50             | NR/Aaa                 | Sequoia Mortgage Trust 2012-3, Floating Rate Note, 7/25/42                                                                                                                                                                                                                                                                        |     | 779,158    |
|   | 250,000              | 5.37             | BB+/B2                 | Wachovia Bank Commercial Mortgage Trust Series 2005-C22, Floating Rate Note, 12/15/44                                                                                                                                                                                                                                             | 254,955  |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $        | 1,063,926  |
|   |                 |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                      | $        | 1,063,926  |
|   |                 |             |                   | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                         |     |       |
|   |                 |             |                   | (Cost $6,387,579)                                                                                                                                                                                                                                                                                                                 | $        | 6,462,640  |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | CORPORATE BONDS - 6.4%                                                                                                                                                                                                                                                                                                            |     |       |
|   |                 |             |                   | Health Care Equipment & Services - 0.3%                                                                                                                                                                                                                                                                                       |     |       |
|   |                 |             |                   | Health Care Facilities - 0.3%                                                                                                                                                                                                                                                                                                     |     |       |
|   | 75,000               |             | B-/B3                  | HCA Holdings, Inc., 7.75%, 5/15/21                                                                                                                                                                                                                                                                                                | $        | 82,594     |
|   |                 |             |                   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                        | $        | 82,594     |
|   |                 |             |                   | Insurance - 4.1%                                                                                                                                                                                                                                                                                                                  |     |       |
|   |                 |             |                   | Reinsurance - 4.1%                                                                                                                                                                                                                                                                                                                |     |       |
|   | 250,000              | 6.89             | NR/NR                  | Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A)                                                                                                                                                                                                                                                                     | $        | 259,425    |
|   | 250,000              | N/A              | BB-/NR                 | Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A)                                                                                                                                                                                                                                                               |     | 250,425    |
|   | 250,000              | 8.72             | NR/Ba3                 | Mythen Re, Ltd., Floating Rate Note, 5/7/15 (Cat Bond) (144A)                                                                                                                                                                                                                                                                     |     | 258,925    |
|   | 250,000              | 4.55             | BB+/NR                 | Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)                                                                                                                                                                                                                                                 |     | 255,850    |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $        | 1,024,625  |
|   |                 |             |                   | Total Insurance                                                                                                                                                                                                                                                                                                                   | $        | 1,024,625  |
|   |                 |             |                   | Telecommunication Services - 2.0%                                                                                                                                                                                                                                                                                                 |     |       |
|   |                 |             |                   | Integrated Telecommunication Services - 2.0%                                                                                                                                                                                                                                                                                      |     |       |
|   | 500,000              |             | NR/Ba2                 | GTP Towers Issuer LLC, 8.112%, 2/15/15 (144A)                                                                                                                                                                                                                                                                                     | $        | 511,672    |
|   |                 |             |                   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                  | $        | 511,672    |
|   |                 |             |                   | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                             |     |       |
|   |                 |             |                   | (Cost $1,624,007)                                                                                                                                                                                                                                                                                                                 | $        | 1,618,891  |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | U.S. GOVERNMENT AND AGENCY OBLIGATION - 5.3%                                                                                                                                                                                                                                                                                      |     |       |
|   | 1,350,000            |             | NR/NR                  | U.S. Treasury Bills, 0.0%, 6/26/14 (c)                                                                                                                                                                                                                                                                                            | $        | 1,349,964  |
|   |                 |             |                   | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATION                                                                                                                                                                                                                                                                                       |     |       |
|   |                 |             |                   | (Cost $1,349,990)                                                                                                                                                                                                                                                                                                                 | $        | 1,349,964  |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | FOREIGN GOVERNMENT BONDS - 31.9%                                                                                                                                                                                                                                                                                                  |     |       |
| EURO   | 2,276,011            |             | NR/NR                  | Dutch Treasury Certificate, 0.0%, 8/29/14 (c)                                                                                                                                                                                                                                                                                     | $        | 3,103,064  |
| EURO   | 1,753,150            |             | NR/NR                  | France Treasury Bill BTF, 0.0%, 9/4/14 (c)                                                                                                                                                                                                                                                                                        |     | 2,389,791  |
| EURO   | 1,893,000            |             | NR/NR                  | Italy Buoni Ordinari del Tesoro BOT, 0.0%, 8/29/14 (c)                                                                                                                                                                                                                                                                            |     | 2,579,367  |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $        | 8,072,222  |
|   |                 |             |                   | TOTAL FOREIGN GOVERNMENT BONDS                                                                                                                                                                                                                                                                                                    |     |       |
|   |                 |             |                   | (Cost $8,123,994)                                                                                                                                                                                                                                                                                                                 | $        | 8,072,222  |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | SENIOR FLOATING RATE LOAN INTERESTS - 4.5%**                                                                                                                                                                                                                                                                                      |     |       |
|   |                 |             |                   | Energy - 1.0%                                                                                                                                                                                                                                                                                                                     |     |       |
|   |                 |             |                   | Oil & Gas Equipment & Services - 0.2%                                                                                                                                                                                                                                                                                     |     |       |
|   | 49,875               | 6.29             | B+/B3                  | FR Dixie Acquisition Corp., Term Loan, 1/23/21                                                                                                                                                                                                                                                                                    | $        | 50,135     |
|   |                 |             |                   | Integrated Oil & Gas - 0.4%                                                                                                                                                                                                                                                                                                   |     |       |
|   | 99,750               | 4.00             | BB-/Ba3                | Seadrill Operating LP, Initial Term Loan, 2/14/21                                                                                                                                                                                                                                                                                 | $        | 99,430     |
|   |                 |             |                   | Oil & Gas Exploration & Production - 0.4%                                                                                                                                                                                                                                                                                 |     |       |
|   | 99,750               | 3.88             | BB-/Ba2                | Fieldwood Energy LLC, Closing Date Loan, 9/25/18                                                                                                                                                                                                                                                                                  | $        | 99,954     |
|   |                 |             |                   | Total Energy                                                                                                                                                                                                                                                                                                                      | $        | 249,519    |
|   |                 |             |                   | Materials - 0.7%                                                                                                                                                                                                                                                                                                                  |     |       |
|   |                 |             |                   | Commodity Chemicals - 0.1%                                                                                                                                                                                                                                                                                                        |     |       |
|   | 29,925               | 5.00             | B+/B2                  | Nexeo Solutions LLC, Term Loan B3, 9/9/17                                                                                                                                                                                                                                                                                         | $        | 30,037     |
|   |                 |             |                   | Diversified Chemicals - 0.2%                                                                                                                                                                                                                                                                                                      |     |       |
|   | 49,871               | 5.00             | B+/B3                  | Univar, Inc., Term B Loan, 2/14/17                                                                                                                                                                                                                                                                                                | $        | 49,978     |
|   |                 |             |                   | Steel - 0.2%                                                                                                                                                                                                                                                                                                                      |     |       |
|   | 35,000               | 0.00             | B/B3                   | Atkore International, Inc., Term Loan (First Lien), 3/27/21                                                                                                                                                                                                                                                                       | $        | 35,058     |
|   |                 |             |                   | Paper Products - 0.2%                                                                                                                                                                                                                                                                                                             |     |       |
|   | 49,875               | 5.25             | B/B1                   | Exopack Holdings SA, USD Term Loan, 4/14/19                                                                                                                                                                                                                                                                                       | $        | 50,654     |
|   |                 |             |                   | Total Materials                                                                                                                                                                                                                                                                                                                   | $        | 165,727    |
|   |                 |             |                   | Capital Goods - 0.5%                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | Aerospace & Defense - 0.5%                                                                                                                                                                                                                                                                                                    |     |       |
|   | 47,295               | 6.25             | BB-/Ba2                | DynCorp International, Inc., Term Loan, 7/7/16                                                                                                                                                                                                                                                                                    | $        | 47,492     |
|   | 49,874               | 5.25             | B/B2                   | Sequa Corp., Initial Term Loan, 6/19/17                                                                                                                                                                                                                                                                                           |     | 49,448     |
|   | 25,000               | 3.25             | BB-/Ba3                | Wesco Aircraft Hardare Corp., Tranche B Term Loan (First Lien), 2/24/21                                                                                                                                                                                                                                                           |     | 24,922     |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $        | 121,862    |
|   |                 |             |                   | Total Capital Goods                                                                                                                                                                                                                                                                                                               | $        | 121,862    |
|   |                 |             |                   | Transportation - 0.4%                                                                                                                                                                                                                                                                                                             |     |       |
|   |                 |             |                   | Trucking - 0.4%                                                                                                                                                                                                                                                                                                                   |     |       |
|   | 50,000               | 5.50             | B/B1                   | Aegis Toxicology Corp., Tranche B Term Loan (First Lien), 2/20/21                                                                                                                                                                                                                                                                 | $        | 50,562     |
|   | 49,875               | 8.00             | CCC+/Ba3               | YRC Worldwide, Inc., Initial Term Loan, 2/12/19                                                                                                                                                                                                                                                                                   |     | 50,124     |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $        | 100,686    |
|   |                 |             |                   | Total Transportation                                                                                                                                                                                                                                                                                                              | $        | 100,686    |
|   |                 |             |                   | Media - 0.2%                                                                                                                                                                                                                                                                                                                      |     |       |
|   |                 |             |                   | Broadcasting - 0.1%                                                                                                                                                                                                                                                                                                               |     |       |
|   | 23,485               | 3.00             | BB+/Ba1                | CBS Outdoor Americas Capital llc, Tranche B Term Loan (First Lien), 1/15/21                                                                                                                                                                                                                                                       | $        | 23,392     |
|   |                 |             |                   | Movies & Entertainment - 0.1%                                                                                                                                                                                                                                                                                                 |     |       |
|   | 25,000               | 6.50             | B/B2                   | Deluxe Entertainment Services Group., Inc., Tranche B Term Loan (First Lien), 2/26/20                                                                                                                                                                                                                                             | $        | 24,938     |
|   |                 |             |                   | Total Media                                                                                                                                                                                                                                                                                                                       | $        | 48,330     |
|   |                 |             |                   | Retailing - 0.1%                                                                                                                                                                                                                                                                                                                  |     |       |
|   |                 |             |                   | Automotive Retail - 0.1%                                                                                                                                                                                                                                                                                                          |     |       |
|   | 30,000               | 4.00             | BB-/B1                 | CS Intermediate Holdco 2 LLC, Term Loan, 3/28/21                                                                                                                                                                                                                                                                                  | $        | 30,056     |
|   |                 |             |                   | Total Retailing                                                                                                                                                                                                                                                                                                                   | $        | 30,056     |
|   |                 |             |                   | Food, Beverage & Tobacco - 0.3%                                                                                                                                                                                                                                                                                               |     |       |
|   |                 |             |                   | Agricultural Products - 0.3%                                                                                                                                                                                                                                                                                                      |     |       |
|   | 74,812               | 4.50             | B/B1                   | Arysta Lifescience SPC LLC, Initial Term Loan (First Lien), 5/29/20                                                                                                                                                                                                                                                               | $        | 74,999     |
|   |                 |             |                   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                | $        | 74,999     |
|   |                 |             |                   | Household & Personal Products - 0.4%                                                                                                                                                                                                                                                                                          |     |       |
|   |                 |             |                   | Personal Products - 0.4%                                                                                                                                                                                                                                                                                                          |     |       |
|   | 75,000               | 7.75             | CCC+/Caa2              | Atrium Innovations, Inc., Tranche B Term Loan (Second Lien), 7/29/21                                                                                                                                                                                                                                                              | $        | 75,328     |
|   | 36,908               | 4.00             | B/B2                   | Party City Holdings, Inc., 2014 Replacement Term Loan, 7/27/19                                                                                                                                                                                                                                                                    |     | 36,831     |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $        | 112,159    |
|   |                 |             |                   | Total Household & Personal Products                                                                                                                                                                                                                                                                                           | $        | 112,159    |
|   |                 |             |                   | Diversified Financials - 0.4%                                                                                                                                                                                                                                                                                                     |     |       |
|   |                 |             |                   | Other Diversified Financial Services - 0.2%                                                                                                                                                                                                                                                                                       |     |       |
|   | 35,000               | 4.50             | B+/B1                  | Nord Anglia Education Finance LLC,  Initial Term Loan, 3/21/21                                                                                                                                                                                                                                                          | $        | 35,044     |
|   | 25,000               | 5.00             | B/B1                   | SBP Holdings, Ltd., Term Loan (First Lien), 3/24/21                                                                                                                                                                                                                                                                               |     | 24,990     |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $        | 60,034     |
|   |                 |             |                   | Consumer Finance - 0.2%                                                                                                                                                                                                                                                                                                           |     |       |
|   | 35,000               | 4.00             | B+/Ba3                 | Transunion LLC, 1st Lien Term Loan, 3/21/21                                                                                                                                                                                                                                                                                       | $        | 34,973     |
|   |                 |             |                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                      | $        | 95,007     |
|   |                 |             |                   | Software & Services - 0.1%                                                                                                                                                                                                                                                                                                    |     |       |
|   |                 |             |                   | Systems Software - 0.1%                                                                                                                                                                                                                                                                                                           |     |       |
|   | 37,000               | 5.50             | B+/B1                  | SafeNet, Inc., Tranche B Term Loan, 2/28/20                                                                                                                                                                                                                                                                                       | $        | 37,185     |
|   |                 |             |                   | Total Software & Services                                                                                                                                                                                                                                                                                                     | $        | 37,185     |
|   |                 |             |                   | Semiconductors & Semiconductor Equipment - 0.2%                                                                                                                                                                                                                                                                               |     |       |
|   |                 |             |                   | Semiconductor Equipment - 0.2%                                                                                                                                                                                                                                                                                                    |     |       |
|   | 40,000               | 3.50             | BB+/Ba3                | Entergis, Inc., Term Loan B, 3/25/21                                                                                                                                                                                                                                                                                              | $        | 39,613     |
|   |                 |             |                   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                | $        | 39,613     |
|   |                 |             |                   | Utilities - 0.2%                                                                                                                                                                                                                                                                                                                  |     |       |
|   |                 |             |                   | Electric Utilities - 0.2%                                                                                                                                                                                                                                                                                                         |     |       |
|   | 50,000               | 4.75             | B+/Ba3                 | Atlantic Power LP, Term Loan, 2/20/21                                                                                                                                                                                                                                                                                             | $        | 50,438     |
|   |                 |             |                   | Total Utilities                                                                                                                                                                                                                                                                                                                   | $        | 50,438     |
|   |                 |             |                   | TOTAL SENIOR FLOATING RATE LOAN INTERESTS                                                                                                                                                                                                                                                                                         |     |       |
|   |                 |             |                   | (Cost $1,119,615)                                                                                                                                                                                                                                                                                                                 | $        | 1,125,581  |
|   | Shares               |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | EXCHANGE TRADED FUNDS - 4.4%                                                                                                                                                                                                                                                                                                      |     |       |
|   |                 |             |                   | Diversified Financials - 4.4%                                                                                                                                                                                                                                                                                                     |     |       |
|   |                 |             |                   | Other Diversified Financial Services - 2.5%                                                                                                                                                                                                                                                                                       |     |       |
|   | 22,584               |             |                   | iShares MSCI Indonesia ETF                                                                                                                                                                                                                                                                                                        | $        | 619,027    |
|   | 12,804               |             |                   | SPDR S&P Regional Banking ETF                                                                                                                                                                                                                                                                                                 |     | 490,265    |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              | $        | 1,109,292  |
|   |                 |             |                   | TOTAL EXCHANGE TRADED FUNDS                                                                                                                                                                                                                                                                                                       |     |       |
|   |                 |             |                   | (Cost $1,110,856)                                                                                                                                                                                                                                                                                                                 | $        | 1,109,292  |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | PURCHASED CALL SWAPTION - 0.1%                                                                                                                                                                                                                                                                                                    |     |       |
|   | 1,250,000            |             |                   | CDX.NA.HY.22.V1 Fixed  17 Sep 2014  106% (SWP 11 Apr 2014 Right to pay fixed)                                                                                                                                                                                                                                 | $        | 16,259     |
|   |                 |             |                   | TOTAL PURCHASED CALL SWAPTION                                                                                                                                                                                                                                                                                                     |     |       |
|   |                 |             |                   | (Premiums paid $34,125)                                                                                                                                                                                                                                                                                                           | $        | 16,259     |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | TOTAL INVESTMENT IN SECURITIES - 92.1%                                                                                                                                                                                                                                                                                            |     |       |
|   |                 |             |                   | (Cost $23,185,630) (a)                                                                                                                                                                                                                                                                                                            | $        | 23,285,524 |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | WRITTEN PUT SWAPTION - (0.1)%                                                                                                                                                                                                                                                                                                     |     |       |
|   | (2,500,000)          |             |                   | CDX.NA.HY.22.V1Fixed  17 Sep 2014  103% (SWP 11 Apr 2014 Right to pay fixed)                                                                                                                                                                                                                                  | (14,408) |
|   |                 |             |                   | TOTAL WRITTEN PUT SWAPTION                                                                                                                                                                                                                                                                                                        |     |       |
|   |                 |             |                   | (Premiums received $(38,750))                                                                                                                                                                                                                                                                                                     | $        | (14,408)   |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | OTHER ASSETS & LIABILITIES - 8.0%                                                                                                                                                                                                                                                                                             | $        | 2,013,674  |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                         | $        | 25,284,790 |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   | NR                   |             |                   | Not rated by either S&P or Moody's.                                                                                                                                                                                                                                                                                           |     |       |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   | WR                   |             |                   | Withdrawn rating.                                                                                                                                                                                                                                                                                                                 |     |       |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   | (144A)               |             |                   | Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At May 30, 2014, the value of these securities amounted to $4,669,921 or 18.5% of total net assets. |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   | (a)                  |             |                   | At May 31, 2014, the net unrealized appreciation on investments based on                                                                                                                                                                                                                                                          |     |       |
|   |                 |             |                   | cost for federal income tax purposes of $23,185,630 was as follows:                                                                                                                                                                                                                                                               |     |       |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                         | $        | 201,052    |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                         |     | (101,158)  |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             |                   | Net unrealized appreciation                                                                                                                                                                                                                                                                                                       | $        | 99,894     |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   | (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:                                                                                                                                                                                                                                                         |     |       |
|   |                 |             |                   |                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             | ERUO                   | Euro                                                                                                                                                                                                                                                                                                                              |     |       |
|   |                 |             | GBP                    | British Pound Sterling                                                                                                                                                                                                                                                                                                            |     |       |

|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|--------------|--------------------------|---------------------------------------------------------------|---------------|---------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                       | CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION                            |         |                     |                                                          |          |                                                                                                          |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       | Notional Principal ($)                                                     | Counterparty | Obligation Entity/Index  |                                                          | Coupon        | Expiration Date                                                                                               | Premiums Received (Paid)                                                                                      | Net Unrealized Appreciation (Depreciation)                                       |
|                                                                                                                                                       |            (32,000) |         | Citibank NA              | RUSSIAN (FEDERATION OF)                                       |          | 1.00%                                                                                                         | 6/20/19                                                                                                       |  $    (2,482)                                           |  $           (1,170)                                |
|                                                                                                                                                       |          (250,000)            |         | Citibank NA              | ALCOA INC                                                     |          | 1.00%                                                                                                         | 6/20/19                                                                                                       |        (9,982)                                |               (3,072)                     |
|                                                                                                                                                       |          (250,000)            |         | Citibank NA              | UNITED RENTALS (NORTH AMERICA) INC                            |          | 5.00%                                                                                                         | 6/20/19                                                                                                       |        38,829                                 |                1,461                 |
| EURO                                                                                                                                                       |          (375,000)            |         | JP Morgan Chase Bank     | GLENCORE FINANCE EUROPE SA                                    |          | 1.00%                                                                                                         | 6/20/19                                                                                                       |      (17,891)                                           |             (14,935)                                |
|                                                                                                                                                       |          (250,000)            |         | Morgan Stanley & Co. | RADIOSHACK CORP                                               |          | 5.00%                                                                                                         | 12/20/14                                                                                                      |    (123,438)                                                      |              17,495                            |
|                                                                                                                                                       |          (125,000)            |         | JP Morgan Chase Bank     | BANK OF AMERICA CORP                                          |          | 1.00%                                                                                                         | 6/20/19                                                                                                       |         2,155                            |                   145 |
|                                                                                                                                                       |          (250,000)            |         | Citibank NA              | JPMORGAN CHASE & CO                                       |          | 1.00%                                                                                                         | 6/20/19                                                                                                       |         5,449                            |                   155 |
|                                                                                                                                                       |          (765,000)            |         | Citibank NA              | CDS: (CDX.NA.HY.21 35-100%)                                   |          | 5.00%                                                                                                         | 12/20/18                                                                                                      |      159,014                                            |                6,245                 |
|                                                                                                                                                       |          (625,000)            |         | J.P. Morgan Securities   | CME: (CDX.NA.IG.22.V1)                                        |          | 1.00%                                                                                                         | 6/20/19                                                                                                       |         9,550                            |               (1,176)                     |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |  $    61,204                                            |  $             (221)                      |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       | CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION                           |         |                     |                                                          |          |                                                                                                          |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       | Notional Principal ($)                                                     | Counterparty | Obligation Entity/Index  |                                                          | Coupon        | Expiration Date                                                                                               | Premiums Received (Paid)                                                                                      | Net Unrealized Appreciation (Depreciation)                                       |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | CLEAR CHANNEL COMMUNICATIONS INC                              |          | 5.00%                                                                                                         | 12/20/14                                                                                                      |  $    (1,536)                                           |  $            1,623                            |
|                                                                                                                                                       |            125,000  |         | Citibank NA              | RADIOSHACK CORP                                               |          | 5.00%                                                                                                         | 12/20/14                                                                                                      |         9,410                            |             (19,192)                                |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | CDS REF OB                                                    |          | 5.00%                                                                                                         | 3/20/15                                                                                                       |          (556)                      |                   625 |
|                                                                                                                                                       |            125,000  |         | Citibank NA              | RADIOSHACK CORP                                               |          | 5.00%                                                                                                         | 12/20/14                                                                                                      |         5,243                            |             (11,940)                                |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | TRAVELPORT LLC                                                |          | 5.00%                                                                                                         | 3/20/15                                                                                                       |        (1,389)                                |                1,721                 |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | SEARS ROEBUCK ACCEPTANCE CORP                                 |          | 5.00%                                                                                                         | 3/20/15                                                                                                       |        14,549                                 |                   642 |
| EURO                                                                                                                                                       |            250,000  |         | JP Morgan Chase Bank     | NORSKE SKOGINDUSTRIER ASA                                     |          | 5.00%                                                                                                         | 3/20/15                                                                                                       |        13,264                                 |              11,293                            |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | TOYS R US INC                                                 |          | 5.00%                                                                                                         | 12/20/14                                                                                                      |         3,160                            |                 (451)           |
|                                                                                                                                                       |            125,000  |         | Citibank NA              | JC PENNEY CORPORATION INC                                     |          | 5.00%                                                                                                         | 12/20/14                                                                                                      |         1,285                            |                3,151                 |
|                                                                                                                                                       |            250,000  |         | Morgan Stanley & Co. | FOREST OIL CORPORATION                                        |          | 5.00%                                                                                                         | 3/20/15                                                                                                       |         1,181                            |                8,900                 |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | CAESARS ENTERTAINMENT OPERATING CO                            |          | 5.00%                                                                                                         | 6/20/15                                                                                                       |        24,896                                 |             (19,061)                                |
|                                                                                                                                                       |            125,000  |         | Citibank NA              | UKRAINE (GOVERNMENT)                                          |          | 5.00%                                                                                                         | 12/20/14                                                                                                      |        13,854                                 |                8,260                 |
|                                                                                                                                                       |            250,000  |         | JP Morgan Chase Bank     | TARGET CORPORATION                                            |          | 1.00%                                                                                                         | 6/20/19                                                                                                       |        (7,077)                                |                 (465)           |
|                                                                                                                                                       |            250,000  |         | JP Morgan Chase Bank     | CONAGRA FOODS INC                                             |          | 1.00%                                                                                                         | 6/20/19                                                                                                       |        (4,132)                                |                   497 |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | FREEPORT-MCMORAN COPPER & GOLD INC                        |          | 1.00%                                                                                                         | 6/20/19                                                                                                       |         8,251                            |                5,731                 |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | HERTZ CORP                                                    |          | 5.00%                                                                                                         | 6/20/19                                                                                                       |      (35,469)                                           |                 (236)           |
| EURO                                                                                                                                                       |            375,000  |         | JP Morgan Chase Bank     | ARCELORMITTAL                                                 |          | 1.00%                                                                                                         | 6/20/19                                                                                                       |        32,741                                 |              12,848                            |
| EURO                                                                                                                                                       |            375,000  |         | Citibank NA              | CDS: (ITRAXX.EUR.9 0-3%)                                      |          | 5.00%                                                                                                         | 6/20/15                                                                                                       |            260            |              13,690                            |
|                                                                                                                                                       |            250,000  |         | Citibank NA              | CDS: (CDX.NA.IG.9 0-3%)                                       |          | 5.00%                                                                                                         | 12/20/14                                                                                                      |         5,369                            |                6,660                 |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |  $    83,302                                            |  $           24,298                                 |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       | INTEREST RATE SWAP AGREEMENTS                                              |         |                     |                                                          |          |                                                                                                          |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       | Notional Principal ($)                                                     | Counterparty | Pay/Receive              |                                                          | Floating Rate | Annual Fixed Rate                                                                                             | Expiration Date                                                                                               | Net Unrealized Appreciation (Depreciation)                                       |
|                                                                                                                                                       |        (5,290,902)                      |         | J.P. Morgan Securities   | Pay                                                           |          | LIBOR                                                                                                         | 1.85%                                                                                                         | 4/8/19                                                                           |  $           (1,176)                                |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |  $           (1,176)                                |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below. |                                                                       |         |                     |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
| Level 1 – quoted prices in active markets for identical securities                                                                                   |                                                                       |         |                     |                                                          |          |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |                                                                       |         |                     |
| See Notes to Financial Statements - Note 1A.                                                                                                               |                                                                       |         |                     |                                                          |          |                                                                                                          |
| Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)                      |                                                                       |         |                     |                                                          |          |
| See Notes to Financial Statements - Note 1A.                                                                                                               |                                                                       |         |                     |                                                          |          |                                                                                                          |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                         |                                                                       |         |                     |                                                          |          |
| using fair value methods (other than prices supplied by independent pricing services) are categorized as Level 3.                                          |                                                                       |         |                     |                                                          |          |
| See Notes to Financial Statements - Note 1A.                                                                                                               |                                                                       |         |                     |                                                          |          |                                                                                                          |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
| The following is a summary of the inputs used as of May 31, 2014, in valuing the Fund’s assets:                                                      |                                                                       |         |                     |                                                          |          |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          | Level 1                                                                                                       | Level 2                                                                                                       | Level 3                                                                          | Total                                                                                                           |
|                                                                                                                                                       |                                                                       |         |                     | Convertible Corporate Bonds                                   |          |  $               -            |  $     2,208,070                                                                |  $          -             |  $      2,208,070                                                            |
|                                                                                                                                                       |                                                                       |         |                     | Preferred Stock                                               |          |           263,200                                           |                   - |              -  |             263,200                                 |
|                                                                                                                                                       |                                                                       |         |                     | Convertible Preferred Stock                                   |          |           238,012                                           |                   - |              -  |             238,012                                 |
|                                                                                                                                                       |                                                                       |         |                     | Common Stocks                                                 |          |           283,799                                           |                   - |              -  |             283,799                                 |
|                                                                                                                                                       |                                                                       |         |                     | Asset Backed Securities                                       |          |                   - |           537,594                                           |              -  |             537,594                                 |
|                                                                                                                                                       |                                                                       |         |                     | Collateralized Mortgage Obligations                           |          |                   - |         6,462,640                                                     |              -  |          6,462,640                                                 |
|                                                                                                                                                       |                                                                       |         |                     | Corporate Bonds                                               |          |                   - |         1,618,891                                                     |              -  |          1,618,891                                                 |
|                                                                                                                                                       |                                                                       |         |                     | U.S. Government and Agency Obligations                        |          |                   - |         1,349,964                                                     |              -  |          1,349,964                                                 |
|                                                                                                                                                       |                                                                       |         |                     | Foreign Government Bonds                                      |          |                   - |         8,072,222                                                     |              -  |          8,072,222                                                 |
|                                                                                                                                                       |                                                                       |         |                     | Senior Floating Rate Loan Interests                           |          |                   - |         1,125,581                                                     |              -  |          1,125,581                                                 |
|                                                                                                                                                       |                                                                       |         |                     | Exchange Traded Funds                                         |          |        1,109,292                                                           |                   - |              -  |          1,109,292                                                 |
|                                                                                                                                                       |                                                                       |         |                     | Purchased Call Swaption                                       |          |                   - |             16,259                                |              -  |              16,259                            |
|                                                                                                                                                       |                                                                       |         |                     | Total                                                         |          |  $     1,894,303                                                                |  $   21,391,221                                                                           |  $            - |  $     23,285,524                                                                 |
|                                                                                                                                                       |                                                                       |         |                     |                                                          |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     | Other Financial Instruments                                   |          |                                                                                                          |                                                                                                          |                                                                             |                                                                                                            |
|                                                                                                                                                       |                                                                       |         |                     | Unrealized depreciation on credit default swap agreements     |          |  $               -            |  $         24,077                                           |  $          -             |  $           24,077                                 |
|                                                                                                                                                       |                                                                       |         |                     | Unrealized depreciation on interest rate swap contract        |          |                   - |             (1,176)                               |              -  |               (1,176)                     |
|                                                                                                                                                       |                                                                       |         |                     | Unrealized depreciation on futures contracts                  |          |         (166,620)                                                     |                   - |              -  |           (166,620)                                           |
|                                                                                                                                                       |                                                                       |         |                     | Written put swaption                                          |          |                   - |           (14,408)                                          |              -  |             (14,408)                                |
|                                                                                                                                                       |                                                                       |         |                     | Unrealized appreciation on forward foreign currency contracts |          |                   - |           152,334                                           |              -  |             152,334                                 |
|                                                                                                                                                       |                                                                       |         |                     | Total Other Financial Instruments                             |          |  $      (166,620)                                                          |  $       160,827                                                      |  $          -             |  $           (5,793)                                |

|   |                |                   |                         | Pioneer Absolute Return Bond Fund                                                                            |    |                                                                                                                                                                                                                            |
|--------|---------------------|------------------------|------------------------------|--------------------------------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                |                   |                         | Schedule of Investments 5/31/14 (unaudited)                                                                  |    |                                                                                                                                                                                                                            |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   | PrincipalAmount ($) | FloatingRate (b)  | S&P/Moody'sRatings  |                                                                                                         | Value   |
|   |                |                   |                         | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 68.8%                                                               |    |                                                                                                                                                                                                                            |
|   | 1,430,000           |                   | NR/NR                        | U.S. Treasury Bills, 0.0%, 11/13/14                                                                          | $       | 1,429,674                                                                                                                                                                                                                       |
|   | 1,800,000           |                   | NR/NR                        | U.S. Treasury Bills, 0.0%, 12/11/14                                                                          |    | 1,799,545                                                                                                                                                                                                                       |
|   | 840,000             |                   | NR/NR                        | U.S. Treasury Bills, 0.0%, 3/5/15                                                                            |    | 839,549                                                                                                                                                                                                                         |
|   | 2,000,000           |                   | NR/NR                        | U.S. Treasury Bills, 0.0%, 4/2/15                                                                            |    | 1,998,860                                                                                                                                                                                                                       |
|   | 3,000,000           |                   | NR/NR                        | U.S. Treasury Bills, 0.0%, 7/3/14                                                                            |    | 2,999,929                                                                                                                                                                                                                       |
|   | 1,570,000           |                   | NR/NR                        | U.S. Treasury Bills, 0.0%, 8/21/14                                                                           |    | 1,569,887                                                                                                                                                                                                                       |
|   | 3,000,000           |                   | NR/NR                        | U.S. Treasury Bills, 0.0%, 9/18/14                                                                           |    | 2,999,685                                                                                                                                                                                                                       |
|   |                |                   |                         | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                 |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | (Cost $13,635,911)                                                                                           | $       | 13,637,129                                                                                                                                                                                                                      |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | FOREIGN GOVERNMENT BONDS - 25.3%                                                                             |    |                                                                                                                                                                                                                            |
| EURO   | 360,000             |                   | NR/Aa1                       | France Government Bond OAT, 4.0%, 4/25/55                                                                    | $       | 621,899                                                                                                                                                                                                                         |
| EURO   | 220,000             |                   | BBB+/Baa1                    | Ireland Government Bond, 3.4%, 3/18/24                                                                       |    | 319,912                                                                                                                                                                                                                         |
| EURO   | 240,000             |                   | BBB+/Baa1                    | Ireland Government Bond, 3.9%, 3/20/23                                                                       |    | 366,943                                                                                                                                                                                                                         |
| EURO   | 300,000             |                   | BBB+/Baa1                    | Ireland Government Bond, 5.0%, 10/18/20                                                                      |    | 489,990                                                                                                                                                                                                                         |
| EURO   | 508,719             |                   | NR/Baa2                      | Italy Buoni Poliennali Del Tesoro, 2.35%, 9/15/19                                                            |    | 749,798                                                                                                                                                                                                                         |
| EURO   | 170,000             |                   | NR/Baa2                      | Italy Buoni Poliennali Del Tesoro, 4.75%, 9/1/44                                                             |    | 258,405                                                                                                                                                                                                                         |
| EURO   | 170,000             |                   | NR/Baa2                      | Italy Buoni Poliennali Del Tesoro, 5.0%, 9/1/40                                                              |    | 269,138                                                                                                                                                                                                                         |
| JPY    | 96,768,000          |                   | AA-/Aa3                      | Japanese Government CPI Linked Bond, 0.1%, 9/10/23                                                           |    | 1,043,650                                                                                                                                                                                                                       |
| GBP    | 505,405             |                   | AAA/Aa1                      | United Kingdom Gilt Inflation Linked, 0.125%, 11/22/19                                                       |    | 901,143                                                                                                                                                                                                                         |
|   |                |                   |                         | TOTAL FOREIGN GOVERNMENT BONDS                                                                               |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | (Cost $4,836,452)                                                                                            | $       | 5,020,878                                                                                                                                                                                                                       |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | PURCHASED CALL OPTIONS - 0.1%                                                                                |    |                                                                                                                                                                                                                            |
| EURO   | 290,000             |                   |                         | Call EUR/Put USD @ 1.37, 6/2/14                                                                              | $       | 39                                                                                                                                                                                                                              |
| NOK    | 1,000,000           |                   |                         | Call NOK/Put SEK  @ 1.06, 7/23/14                                                                  |    | 8,401                                                                                                                                                                                                                           |
|   | 160,000             |                   |                         | Call USD/Put JPY  @ 102.00, 6/4/14                                                                 |    | 146                                                                                                                                                                                                                             |
|   | 150,000             |                   |                         | Call USD/Put JPY @ 103.00, 11/26/14                                                                          |    | 1,963                                                                                                                                                                                                                           |
|   | 150,000             |                   |                         | Call USD/Put JPY @ 107.00, 5/12/15                                                                           |    | 1,617                                                                                                                                                                                                                           |
|   |                |                   |                         | TOTAL PURCHASED CALL OPTIONS                                                                                 |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | (Cost $9,904)                                                                                                | $       | 12,166                                                                                                                                                                                                                          |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | PURCHASED PUT OPTIONS - 0.1%                                                                                 |    |                                                                                                                                                                                                                            |
| EURO   | 120,000             |                   |                         | Put EUR/Call NOK @  8.40, 6/16/14                                                                  | $       | 5,013                                                                                                                                                                                                                           |
| EURO   | 80,000              |                   |                         | Put EUR/Call USD @  1.30, 7/22/14                                                                  |    | 54                                                                                                                                                                                                                              |
| EURO   | 230,000             |                   |                         | Put EUR/Call USD @  1.37, 6/6/14                                                                   |    | 87                                                                                                                                                                                                                              |
|   | 90,000              |                   |                         | Put USD/Call INR @  61.60, 8/4/14                                                                  |    | 3,068                                                                                                                                                                                                                           |
|   | 100,000             |                   |                         | Put USD/Call INR @ 62.20, 12/19/14                                                                           |    | 3,430                                                                                                                                                                                                                           |
|   | 160,000             |                   |                         | Put USD/Call TRY @  2.17, 1/13/15                                                                  |    | 4,232                                                                                                                                                                                                                           |
|   | 110,000             |                   |                         | Put USD/Call TRY @  2.17, 1/7/15                                                                   |    | 2,715                                                                                                                                                                                                                           |
|   |                |                   |                         | TOTAL PURCHASED PUT OPTIONS                                                                                  |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | (Cost $9,587)                                                                                                | $       | 18,599                                                                                                                                                                                                                          |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | INTEREST RATE SWAPTIONS - 1.1%                                                                               |    |                                                                                                                                                                                                                            |
|   | 2820000             |                   |                         | Options to receive fixed rate 0.57% and pay EURIBOR EUR 6 months, MorganStanley Capital Services LLC, 5/8/14 | $       | 13,574                                                                                                                                                                                                                          |
| JPY    | 58,600,000          |                   |                         | Options to receive fixed rate 1.62% and pay LIBOR JPY 6 month, MorganStanley Capital Services LLC, 6/1/15    | 16,060  |
|   | 1,960,000           |                   |                         | Options to receive fixed rate 1.94% and pay LIBOR USD 3 month, MorganStanley Capital Services LLC, 8/4/14    | 3,988   |
|   | 1,960,000           |                   |                         | Options to receive fixed rate 1.94% and pay LIBOR USD 3 month, MorganStanley Capital Services LLC, 8/4/14    | 25,954  |
|   | 1,950,000           |                   |                         | Options to receive fixed rate 4.18% and pay LIBOR USD 3 month, MorganStanley Capital Services LLC, 4/2/19    | 157,506 |
|   |                |                   |                         | TOTAL INTEREST RATE SWAPTIONS                                                                                |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | (Cost $255,536)                                                                                              | $       | 217,082                                                                                                                                                                                                                         |
|   |                |                   |                         | TOTAL INVESTMENT IN SECURITIES - 95.4%                                                                       |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | (Cost $18,747,390) (a)                                                                                       | $       | 18,905,854                                                                                                                                                                                                                      |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | WRITTEN CALL OPTIONS — (0.0)%†                                                                   |    |                                                                                                                                                                                                                            |
| NOK    | (1,000,000)         |                   |                         | Call NOK/Put SEK @  1.09, 7/23/14                                                                  | $       | (4,275)                                                                                                                                                                                                                         |
|   | (160,000)           |                   |                         | Call USD/Put JPY @ 106.00, 6/4/14                                                                            |    |                                      - |
|   | (150,000)           |                   |                         | Call USD/Put JPY @  107.50, 11/16/14                                                               |    | (489)                                                                                                                                                                                                                           |
|   | (110,000)           |                   |                         | Call USD/Put TRY @  3.03, 1/7/15                                                                   |    | (221)                                                                                                                                                                                                                           |
|   |                |                   |                         | WRITTEN PUT OPTIONS                                                                                          |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | (Premiums paid $3,996)                                                                                       | $       | (4,985)                                                                                                                                                                                                                         |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | WRITTEN PUT OPTIONS — (0.0)%†                                                                    |    |                                                                                                                                                                                                                            |
| NOK    | (1,000,000)         |                   |                         | Put NOK/Call SEK @  1.04, 7/23/14                                                                  | $       | (11)                                                                                                                                                                                                                            |
|   | (160,000)           |                   |                         | Put USD/Call JPY @  96.50, 6/4/14                                                                  |    |                                      - |
|   | (150,000)           |                   |                         | Put USD/Call JPY @  98.00, 11/16/14                                                                |    | (1,145)                                                                                                                                                                                                                         |
|   |                |                   |                         | TOTAL WRITTEN PUT OPTIONS                                                                                    |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | (Premiums paid $3,390)                                                                                       | $       | (1,156)                                                                                                                                                                                                                         |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | OTHER ASSETS & LIABILITIES - 4.6%                                                                        | $       | 912,301                                                                                                                                                                                                                         |
|   |                |                   |                         | TOTAL NET ASSETS - 100.0%                                                                                    | $       | 19,812,014                                                                                                                                                                                                                      |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   | +                   |                   |                         | Amount rounds to less than 0.1%.                                                                             |    |                                                                                                                                                                                                                            |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   | NR                  |                   |                         | Not rated by either S&P or Moody's.                                                                      |    |                                                                                                                                                                                                                            |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   | (a)                 |                   |                         | At May 31, 2014, the net unrealized appreciation on investments based on                                     |    |
|   |                |                   |                         | cost for federal income tax purposes of $18,747,390 was as follows:                                          |    |                                                                                                                                                                                                                            |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | Aggregate gross unrealized appreciation for all investments in which                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | there is an excess of value over tax cost                                                                    | $       | 196,918                                                                                                                                                                                                                         |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | Aggregate gross unrealized depreciation for all investments in which                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | there is an excess of tax cost over value                                                                    |    | (38,454)                                                                                                                                                                                                                        |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | Net unrealized appreciation                                                                                  | $       | 158,464                                                                                                                                                                                                                         |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   | (b)                 |                   |                         | Debt obligation with a variable interest rate.  Rate shown is rate at period end                   |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   | (c)                 |                   |                         | Security issued with a zero coupon.  Income is earned through accrection of discount.              |
|   |                |                   |                         |                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   |                         | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                    |    |
|   |                |                   | EURO                         | Euro                                                                                                         |    |                                                                                                                                                                                                                            |
|   |                |                   | GBP                          | British Pound Sterling                                                                                       |    |                                                                                                                                                                                                                            |
|   |                |                   | JPY                          | Japanese Yen                                                                                                 |    |                                                                                                                                                                                                                            |
|   |                |                   | NOK                          | Norwegian Krone                                                                                              |    |                                                                                                                                                                                                                            |

----

|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|-------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                    | CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION                                                                                                                                                                             |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    | Notional Principal ($)                                                                                                                                                                                                      | Counterparty | Obligation Entity/Index                         |                                                                                                                                                 | Coupon                             | Expiration Date                                                                                                                                                                                                                             | Premiums Received (Paid)                                                                                    | Net Unrealized Appreciation (Depreciation)                                                                                                                     |
| EURO                                                                                                                                                                                                    |                 (250,000)                                                                                                                   |         | Morgan Stanley Capital Services LLC             | Chartered Bank                                                                                                                                       |                               | 1.00%                                                                                                                                                                                                                                       | 3/20/19                                                                                                     |  $                 (1,836)                                           |  $               6,431                       |
| EURO                                                                                                                                                                                                    |                 (250,000)                                                                                                                   |         | Credit Suisse International                     | Carrefour SA                                                                                                                                         |                               | 1.00%                                                                                                                                                                                                                                       | 3/20/19                                                                                                     |                      1,904                            |                   3,189            |
| EURO                                                                                                                                                                                                    |                 (500,000)                                                                                                                   |         | Morgan Stanley Capital Services LLC             | Volkswagon International Finance NV                                                                                                                  |                               | 1.00%                                                                                                                                                                                                                                       | 3/20/19                                                                                                     |                     12,238                                 |                 (3,753)                      |
| EURO                                                                                                                                                                                                    |                 (375,000)                                                                                                                   |         | Morgan Stanley Capital Services LLC             | ITRAXX Europe Main Series 20 5 Year                                                                                                                  |                               | 1.00%                                                                                                                                                                                                                                       | 12/20/18                                                                                                    |                           -  |                 (3,055)                      |
| EURO                                                                                                                                                                                                    |                 (250,000)                                                                                                                   |         | Deutsche Bank AG                                | ITRAXX                                                                                                                                               |                               | 1.00%                                                                                                                                                                                                                                       | 6/20/19                                                                                                     |                           -  |                   2,003            |
| EURO                                                                                                                                                                                                    |                 (500,000)                                                                                                                   |         | Deutsche Bank AG                                | ITRAXX                                                                                                                                               |                               | 1.00%                                                                                                                                                                                                                                       | 6/20/19                                                                                                     |                           -  |                   1,551            |
|                                                                                                                                                                                                    |              (1,050,000)                                                                                                                                   |         | Deutsche Bank AG                                | CDX.NA.IG.21                                                                                                                                         |                               | 1.00%                                                                                                                                                                                                                                       | 12/20/18                                                                                                    |                     20,428                                 |                   3,234            |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |  $                 32,733                                            |  $               9,600                       |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    | CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION                                                                                                                                                                            |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    | Notional Principal ($) (1)                                                                                                                                                                                                  | Counterparty | Obligation Entity/Index                         |                                                                                                                                                 | Coupon                             | Expiration Date                                                                                                                                                                                                                             | Premiums Received (Paid)                                                                                    | Net Unrealized Appreciation (Depreciation)                                                                                                                     |
| EURO                                                                                                                                                                                                    |                  250,000                                                                                                               |         | Morgan Stanley Capital Services LLC             | The Royal Bank of Scotland plc                                                                                                                       |                               | 1.00%                                                                                                                                                                                                                                       | 3/20/19                                                                                                     |  $                   1,479                                 |  $               5,928                       |
| EURO                                                                                                                                                                                                    |                  250,000                                                                                                               |         | Credit Suisse International                     | Casino Guichard Perrachon SA                                                                                                                         |                               | 1.00%                                                                                                                                                                                                                                       | 3/20/19                                                                                                     |                      1,955                            |                   5,838            |
| EURO                                                                                                                                                                                                    |                  250,000                                                                                                               |         | Morgan Stanley Capital Services LLC             | Volvo Treasury AB                                                                                                                                    |                               | 1.00%                                                                                                                                                                                                                                       | 3/20/19                                                                                                     |                         760            |                   5,276            |
| EURO                                                                                                                                                                                                    |                  250,000                                                                                                               |         | Credit Suisse International                     | RWE AG                                                                                                                                               |                               | 1.00%                                                                                                                                                                                                                                       | 3/20/19                                                                                                     |                     (2,148)                                |                   3,891            |
| EURO                                                                                                                                                                                                    |                  750,000                                                                                                               |         | Credit Suisse International                     | ITRAXX Europe Main Series 20 5 Year                                                                                                                  |                               | 1.00%                                                                                                                                                                                                                                       | 12/20/18                                                                                                    |                           -  |                   5,454            |
| EURO                                                                                                                                                                                                    |                  250,000                                                                                                               |         | Credit Suisse International                     | RWE AG                                                                                                                                               |                               | 1.00%                                                                                                                                                                                                                                       | 6/20/19                                                                                                     |                       (542)                      |                   5,364            |
| EURO                                                                                                                                                                                                    |                  250,000                                                                                                               |         | Credit Suisse International                     | Electrolux AB                                                                                                                                        |                               | 1.00%                                                                                                                                                                                                                                       | 6/20/19                                                                                                     |                     (1,224)                                |                   3,643            |
| EURO                                                                                                                                                                                                    |                  250,000                                                                                                               |         | Morgan Stanley Capital Services LLC             | Pearson plc                                                                                                                                          |                               | 1.00%                                                                                                                                                                                                                                       | 6/20/19                                                                                                     |                     (3,491)                                |                     705  |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |  $                 (3,211)                                           |  $             36,099                                  |
|                                                                                                                                                                                                    |                                     (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. |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                            |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | EURO                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    | INTEREST RATE SWAP AGREEMENTS                                                                                                                                                                                               |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    | Notional Principal ($)                                                                                                                                                                                                      | Counterparty | Pay/Receive                                     |                                                                                                                                                 | Floating Rate                      | Annual Fixed Rate                                                                                                                                                                                                                           | Expiration Date                                                                                             | Net Unrealized Appreciation (Depreciation)                                                                                                                     |
| AUD                                                                                                                                                                                                     |                  830,900                                                                                                               |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | AUD BBSW 3 MONTHS                                                                                                                                                                                                                           | 3.21%                                                                                                       | 4/4/17                                                                                                                                                         |  $               5,692                       |
| CHF                                                                                                                                                                                                     |                1,140,000                                                                                                                         |         | Deutsche Bank AG                                | Receive                                                                                                                                              |                               | CHF LIBOR 6 MONTHS                                                                                                                                                                                                                          | 2.12%                                                                                                       | 7/9/23                                                                                                                                                         |                   9,116            |
| CNY                                                                                                                                                                                                     |              12,000,000                                                                                                                                    |         | Credit Suisse International                     | Receive                                                                                                                                              |                               | CHINA FIXING REPORATES 7 DAYS                                                                                                                                                                                                               | 4.78%                                                                                                       | 2/17/16                                                                                                                                                        |               (58,377)                                 |
| CNY                                                                                                                                                                                                     |                5,200,000                                                                                                                         |         | Credit Suisse International                     | Pay                                                                                                                                                  |                               | CHINA FIXING REPORATES 7 DAYS                                                                                                                                                                                                               | 4.91%                                                                                                       | 2/17/19                                                                                                                                                        |               (25,297)                                 |
| CNY                                                                                                                                                                                                     |                4,100,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | CHINA FIXING REPORATES 7 DAYS                                                                                                                                                                                                               | 4.24%                                                                                                       | 3/21/16                                                                                                                                                        |                 (2,144)                      |
| CNY                                                                                                                                                                                                     |                1,700,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | CHINA FIXING REPORATES 7 DAYS                                                                                                                                                                                                               | 4.48%                                                                                                       | 3/21/19                                                                                                                                                        |                    (889)      |
| CNY                                                                                                                                                                                                     |                1,650,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | CHINA FIXING REPORATES 7 DAYS                                                                                                                                                                                                               | 4.12%                                                                                                       | 4/29/19                                                                                                                                                        |                     215  |
| CNY                                                                                                                                                                                                     |                1,650,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | CHINA FIXING REPORATES 7 DAYS                                                                                                                                                                                                               | 4.11%                                                                                                       | 4/30/19                                                                                                                                                        |                     428  |
| CNY                                                                                                                                                                                                     |                1,600,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | CHINA FIXING REPORATES 7 DAYS                                                                                                                                                                                                               | 4.06%                                                                                                       | 5/5/19                                                                                                                                                         |                     415  |
| CNY                                                                                                                                                                                                     |                1,613,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | CHINA FIXING REPORATES 7 DAYS                                                                                                                                                                                                               | 4.11%                                                                                                       | 4/28/19                                                                                                                                                        |                     237  |
| CNY                                                                                                                                                                                                     |                1,500,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | CHINA FIXING REPORATES 7 DAYS                                                                                                                                                                                                               | 3.63%                                                                                                       | 5/6/16                                                                                                                                                         |                     (90) |
| EURO                                                                                                                                                                                                    |                1,930,000                                                                                                                         |         | Deutsche Bank AG                                | Pay                                                                                                                                                  |                               | EURIBOR 6 MD 360                                                                                                                                                                                                                            | 2.70%                                                                                                       | 7/9/23                                                                                                                                                         |                 21,520                       |
| EURO                                                                                                                                                                                                    |                  372,500                                                                                                               |         | Morgan Stanley & Co International Plc       | Receive                                                                                                                                              |                               | EURIBOR 6 MD 360                                                                                                                                                                                                                            | 1.00%                                                                                                       | 2/7/19                                                                                                                                                         |                   4,302            |
| EURO                                                                                                                                                                                                    |                1,620,000                                                                                                                         |         | Deutsche Bank AG                                | Pay                                                                                                                                                  |                               | EURIBOR 6 MD 360                                                                                                                                                                                                                            | 2.72%                                                                                                       | 8/7/23                                                                                                                                                         |                   5,022            |
| EURO                                                                                                                                                                                                    |                1,280,000                                                                                                                         |         | Deutsche Bank AG                                | Receive                                                                                                                                              |                               | EURIBOR 6 MD 360                                                                                                                                                                                                                            | 1.90%                                                                                                       | 2/11/24                                                                                                                                                        |                   3,072            |
| EURO                                                                                                                                                                                                    |                  360,000                                                                                                               |         | Deutsche Bank AG                                | Pay                                                                                                                                                  |                               | EURIBOR 6 MD 360                                                                                                                                                                                                                            | 2.55%                                                                                                       | 2/11/54                                                                                                                                                        |                     864  |
| EURO                                                                                                                                                                                                    |                1,805,000                                                                                                                         |         | Credit Suisse International                     | Receive                                                                                                                                              |                               | EURIBOR 6 MD 360                                                                                                                                                                                                                            | 1.06%                                                                                                       | 3/3/18                                                                                                                                                         |               (14,981)                                 |
| EURO                                                                                                                                                                                                    |                  184,000                                                                                                               |         | Credit Suisse International                     | Receive                                                                                                                                              |                               | EURIBOR 6 MD 360                                                                                                                                                                                                                            | 0.94%                                                                                                       | 3/3/19                                                                                                                                                         |                 (1,527)                      |
| EURO                                                                                                                                                                                                    |                1,480,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | EURIBOR 6 MD 360                                                                                                                                                                                                                            | 1.78%                                                                                                       | 4/4/20                                                                                                                                                         |               (10,730)                                 |
| EURO                                                                                                                                                                                                    |                1,000,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | EURIBOR 6 MD 360                                                                                                                                                                                                                            | 1.07%                                                                                                       | 5/12/18                                                                                                                                                        |               (23,000)                                 |
| GBP                                                                                                                                                                                                     |                1,250,000                                                                                                                         |         | Credit Suisse International                     | Receive                                                                                                                                              |                               | GBP LIBOR 6 MONTHS                                                                                                                                                                                                                          | 1.58%                                                                                                       | 8/7/17                                                                                                                                                         |                 57,312                       |
| GBP                                                                                                                                                                                                     |                  830,000                                                                                                               |         | Credit Suisse International                     | Receive                                                                                                                                              |                               | GBP LIBOR 6 MONTHS                                                                                                                                                                                                                          | 3.41%                                                                                                       | 8/7/22                                                                                                                                                         |                 38,056                       |
| GBP                                                                                                                                                                                                     |                1,440,000                                                                                                                         |         | Deutsche Bank AG                                | Receive                                                                                                                                              |                               | GBP LIBOR 6 MONTHS                                                                                                                                                                                                                          | 3.70%                                                                                                       | 8/7/23                                                                                                                                                         |                 60,696                       |
| GBP                                                                                                                                                                                                     |                  627,000                                                                                                               |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | GBP LIBOR 6 MONTHS                                                                                                                                                                                                                          | 1.96%                                                                                                       | 3/13/19                                                                                                                                                        |                   5,486            |
| HKD                                                                                                                                                                                                     |                5,520,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | HKD HIBOR 3 MONTHS                                                                                                                                                                                                                          | 3.96%                                                                                                       | 2/12/24                                                                                                                                                        |                     308  |
| INR                                                                                                                                                                                                     |              84,000,000                                                                                                                                    |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | NSE INTERBANKOFFER RATE                                                                                                                                                                                                                     | 8.33%                                                                                                       | 3/19/16                                                                                                                                                        |                 44,581                       |
| INR                                                                                                                                                                                                     |              37,000,000                                                                                                                                    |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | NSE INTERBANKOFFER RATE                                                                                                                                                                                                                     | 8.49%                                                                                                       | 3/19/19                                                                                                                                                        |                 19,637                       |
| INR                                                                                                                                                                                                     |              84,000,000                                                                                                                                    |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | NSE INTERBANKOFFER RATE                                                                                                                                                                                                                     | 8.33%                                                                                                       | 3/20/16                                                                                                                                                        |                 40,973                       |
| INR                                                                                                                                                                                                     |              38,000,000                                                                                                                                    |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | NSE INTERBANKOFFER RATE                                                                                                                                                                                                                     | 8.50%                                                                                                       | 3/20/19                                                                                                                                                        |                 18,535                       |
| JPY                                                                                                                                                                                                     |              54,800,000                                                                                                                                    |         | Deutsche Bank AG                                | Receive                                                                                                                                              |                               | JPY LIBOR 6 MONTHS                                                                                                                                                                                                                          | 2.46%                                                                                                       | 2/14/34                                                                                                                                                        |                   4,934            |
| JPY                                                                                                                                                                                                     |              67,700,000                                                                                                                                    |         | Deutsche Bank AG                                | Receive                                                                                                                                              |                               | JPY LIBOR 6 MONTHS                                                                                                                                                                                                                          | 2.41%                                                                                                       | 2/14/44                                                                                                                                                        |                   6,095            |
| JPY                                                                                                                                                                                                     |            251,700,000                                                                                                                                               |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | JPY LIBOR 6 MONTHS                                                                                                                                                                                                                          | 0.30%                                                                                                       | 3/3/18                                                                                                                                                         |                 10,539                       |
| JPY                                                                                                                                                                                                     |            175,000,000                                                                                                                                               |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | JPY LIBOR 6 MONTHS                                                                                                                                                                                                                          | 0.33%                                                                                                       | 5/12/18                                                                                                                                                        |                 (1,100)                      |
| MYR                                                                                                                                                                                                     |                5,700,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | MALAYSIAN 3MONTH FIXING RATE                                                                                                                                                                                                                | 3.42%                                                                                                       | 2/12/15                                                                                                                                                        |                 57,071                       |
| MYR                                                                                                                                                                                                     |                5,700,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | MALAYSIAN 3MONTH FIXING RATE                                                                                                                                                                                                                | 3.42%                                                                                                       | 2/14/15                                                                                                                                                        |                 49,293                       |
| MYR                                                                                                                                                                                                     |                5,700,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | MALAYSIAN 3MONTH FIXING RATE                                                                                                                                                                                                                | 3.43%                                                                                                       | 2/18/15                                                                                                                                                        |                 47,468                       |
| NZD                                                                                                                                                                                                     |                1,997,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | NZD 3 MONTHSBANK BILL RATE                                                                                                                                                                                                                  | 4.17%                                                                                                       | 8/6/16                                                                                                                                                         |               (31,752)                                 |
| NZD                                                                                                                                                                                                     |                  850,000                                                                                                               |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | NZD 3 MONTHSBANK BILL RATE                                                                                                                                                                                                                  | 4.59%                                                                                                       | 8/6/19                                                                                                                                                         |               (13,642)                                 |
|                                                                                                                                                                                                    |                1,380,000                                                                                                                         |         | Deutsche Bank AG                                | Receive                                                                                                                                              |                               | USD LIBOR 3 MONTHS                                                                                                                                                                                                                          | 3.98%                                                                                                       | 7/9/23                                                                                                                                                         |                 28,909                       |
|                                                                                                                                                                                                    |                1,015,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | USD LIBOR 3 MONTHS                                                                                                                                                                                                                          | 1.59%                                                                                                       | 2/7/19                                                                                                                                                         |                 (4,190)                      |
|                                                                                                                                                                                                    |                  960,000                                                                                                               |         | Deutsche Bank AG                                | Receive                                                                                                                                              |                               | USD LIBOR 3 MONTHS                                                                                                                                                                                                                          | 4.30%                                                                                                       | 5/1/28                                                                                                                                                         |                 44,309                       |
|                                                                                                                                                                                                    |                  810,000                                                                                                               |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | USD LIBOR 3 MONTHS                                                                                                                                                                                                                          | 4.26%                                                                                                       | 2/14/24                                                                                                                                                        |                 22,170                       |
|                                                                                                                                                                                                    |                  508,000                                                                                                               |         | Credit Suisse International                     | Pay                                                                                                                                                  |                               | USD LIBOR 3 MONTHS                                                                                                                                                                                                                          | 1.57%                                                                                                       | 3/3/19                                                                                                                                                         |                 (1,145)                      |
|                                                                                                                                                                                                    |                3,180,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | USD LIBOR 3 MONTHS                                                                                                                                                                                                                          | 0.73%                                                                                                       | 7/1/16                                                                                                                                                         |               (11,538)                                 |
|                                                                                                                                                                                                    |                1,590,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | USD LIBOR 3 MONTHS                                                                                                                                                                                                                          | 2.83%                                                                                                       | 7/1/19                                                                                                                                                         |                 19,073                       |
|                                                                                                                                                                                                    |                  850,000                                                                                                               |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | USD LIBOR 3 MONTHS                                                                                                                                                                                                                          | 4.03%                                                                                                       | 7/1/24                                                                                                                                                         |               (12,071)                                 |
|                                                                                                                                                                                                    |                1,350,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Receive                                                                                                                                              |                               | USD LIBOR 3 MONTHS                                                                                                                                                                                                                          | 2.76%                                                                                                       | 4/4/19                                                                                                                                                         |                 19,807                       |
|                                                                                                                                                                                                    |                4,800,000                                                                                                                         |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | USD LIBOR 3 MONTHS                                                                                                                                                                                                                          | 1.53%                                                                                                       | 8/31/18                                                                                                                                                        |               (30,310)                                 |
|                                                                                                                                                                                                    |                  294,000                                                                                                               |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | USD LIBOR 3 MONTHS                                                                                                                                                                                                                          | 1.88%                                                                                                       | 8/6/19                                                                                                                                                         |                 (2,485)                      |
|                                                                                                                                                                                                    |                  294,000                                                                                                               |         | Morgan Stanley Capital Services LLC             | Pay                                                                                                                                                  |                               | USD LIBOR 3 MONTHS                                                                                                                                                                                                                          | 1.75%                                                                                                       | 8/6/19                                                                                                                                                         |                    (721)      |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |  $           400,146                                             |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                            |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | AUD                                             | Australian Dollar                                                                                                                                    |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | CHF                                             | Swiss Franc                                                                                                                                          |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | CNY                                             | New Chinese Yuan                                                                                                                                     |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | EURO                                            | Euro                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | GBP                                             | British Pound Sterling                                                                                                                               |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | HKD                                             | Hong Kong Dollar                                                                                                                                     |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | INR                                             | Indian Rupee                                                                                                                                         |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | JPY                                             | Japanese Yen                                                                                                                                         |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | MYR                                             | Malaysian Ringgit                                                                                                                                    |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | NZD                                             | New Zealand Dollar                                                                                                                                   |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    | INFLATION RATE SWAP AGREEMENTS                                                                                                                                                                                              |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    | Notional Principal ($)                                                                                                                                                                                                      | Counterparty | Pay / Receive                                   |                                                                                                                                                 | Index                              | Annual Fixed Rate                                                                                                                                                                                                                           | Expiration Date                                                                                             | Net Unrealized Appreciation (Depreciation)                                                                                                                     |
| GBP                                                                                                                                                                                                     |                  367,500                                                                                                               |         |  Morgan Stanley & Co International Plc |  Receive                                                                                                                                        |                               | EUCPI                                                                                                                                                                                                                                       | 1.238                                                                                                       | 2/7/2019                                                                                                                                                       |  $               4,245                       |
| EURO                                                                                                                                                                                                    |                  181,000                                                                                                               |         |  Morgan Stanley & Co International Plc |  Receive                                                                                                                                        |                               | EUCPI                                                                                                                                                                                                                                       | 1.21                                                                                                        | 3/3/2019                                                                                                                                                       |                 (1,502)                      |
|                                                                                                                                                                                                    |                  994,250                                                                                                               |         | Credit Suisse International                     |  Pay                                                                                                                                            |                               | USCPI                                                                                                                                                                                                                                       | 2.145                                                                                                       | 2/7/2019                                                                                                                                                       |                 (4,132)                      |
|                                                                                                                                                                                                    |                  498,000                                                                                                               |         | Credit Suisse International                     |  Receive                                                                                                                                        |                               | USCPI                                                                                                                                                                                                                                       | 1375                                                                                                        | 3/3/2019                                                                                                                                                       |                 (2,031)                      |
|                                                                                                                                                                                                    |                  675,000                                                                                                               |         |  Morgan Stanley & Co International Plc |  Receive                                                                                                                                        |                               | USCPI                                                                                                                                                                                                                                       | 2.14                                                                                                        | 4/23/2019                                                                                                                                                      |                   2,786            |
|                                                                                                                                                                                                    |                  337,500                                                                                                               |         |  Morgan Stanley & Co International Plc |  Receive                                                                                                                                        |                               | USCPI                                                                                                                                                                                                                                       | 2.14                                                                                                        | 5/2/2019                                                                                                                                                       |                   1,436            |
|                                                                                                                                                                                                    |                  337,500                                                                                                               |         |  Morgan Stanley & Co International Plc |  Receive                                                                                                                                        |                               | USCPI                                                                                                                                                                                                                                       | 2.15                                                                                                        | 5/13/2019                                                                                                                                                      |                   1,153            |
|                                                                                                                                                                                                    |                  325,000                                                                                                               |         |  Morgan Stanley & Co International Plc |  Receive                                                                                                                                        |                               | USCPI                                                                                                                                                                                                                                       | 2.12                                                                                                        | 5/15/2019                                                                                                                                                      |                   1,499            |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |  $               3,454                       |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                            |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | EURO                                            | Euro                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | GBP                                             | British Pound Sterling                                                                                                                               |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | EUCPI                                           | Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA                                                                                               |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         | USCPI                                           | United States Consumer Price Index                                                                                                                   |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    | INTEREST RATE SWAPTION WRITTEN                                                                                                                                                                                              |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    | Notional Principal ($)                                                                                                                                                                                                      | Description  |                                            | Counterparty                                                                                                                                         | Expiration Date                    | Value                                                                                                                                                                                                                                       |                                                                                                        |
|                                                                                                                                                                                                    |              (7,600,000)                                                                                                                                   |         |                                            | Options to receive fixed rate 4.63% and pay LIBOR USD 3 month                                                                                   | Morgan StanleyCapital Services LLC |  4/2/19                                                                                                                                                                                                                                |                 (148,498)   |                                                                                                                                                           |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | (Premiums paid $200,002)                                                                                                                             |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
| Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below.                                        |                                                                                                                                                                                                                        |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
| Level 1 – quoted prices in active markets for identical securities                                                                                                                                |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                            |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                                                                      |                                                                                                                                                                                                                        |         |                                            |
| using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3.  See Notes to Financial Statements - Note 1A.                             |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
| The following is a summary of the inputs used as of May 31, 2014, in valuing the Fund’s assets:                                                                                                   |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               | Level 1                                                                                                                                                                                                                                     | Level 2                                                                                                     |  Level 3                                                                                                                                                  | Total                                                                                                                        |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | U.S. Government and Agency Obligations                                                                                                               |                               |  $                                    -            |  $       13,637,129                                                 |  $                         - |  $       13,637,129                                                                  |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Foreign Government Bonds                                                                                                                             |                               |                                        - |            5,020,878                                 |                           -  |             5,020,878                                            |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Purchased Put Options                                                                                                                                |                               |                                        - |                12,166            |                           -  |                 12,166                       |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Purchased Call Option                                                                                                                                |                               |                                        - |                18,599            |                           -  |                 18,599                       |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Interest Rate Swaptions                                                                                                                              |                               |                                        - |               217,082                 |                           -  |               217,082                                  |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Total                                                                                                                                                |                               |  $                                    -            |  $       18,905,854                                                 |  $                       -             |  $       18,905,854                                                                  |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Other Financial Instruments                                                                                                                          |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Net unrealized appreciation on futures contracts                                                                                                     |                               |  $                                  -                        |  $           (55,599)                           |  $                       -             |  $            (55,599)                                      |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Net unrealized appreciation on forward foreign currency contracts                                                                                    |                               |                                      -             |                50,708            |                           -  |                 50,708                       |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Net unrealized appreciation on credit default swaps                                                                                                  |                               |                                      -             |                45,699            |                           -  |                 45,699                       |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Net unrealized appreciation on interest rate swaps                                                                                                   |                               |                                      -             |               400,146                 |                           -  |               400,146                                  |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Net unrealized appreciation on inflation rate swaps                                                                                                  |                               |                                      -             |                  3,454 |                           -  |                   3,454            |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Net unrealized appreciation on written put options                                                                                                   |                               |                                      -             |                 (4,985)     |                           -  |                 (4,985)                      |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Net unrealized appreciation on written call options                                                                                                  |                               |                                      -             |                 (1,156)     |                           -  |                 (1,156)                      |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | Total Other Financial Instruments                                                                                                                    |                               |  $                                  -                        |  $           438,267                            |  $                       -             |  $           438,267                                             |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            |                                                                                                                                                 |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | During the period ended May 31, 2014, there were                                                                                                     |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |
|                                                                                                                                                                                                    |                                                                                                                                                                                                                        |         |                                            | no transters between Levels 1, 2 and 3.                                                                                                              |                               |                                                                                                                                                                                                                                        |                                                                                                        |                                                                                                                                                           |                                                                                                                         |